By Kiku Steinfeld
Chicago, July 25 – Morgan Stanley Finance LLC priced $300,000 of contingent income autocallable securities due Jan. 5, 2024 linked to the stocks of Norwegian Cruise Line Holdings Ltd. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.75%, paid monthly, if each underlying stock closes at or above its 50% downside threshold on the related monthly observation date.
The securities will be called automatically starting April 4, 2022 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 50% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
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: | Norwegian Cruise Line Holdings Ltd. and PayPal Holdings, Inc.
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| Amount: | $300,000
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| Maturity: | Jan. 5, 2024
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| Coupon: | 15.75%, paid monthly, if each underlying stock closes at or above its 50% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing stock
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| Call: | Automatically starting April 4, 2022 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | $21.02 for Norwegian, $191.88 for PayPal
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| Downside thresholds: | $10.51 for Norwegian, $95.94 for PayPal, 50% of initial levels
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| Pricing date: | Dec. 30
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| Settlement date: | Jan. 4
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61773HWL9
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