By Marisa Wong
Morgantown, W.Va., Nov. 6 – Morgan Stanley Finance LLC updated the step return for its recently priced $14.48 million of 0% trigger absolute return step securities due Oct. 31, 2022 linked to the S&P 500 index, according to an amended 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the index finishes at or above its initial level, the payout at maturity will be par plus the greater of the gain and the step return of 23%. The step return was stated as 22.7% in a previous 424B2 filing.
If the index falls but finishes at or above the 75% downside threshold, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger absolute return step securities
|
| Underlying index: | S&P 500
|
| Amount: | $14,478,900
|
| Maturity: | Oct. 31, 2022
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index gains, par plus return with a floor of par plus 23%; if index falls by up to downside threshold, par plus absolute return; otherwise, full exposure to any losses
|
| Initial level: | 2,560.40
|
| Downside threshold: | 1,920.30, 75% of initial level
|
| Pricing date: | Oct. 26
|
| Settlement date: | Oct. 31
|
| Agent: | Morgan Stanley & Co. LLC
|
| Dealer: | UBS Financial Services Inc.
|
| Fees: | 3.5%
|
| Cusip: | 61768J581
|
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