By Taylor Fox
New York, March 24 – Morgan Stanley Finance LLC priced $2.45 million of phoenix autocallable securities due March 16, 2023 linked to the common stock of Expedia Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon plus any previously unpaid coupons at a rate of 10% if the stock closes at or above the 56.3% downside threshold on a quarterly observation date. Previously unpaid coupons will also be paid.
If the shares close at or above the initial price on any quarterly determination date, the notes will be called at par plus the contingent coupon.
If the notes are not called and the shares finish at or above the 56.3% downside threshold, the payout at maturity will be par plus the final contingent coupon(s). Otherwise, investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are acting as placement agents.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Phoenix autocallable securities
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Underlying stock: | Expedia Group, Inc.
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Amount: | $2,450,000
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Maturity: | March 16, 2023
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Coupon: | 10% annual rate, payable for each quarter that stock closes at or above downside threshold level on any related determination date; previously unpaid coupons will also be paid
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Price: | Par
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Payout at maturity: | Par plus final coupon plus any previously unpaid coupons if stock finishes at or above downside threshold; otherwise, full exposure to any losses
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Call: | At par plus contingent coupon and any previously unpaid coupons if stock closes at or above initial share price on any quarterly determination date
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Initial share price: | $174.59
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Downside threshold level: | $98.294, 56.3% of initial price
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Pricing date: | March 12
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Settlement date: | March 17
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Agent: | Morgan Stanley & Co. LLC
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Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1.5%
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Cusip: | 61771VKT6
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