By Taylor Fox
New York, Feb. 24 – Morgan Stanley Finance LLC priced $11.02 million of contingent income autocallable securities due Feb. 23, 2024 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at an annual rate of 20.8% if the stock closes at or above its downside threshold amount, 50% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if the stock closes above its initial level on any monthly redemption date after three months.
The payout at maturity will be par unless the stock finishes below its 50% downside threshold, in which case investors will be fully exposed to any losses of the stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Tesla, Inc.
|
| Amount: | $11,015,000
|
| Maturity: | Feb. 23, 2024
|
| Coupon: | 20.8% per year, payable each month that stock closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par; otherwise, full exposure to stock’s decline
|
| Call: | Par plus the contingent coupon if the stock closes above its initial level on any monthly redemption date after three months
|
| Initial share price: | $781.30
|
| Downside threshold level: | $390.65, 50% of initial share price
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.28%
|
| Cusip: | 61771E6P8
|
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