Morgan Stanley plans trigger participation notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 9 – Morgan Stanley Finance LLC plans to price 0% trigger participation securities due May 1, 2025 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.

The lookback percent increase is the quotient of (a) the highest closing level of the index observed on the observation dates – each Wednesday during the life of the notes – minus the initial index level divided by (b) the initial index level.

If the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus at least 100% of the lookback percent increase. The exact participation rate will be set at pricing.

If the final index level is less than the initial index level but greater than or equal to the trigger level, 65% of the initial index level, the payout will be par.

If the final index level is less than the trigger level, investors will lose 1% for every 1% that the index declines from its initial level.

Morgan Stanley & Co. LLC is the agent.

The notes are expected to price April 26.

The Cusip number is 61768D5V3.

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