New York, May 17 – Morgan Stanley Finance LLC priced $1.23 million of contingent income autocallable securities due Oct. 24, 2024 linked to the worst performing of Cleveland-Cliffs Inc. and Nucor Corp. common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.6%, paid quarterly, if each underlying stock closes at or above its 50% downside threshold on the related quarterly observation date.
The securities will be called automatically starting April 26, 2022 at par if the price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 50% downside threshold in which case investors will be fully exposed to the decline of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income autocallable securities
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Underlying stocks: | Cleveland-Cliffs Inc. and Nucor Corp.
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Amount: | $1,225,000
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Maturity: | Oct. 24, 2024
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Coupon: | 13.6% annual rate, paid quarterly, if each underlying stock closes at or above its 50% downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying stock
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Call: | Automatically starting April 26, 2022 at par if the price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date
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Initial levels: | $21.16 for Cleveland-Cliffs, $102.07 for Nucor
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Downside thresholds: | $10.58 for Cleveland-Cliffs, $51.035 for Nucor, 50% of initial levels
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Pricing date: | Oct. 21, 2021
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Settlement date: | Oct. 26, 2021
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.35%
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Cusip: | 61773F6L2
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