New Issue: Morgan Stanley sells $5.41 million express performance notes on S&P 500

By Marisa Wong

Madison, Wis., July 1 – Morgan Stanley priced $5.41 million of 0% express performance securities due June 30, 2025 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus the express index return, with exposure to any losses.

The express index return is equal to (i) the final index level minus the express starting level divided by (ii) the express starting level, which is 77% of the initial level.

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

Issuer:	Morgan Stanley
Issue:	Express performance securities
Underlying index:	S&P 500
Amount:	$5.41 million
Maturity:	June 30, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus express index return, with exposure to any losses; express index return is equal to (i) the final index level minus the express starting level divided by (ii) the express starting level
Initial level:	2,102.31
Express starting level:	1,618.78, 77% of initial level
Pricing date:	June 25
Settlement date:	June 30
Agent:	Morgan Stanley & Co. LLC with UBS Financial Services Inc. as dealer
Fees:	5%
Cusip:	61765G333

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