By Sarah Lizee
Olympia, Wash., April 24 – Morgan Stanley Finance LLC priced $3.45 million of contingent income autocallable securities due April 20, 2023 linked to the worst performing of the common stocks of American Express Co. and Coca-Cola Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at an annual rate of 12.15% if each stock closes at or above its coupon barrier, 60% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date after six months.
The payout at maturity will be par unless any stock finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying stocks: | American Express Co. and Coca-Cola Co.
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| Amount: | $3.45 million
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| Maturity: | April 20, 2023
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| Coupon: | 12.15% per year, payable each quarter that each stock closes at or above coupon barrier on determination date for that period
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| Price: | Par
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| Payout at maturity: | If final share price of least performing stock is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worst performer
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| Call: | Par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date after six months
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| Initial share prices: | $87.39 for Amazon, $48.06 for Coca-Cola
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| Coupon barriers: | $52.434 for Amazon, $28.836 for Coca-Cola; 60% of initial share prices
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| Downside thresholds: | $52.434 for Amazon, $28.836 for Coca-Cola; 60% of initial share prices
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61770FF92
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