By Kiku Steinfeld
Chicago, Dec. 16 – Morgan Stanley Finance LLC priced $1.68 million of callable contingent income securities due June 13, 2024 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the MSCI Emerging Markets 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 8.5% per year if each asset closes at or above its coupon barrier level, 65% of its initial level, on the observation date that period.
If each asset finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par.
If any asset finishes below its downside threshold, investors will be fully exposed to the decline of the least-performing asset from its initial level.
The notes will be callable quarterly at par.
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 securities
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Underlying assets: | Nasdaq-100 index, Russell 2000 index and MSCI Emerging Markets index
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Amount: | $1.68 million
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Maturity: | June 13, 2024
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Coupon: | 8.5% per year, payable quarterly if each asset closes at or above coupon barrier level on observation date that period
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Price: | Par
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Payout at maturity: | Par if each asset finishes at or above downside threshold; if any asset finishes below downside threshold, full exposure to decline of least-performing asset from its initial level
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Call option: | At par quarterly
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Initial levels: | 12,364.64 for Nasdaq, 1,902.147 for Russell and 1,255.85 for EM
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Coupon barriers: | 8,037.016 for Nasdaq, 1,236.396 for Russell and 816.303 for EM; 65% of initial levels
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Downside thresholds: | 8,037.016 for Nasdaq, 1,236.396 for Russell and 816.303 for EM; 65% of initial levels
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Pricing date: | Dec. 9
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Settlement date: | Dec. 14
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.75%
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Cusip: | 61771ESY5
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