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Morgan Stanley plans five-year trigger gears on Vanguard FTSE EM ETF
By Susanna Moon
Chicago, Sept. 19 – Morgan Stanley Finance LLC plans to price 0% trigger gears due Sept. 29, 2023 linked to the Vanguard FTSE Emerging Markets ETF, according to an FWP filing with the Securities and Exchange Commission.
If the fund finishes above the initial level, the payout at maturity will be par plus the upside gearing of 1.15 to 1.25 times the gain. The exact upside gearing will be set at pricing.
If the fund falls by up to its 75% downside threshold level, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.
The notes will price on Sept. 25 and settle on Sept. 28.
The Cusip number is 61768R823.
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