Published on 4/6/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $24.04 million trigger gears linked to S&P 500
By Marisa Wong
Los Angeles, April 6 – Morgan Stanley Finance LLC priced $24.04 million of 0% trigger gears due March 29, 2030 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 greater than zero, the payout at maturity will be par of $10 plus 2.22 times the index return. Investors will receive par if the index finishes flat or declines by 35% or less and have one-to-one exposure to the index’s decline from its initial level if it declines by more than 35%.
Morgan Stanley & Co. LLC is the agent and UBS Financial Services Inc. is the dealer.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger gears
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Underlying index: | S&P 500
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Amount: | $24,042,970
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Maturity: | March 29, 2030
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 2.22 times any index gain; par if index finishes flat or falls by 35% or less; full exposure to index’s decline from initial level if it declines by more than 35%
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Initial level: | 2,630.07
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Downside threshold: | 1,709.55, or 65% of initial level
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | Morgan Stanley & Co. LLC
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Dealer: | UBS Financial Services Inc.
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Fees: | 5%
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Cusip: | 61770G732
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