By Susanna Moon
Chicago, May 8 – Morgan Stanley Finance LLC priced $5 million of 0% trigger absolute return step securities due May 5, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout at maturity will be par plus the greater of the index return and the step return of 21.22%.
If the index falls but finishes at or above the 70% downside threshold, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. 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
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Amount: | $5 million
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Maturity: | May 5, 2022
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index gains, par plus greater of return and 21.22%; if index falls by up to 30%, par plus the absolute return; otherwise, full exposure to any losses
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Initial level: | 2,384.20
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Downside threshold: | 1,668.94, 70% of initial level
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Strike date: | April 28
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Pricing date: | May 1
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Settlement date: | May 4
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Agent: | 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: | 61766W428
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