New Issue: Morgan Stanley sells $250,000 trigger participation securities linked to SPDR ETF

By William Gullotti

Buffalo, N.Y., May 17 – Morgan Stanley Finance LLC priced $250,000 of 0% trigger participation securities due Jan. 20, 2023 linked to the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the ETF finishes at or above its initial level, the payout at maturity will be par plus the return, subject to a maximum payout of par plus 21.25%.

If the ETF declines but finishes at or above its 70% trigger level, the payout will be par. Otherwise, investors will be fully exposed to the ETF’s decline from its initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger participation securities
Underlying ETF:	Energy Select Sector SPDR Fund
Amount:	$250,000
Maturity:	Jan. 20, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF finishes positive, par plus return capped at 21.25%; if ETF declines but finishes at or above trigger level, par; otherwise, full exposure to decline from initial level
Initial ETF level:	$57.33
Trigger level:	$40.131; 70% of initial level
Strike date:	Oct. 15, 2021
Pricing date:	Oct. 18, 2021
Settlement date:	Oct. 21, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	1.875%
Cusip:	61773F6B4

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