New Issue: Morgan Stanley prices $5.51 million trigger gears linked to S&P 500

By Sarah Lizee

Olympia, Wash., May 1 – Morgan Stanley Finance LLC priced $5.51 million of 0% trigger gears due April 30, 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 index return is greater than zero, the payout at maturity will be par of $10 plus 1.24 times the index return. Investors will receive par if the index finishes flat or declines by 25% or less and have one-to-one exposure to the index’s decline from its initial level if it declines by more than 25%.

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

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger gears
Underlying index:	S&P 500
Amount:	$5,507,890
Maturity:	April 30, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.24 times any index gain; par if index finishes flat or falls by 25% or less; full exposure to index’s decline from initial level if it declines by more than 25%
Initial level:	2,878.48
Downside threshold:	2,158.86, or 75% of initial level
Pricing date:	April 27
Settlement date:	April 30
Agent:	Morgan Stanley & Co. LLC
Dealer:	UBS Financial Services Inc.
Fees:	0.35%
Cusip:	61769P396

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