By Sarah Lizee
Olympia, Wash., July 21 – Morgan Stanley Finance LLC priced $2.72 million of 0% trigger step securities due July 18, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of the index return and the step return of 25%.
Investors will receive par if the index declines by 25% or less and will lose 1% for each 1% decline from its initial level if the index falls more than 25%.
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 step securities
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Underlying index: | S&P 500
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Amount: | $2,724,920
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Maturity: | July 18, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index return is zero or positive, par plus greater of 25% and index return; par if index declines by up to 25%; 1% loss for each 1% decline from initial level if index falls beyond 25%
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Initial level: | 3,226.56
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Downside threshold: | 2,419.92, 75% of initial level
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Pricing date: | July 17
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Settlement date: | July 21
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Agent: | Morgan Stanley & Co. LLC and UBS Financial Services Inc.
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Fees: | 3.5%
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Cusip: | 61771C540
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