By Sarah Lizee
Olympia, Wash., April 30 – Morgan Stanley Finance LLC priced $1 million of 0% trigger participation securities due May 1, 2025 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 final index level is greater than or equal to the initial index level, the payout at maturity will be par plus the lookback percent increase. The lookback percent increase will be measured as (a) the lookback index value minus the initial level divided by (b) the initial level. The lookback index value will be the highest closing value of the index on each Wednesday during the period from but excluding the pricing date to and including the valuation date on April 28, 2025.
If the final index level is less than the initial level but greater than or equal to the 65% trigger level, the payout will be par.
Otherwise, the payout will be par plus the index return – the final level relative to the initial level – with full exposure to losses.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger participation securities
|
| Underlying index: | S&P 500 index
|
| Amount: | $1 million
|
| Maturity: | May 1, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the final index level is greater than or equal to the initial index level, par plus the lookback percent increase; if the final index level is less than the initial level but greater than or equal to the trigger level, par; otherwise, par plus the index return with full exposure to losses
|
| Lookback percent increase: | (a) lookback index value minus the initial level divided by (b) the initial level
|
| Initial index level: | 2,939.88
|
| Trigger level: | 1,910.922, 65% of initial level
|
| Lookback index value: | Highest closing value of the index on each Wednesday during the period from but excluding the pricing date to and including the valuation date on April 28, 2025
|
| Pricing date: | April 26
|
| Settlement date: | April 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61768D5V3
|
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