Morgan Stanley plans capped trigger gears on VanEck Vectors Oil ETF

By Marisa Wong

Morgantown, W.Va., July 24 – Morgan Stanley Finance LLC plans to price 0% capped trigger gears due July 31, 2020 linked to the VanEck Vectors Oil Services exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If the ETF return is greater than zero, the payout at maturity will be par of $10 plus 5 times the ETF return, subject to a maximum gain of 43% to 48%. The exact cap will be set at pricing.

Investors will receive par if the ETF declines by 20% or less and be fully exposed to the ETF’s decline from its initial level if it declines by more than 20%.

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

The notes will price on July 26.

The Cusip number is 61766X293.

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