Morgan Stanley plans step down trigger autocallables on SPDR S&P Oil

By Susanna Moon

Chicago, Feb. 8 – Morgan Stanley Finance LLC plans to price 0% step down trigger autocallable notes due Feb. 14, 2020 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will be called at par of $10 plus an annual call premium of 9% to 10% if the fund closes at or above its call threshold level on any annual call observation date after one year.

The call threshold level will be the initial index level for every observation date except for the final observation date, which will be 65% of the initial level.

If the fund finishes at or above its 65% downside threshold, the payout at maturity will be between $13.50 and $14.00 for each $10.00 par amount.

Otherwise, investors will be fully exposed to any losses.

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

The notes will price on Feb. 10 and settle on Feb. 15.

The Cusip number is 61766V370.

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