New Issue: Morgan Stanley prices $2.52 million trigger gears linked to S&P 500

By Kiku Steinfeld

Chicago, Feb. 5 – Morgan Stanley Finance LLC priced $2.52 million of 0% trigger gears due Jan. 31, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than zero, the payout at maturity will be par of $10 plus 1.48 times the index return. Investors will receive par if the index declines by 25% or less and have one-to-one exposure to the index’s decline from its initial level if it declines by more than 25%.

The notes are guaranteed by Morgan Stanley.

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

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger gears
Underlying index:	S&P 500
Amount:	$2,515,900
Maturity:	Jan. 31, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is greater than zero, par plus 1.48 times index return; par if index declines by 25% or less; full exposure to index’s decline from initial level if it declines by more than 25%
Initial level:	3,276.24
Downside threshold:	2,457.18, or 75% of initial level
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Agent:	Morgan Stanley & Co. LLC
Dealer:	UBS Financial Services Inc.
Fees:	None
Cusip:	61770E851

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