New Issue: Morgan Stanley prices $2.56 million trigger step notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Sept. 2 – Morgan Stanley Finance LLC priced $2.56 million of 0% trigger step securities due Aug. 31, 2020 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 zero or positive, the payout at maturity will be par of $10 plus the greater of 35.4% and the index return. Investors will receive par if the index declines by 25% or less and will be fully exposed to the index’s decline from its initial level if it declines beyond 25%.

Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger step securities
Underlying index:	S&P 500
Amount:	$2,559,400
Maturity:	Aug. 31, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is zero or positive, par plus greater of 35.4% and index return; par if index declines by 25% or less; full exposure to decline from initial level if index declines beyond 25%
Initial level:	2,169.04
Downside threshold:	1,626.78, 75% of initial level
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agents:	Morgan Stanley & Co. LLC and UBS Financial Services Inc.
Fees:	5%
Cusip:	61766B853

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