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Morgan Stanley delays pricing of autocallables linked to Russell, Dow
By Angela McDaniels
Tacoma, Wash., Sept. 13 – Morgan Stanley Finance LLC pushed back the pricing date of its contingent income buffered autocallable securities linked to the worst performing of the Dow Jones industrial average and the Russell 2000 index to Sept. 17 from Sept. 13, according to an FWP filing with the Securities and Exchange Commission.
The notes will now mature Sept. 20, 2024 instead of Sept. 18, 2024.
As previously reported, the notes will pay a quarterly contingent coupon at the rate of 7% per year if each index closes at or above its buffer level, 80% of its initial level, on the observation date for that quarter.
After one year, the notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the coupon unless either index finishes below its buffer level, in which case investors will lose 1% for every 1% that the lesser-performing index declines beyond 20%.
The notes will be guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
The Cusip number is 61769HVJ1.
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