By Wendy Van Sickle
Columbus, Ohio, Feb. 26 – Morgan Stanley Finance LLC priced $1.73 million of phoenix autocallable notes March 10, 2021 linked to the common stock of Caterpillar Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if the stock closes at or above its 76.25% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par plus the coupon unless the stock finishes below 76.25% of its initial value, in which case investors will be fully exposed to the stock’s decline.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Caterpillar Inc.
|
| Amount: | $1,725,000
|
| Maturity: | March 10, 2021
|
| Coupon: | 10% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless stock finishes below final barrier, in which case full exposure to stock’s decline
|
| Call: | At par plus contingent coupon if stock closes at or above initial level on any quarterly observation date other than the final one
|
| Initial level: | $137.21
|
| Coupon barrier: | $104.623, 76.25% of initial level
|
| Final barrier: | $104.623, 76.25% of initial level
|
| Pricing date: | Feb. 21
|
| Settlement date: | Feb. 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1%
|
| Cusip: | 61770FLY0
|
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