New Issue: Morgan Stanley sells $5.48 million trigger step securities on S&P 500, Russell 2000

By William Gullotti

Buffalo, N.Y., Aug. 18 – Morgan Stanley Finance LLC priced $5.48 million of 0% trigger step securities due Aug. 17, 2026 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley

If the laggard index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the laggard index’s return and 29.84%.

Investors will receive par if the laggard index falls by up to 25% and will be fully exposed to all losses if the laggard index finishes below the 75% downside threshold level.

UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger step securities
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$5,484,750
Maturity:	Aug. 17, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the laggard index finishes at or above the initial level, par plus the greater of the laggard index’s return and 29.84%; par if the laggard index falls by up to 25%; full exposure to losses if the laggard index finishes below the 75% downside threshold level
Initial index levels:	4,460.83 for S&P, 2,244.073 for Russell
Threshold levels:	3,345.62 for S&P, 1,683.055 for Russell; 75% of initial levels
Pricing date:	Aug. 12
Settlement date:	Aug. 17
Agents:	UBS Financial Services Inc. and Morgan Stanley & Co. LLC
Fees:	3.5%
Cusip:	61772Y707

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