Morgan Stanley plans airbag performance notes linked to SPDR S&P 500

By Susanna Moon

Chicago, Dec. 9 - Morgan Stanley plans to price 0% airbag performance securities due Dec. 29, 2023 linked to the SPDR S&P 500 exchange-traded fund trust, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus between 145% and 165% of any fund gain, with the exact participation rate to be set at pricing.

If the shares fall by up to the 50% trigger level, the payout will be par.

Otherwise, investors will lose 2% for every 1% decline beyond 50%.

Morgan Stanley & Co. LLC is the agent, and UBS Financial Services Inc. is the dealer.

The notes will price on Dec. 23 and settle on Dec. 27.

The Cusip number is 61762W752.

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