Morgan Stanley eyes step-down trigger autocallables on S&P, Stoxx

By Sarah Lizee

Olympia, Wash., Nov. 25 – Morgan Stanley Finance LLC plans to price 0% step-down trigger autocallable notes due Dec. 2, 2024 linked to the least performing of the S&P 500 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

Beginning Nov. 30, 2020, the notes will be called at par of $10 plus an annual call premium of 8% to 8.75% if each index closes at or above its initial level on any quarterly review date or at or above its 75% downside threshold on the final date.

If the notes are not called, the payout at maturity will be par plus the return of the worse performing index with full exposure to any losses.

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

The notes will price on Nov. 26.

The Cusip number is 61770E133.

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