By Wendy Van Sickle
Columbus, Ohio, May 18 – Morgan Stanley Finance LLC priced $10 million of contingent income buffered autocallable securities due May 18, 2022 linked to the Invesco QQQ trust, series 1, 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 the rate of 14% per year if the underlier closes at or above its coupon barrier level, 90% of its initial level, on the determination date for that month.
The notes will be automatically called at par plus the coupon if the underlier closes at or above its initial level on any monthly determination date.
The payout at maturity will be par plus the coupon unless the underlier finishes below its buffer level, 90% of its initial level, in which case investors will lose 1.1111% for every 1% that the underlier declines beyond 10%.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income buffered autocallable securities
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| Underlier: | Invesco QQQ trust, series 1
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| Amount: | $10 million
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| Maturity: | May 18, 2022
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| Coupon: | 14% per year, payable monthly if the underlier closes at or above coupon barrier level on determination date for that month
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| Price: | Par
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| Payout at maturity: | Par plus the coupon unless the underlier closes below buffer level, in which case 1.1111% loss for every 1% that the underlier declines beyond 10%
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| Call: | Automatically at par plus the coupon if each underlier closes at or above initial level on any monthly determination date
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| Initial level: | $316.89
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| Coupon barrier level: | $285.201; 90% of initial level
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| Buffer level: | $285.201; 90% of initial level
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| Pricing date: | May 13
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| Settlement date: | May 17
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| Underwriter: | Morgan Stanley & Co. LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 0.25%
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| Cusip: | 61771VU57
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