By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Morgan Stanley Finance LLC priced $12.56 million of 0% trigger absolute return step securities due Nov. 30, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the initial index level, the payout at maturity will be par of $10 plus the greater of 32.5% and the index return.
If the final index level is less than the initial index level but greater than or equal to the downside threshold, 75% of the initial index level, the payout will be par plus the absolute value of the index return.
If the final index level is less than the downside threshold, investors will be exposed to the index’s decline.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as dealer.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger absolute return step securities
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Underlying index: | S&P 500 index
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Amount: | $12,559,080
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Maturity: | Nov. 30, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final index level is greater than or equal to initial index level, par plus greater of 32.5% and index return; if final index level is less than initial index level but greater than or equal to downside threshold, par plus absolute value of index return; if final index level is less than downside threshold, exposure to index’s decline
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Initial level: | 4,550.43
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Downside threshold: | 3,412.82, or 75% of initial level
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Pricing date: | Nov. 27
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Settlement date: | Nov. 30
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Underwriter: | Morgan Stanley & Co. LLC
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Dealer: | UBS Financial Services Inc.
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Fees: | 3.5%
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Cusip: | 61775K407
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