New York, May 27 – Morgan Stanley Finance LLC priced $1.61 million of phoenix autocallable securities due June 7, 2023 linked to Bank of America Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.37%, paid quarterly, if the underlying stock closes at or above its 70% downside threshold on the related quarterly observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The securities will be called automatically at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly determination date.
At maturity the payout will be par unless the stock closes below its 70% downside threshold in which case investors will be fully exposed to the decline of the stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act 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: | Bank of America Corp.
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Amount: | $1,605,000
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Maturity: | June 7, 2023
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Coupon: | 15.37% if the underlying stock closes at or above its 70% downside threshold on the related quarterly observation date; coupon payment events will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless the stock finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the underlying stock
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Call: | Automatically at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly determination date
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Initial level: | $33.86
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Downside threshold: | $23.702, 70% of initial level
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Pricing date: | May 20
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Settlement date: | May 25
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Agent: | Morgan Stanley & Co. LLC
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Distributor: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1%
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Cusip: | 61774DGC5
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