Chicago, Dec. 24 – Morgan Stanley Finance LLC priced $1,265,000 of callable contingent income buffered securities due June 23, 2021 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 6.75% per year if each index closes at or above its coupon barrier level, 85% of its initial level, on the observation date that period.
If each index finishes at or above its buffer level, 85% of its initial level, the payout at maturity will be par plus the final coupon.
If any index finishes below its downside threshold, investors will lose 1% for every 1% decline of the lesser performing index beyond 15%.
Beginning on June 23, 2020, the notes will be callable at par plus any coupon due on any quarterly date.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income buffered securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $1,265,000
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| Maturity: | June 23, 2021
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| Coupon: | 6.75% per year, payable monthly if each index closes at or above coupon barrier level on observation date that quarter
|
| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above downside threshold; if any index finishes below buffer level, investors will lose 1% for every 1% decline of the lesser performing index beyond 15%
|
| Call option: | Beginning on June 23, 2020, at par on any quarterly date
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| Initial levels: | 3,191.14 for S&P, 1,661.731 for Russell
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| Coupon barrier/buffers: | 2,712.469 for S&P, 1,412.471 for Russell; 85% of initial levels
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61769H4K8
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