Morgan Stanley plans trigger absolute return step notes linked to S&P

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – Morgan Stanley Finance LLC plans to price 0% trigger absolute return step securities due Nov. 30, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If the final index level is greater than or equal to the initial index level, the payout at maturity will be par of $10 plus the greater of the step return and the index return. The step return is expected to be 24% to 28% and will be set at pricing.

If the final index level is less than the initial index level and greater than or equal to the downside threshold level, 70% of the initial index level, the payout will be par plus the absolute value of the index return.

If the final index level is less than the downside threshold level, investors will lose 1% for every 1% that the final index level is less than the initial index level.

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

The notes will price Nov. 28.

The Cusip number is 61766F425.

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