Morgan Stanley plans trigger callable contingent yield notes tied to S&P, Russell, Stoxx

New York, June 20 – Morgan Stanley plans to price 9.25% to 9.75% trigger callable contingent yield notes with daily coupon observation due June 25, 2021 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annualized rate of 9.25% to 9.75% if each index’s closing level remains at or above its coupon barrier, 70% of its initial level, on each day during that quarter. The exact coupon will be set at pricing.

Beginning Dec. 28, Morgan Stanley may call the notes at par of $10 on each quarterly observation date other than the final one.

If the notes are not called and each index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.

Morgan Stanley and UBS Financial Services Inc. are the agents.

The notes will price on June 22 and settle on June 27.

The Cusip number is 61768Q858.

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