By Wendy Van Sickle
Columbus, Ohio, March 18 – Morgan Stanley Finance LLC priced $10 million of stepdown trigger autocallable notes due March 2, 2026 linked to the least performing of the iShares MSCI EAFE ETF, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, 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 plus 9% annualized if all three ETFs close above their initial levels on any quarterly observation after one year except the final observation date for which the call level will be equal to the 70% downside threshold.
The notes will be called at par plus the 45% final premium of all three ETFs close above their initial levels on the final call date.
If any ETF finishes below its downside threshold, investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Stepdown trigger autocallable notes
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Underlying ETFs: | iShares MSCI EAFE ETF, iShares Russell 2000 ETF and SPDR &P 500 ETF trust
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Amount: | $10 million
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Maturity: | March 2, 2026
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Coupon: | 0%
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Price: | Par of $10
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Call: | At par plus 9% annualized if all ETFs close above initial level on any quarterly observation after one year except the final observation date for which the call level will be equal to the downside threshold
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Payout at maturity: | Par plus 45% unless any ETF finishes below downside threshold level, in which case 1% loss for each 1% decline of worse performing ETF from initial level
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Initial levels: | $75.07 for EAFE, $382.33 for S&P, $218.61 for Russell
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Downside thresholds: | $52.55 for EAFE, $267.63 for S&P, $153.03 for Russell; 70% of initial levels
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Pricing date: | March 2
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Settlement date: | March 4
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Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61771U417
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