By Tali Rackner
Minneapolis, March 20 – Morgan Stanley Finance LLC priced $1.05 million of 0% trigger gears due Feb. 28, 2023 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The payout at maturity will be par of $10 plus 1.3 times any fund gain.
Investors will receive par if the fund falls by up to 25% and will be fully exposed to any losses if it finishes below its 75% downside threshold.
Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger gears
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| Underlying fund: | iShares MSCI Emerging Markets ETF
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| Amount: | $1,052,500
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| Maturity: | Feb. 28, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 3.52 times any fund gain; par if fund falls by up to 25%; 1% loss per 1% decline if fund finishes below downside threshold
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| Initial price: | $49.72
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| Downside threshold: | $37.29, 75% of initial price
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Underwriters: | Morgan Stanley & Co. LLC and UBS Financial Services Inc.
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| Fees: | None
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| Cusip: | 61768M857
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