New Issue: Morgan Stanley sells $2.75 million trigger gears on Russell 2000, S&P 500

By Wendy Van Sickle

Columbus, Ohio, March 22 – Morgan Stanley Finance LLC priced $2.75 million of 0% trigger gears due March 25, 2025 linked to the lesser performing of the Russell 2000 index and 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 return of each underlying index is positive, the payout at maturity will be par of $10 plus 1.705 times the gain of the lesser performing index.

Investors will receive par if the lesser performing index declines by 50% or less and be fully exposed to the lesser performing index’s decline from its initial level if it declines by more than 50%.

Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as dealer.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger gears
Underlying indexes:	Russell 2000, S&P 500
Amount:	$2.75 million
Maturity:	March 25, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the return of each index is positive, par plus 1.705 times the gain in the lesser performing index; par if the lesser performing index declines by 50% or less; full exposure to the lesser performing index’s decline from its initial level if it declines by more than 50%
Initial level:	1,570.562 for Russell, 2,712.92 for S&P
Downside threshold:	785.281 for Russell, 1,356.46 for S&P; 50% of initial level
Pricing date:	March 20
Settlement date:	March 23
Agent:	Morgan Stanley & Co. LLC
Dealer:	UBS Financial Services Inc.
Fees:	3.5%
Cusip:	61768P504

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