By Sarah Lizee
Olympia, Wash., May 1 – Morgan Stanley Finance LLC priced $4.95 million of contingent income autocallable securities due April 27, 2023 linked to the worst performing of the common stocks of Exxon Mobil Corp. and Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at an annual rate of 16.56% if each stock closes at or above its coupon barrier, 50% 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 monthly redemption date after six months.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Exxon Mobil Corp. and Chevron Corp.
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Amount: | $4.95 million
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Maturity: | April 27, 2023
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Coupon: | 16.56% per year, payable each month 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 monthly redemption date after six months
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Initial share prices: | $43.73 for Exxon, $87.01 for Chevron
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Coupon barriers: | $21.865 for Exxon, $43.505 for Chevron; 50% of initial share prices
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Downside thresholds: | $21.865 for Exxon, $43.505 for Chevron; 50% of initial share prices
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Pricing date: | April 27
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Settlement date: | April 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.25%
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Cusip: | 61770FV29
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