AGÕæÈ˹ٷ½

STOCK TITAN

[FWP] Morgan Stanley Free Writing Prospectus

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
FWP
Rhea-AI Filing Summary

UBS AG London Branch is offering $5.677 million of Contingent Income Auto-Callable Securities linked to Microsoft Corporation (MSFT) common stock, maturing 7 July 2028. Each $1,000 note is an unsecured, unsubordinated debt obligation that carries UBS credit risk and will not be listed on any exchange.

Investors may receive a quarterly contingent coupon of $22.625 (9.05% p.a.) for any determination date on which MSFT’s closing price is at least 80% of the initial price ($498.84). If, on any non-final determination date, the closing price is at or above the call threshold level (100% of the initial price), the notes are automatically redeemed at par plus the current coupon, limiting upside to a single-period payout.

At maturity, investors face three scenarios:

  • Early Call: Notes are redeemed on the first call date that MSFT closes â‰� $498.84; holders receive $1,000 + $22.625 and no further payments.
  • Hold to Maturity, MSFT â‰� 80%: Investors receive $1,000 + the final coupon.
  • Hold to Maturity, MSFT < 80%: UBS settles in cash at a value proportional to the stock’s decline (exchange ratio × final price). Principal loss is one-for-one with MSFT’s drop below the 80% threshold and could reach 100%.

Key structural features

  • Downside threshold: 80% of initial price ($399.07).
  • Estimated initial value: $972.50 vs. $1,000 issue price, reflecting 2.75% in fees/hedging margin.
  • Total selling concession: 2.25% (1.75% sales commission + 0.50% structuring fee).
  • Quarterly determination dates from 3 Oct 2025 to 3 Jul 2028; coupons pay five business days later.
  • Calculation agent & dealer: UBS Securities LLC; early bid–ask premium amortises over six weeks post-issuance.

Principal risks include loss of some or all principal, non-payment of contingent coupons, illiquidity (no listing; market-making discretionary), UBS credit deterioration, and complex U.S. tax treatment. Investors do not receive MSFT dividends and forego any stock upside above coupons.

The notes suit investors seeking enhanced conditional income, willing to accept single-stock exposure, potential early redemption, limited liquidity, and full downside and issuer credit risks.

UBS AG London Branch offre 5,677 milioni di dollari in Contingent Income Auto-Callable Securities legati alle azioni ordinarie di Microsoft Corporation (MSFT), con scadenza il 7 luglio 2028. Ogni titolo da $1.000 è un'obbligazione di debito non garantita e non subordinata, soggetta al rischio di credito di UBS e non sarà quotata in alcun mercato.

Gli investitori possono ricevere un coupon trimestrale condizionato di $22,625 (9,05% annuo) per ogni data di determinazione in cui il prezzo di chiusura di MSFT sia almeno l'80% del prezzo iniziale ($498,84). Se, in una data di determinazione non finale, il prezzo di chiusura raggiunge o supera la soglia di call (100% del prezzo iniziale), i titoli vengono automaticamente rimborsati a valore nominale più il coupon corrente, limitando il guadagno a un singolo pagamento.

Alla scadenza, gli investitori si trovano di fronte a tre scenari:

  • Rimborso anticipato: i titoli vengono rimborsati alla prima data di call in cui MSFT chiude a â‰� $498,84; i detentori ricevono $1.000 + $22,625 e nessun pagamento ulteriore.
  • Detenzione fino a scadenza, MSFT â‰� 80%: gli investitori ricevono $1.000 + l’ultimo coupon.
  • Detenzione fino a scadenza, MSFT < 80%: UBS liquida in contanti un importo proporzionale al calo del titolo (rapporto di cambio × prezzo finale). La perdita del capitale è direttamente proporzionale alla diminuzione sotto lâ€�80% e può arrivare fino al 100%.

Caratteristiche strutturali principali

  • Soglia di ribasso: 80% del prezzo iniziale ($399,07).
  • Valore iniziale stimato: $972,50 rispetto al prezzo di emissione di $1.000, includendo il 2,75% di commissioni e margine di copertura.
  • Concessione totale alla vendita: 2,25% (1,75% commissione di vendita + 0,50% commissione di strutturazione).
  • Date di determinazione trimestrali dal 3 ottobre 2025 al 3 luglio 2028; i coupon vengono pagati cinque giorni lavorativi dopo.
  • Agente di calcolo e dealer: UBS Securities LLC; il premio bid-ask iniziale si ammortizza in sei settimane dopo l’emissione.

Rischi principali includono la perdita totale o parziale del capitale, mancato pagamento dei coupon condizionati, illiquidità (assenza di quotazione; market-making discrezionale), deterioramento del credito UBS e complessità fiscale negli Stati Uniti. Gli investitori non ricevono dividendi MSFT e rinunciano a qualsiasi rialzo azionario oltre i coupon.

I titoli sono adatti a investitori che cercano un reddito condizionato incrementato, disposti ad accettare esposizione su singolo titolo, potenziale rimborso anticipato, liquidità limitata e rischi completi di ribasso e credito dell’emittente.

UBS AG London Branch ofrece 5,677 millones de dólares en Valores Autollamables de Ingresos Contingentes vinculados a las acciones ordinarias de Microsoft Corporation (MSFT), con vencimiento el 7 de julio de 2028. Cada bono de $1,000 es una obligación de deuda no garantizada y no subordinada, sujeta al riesgo crediticio de UBS y no estará listado en ninguna bolsa.

Los inversores pueden recibir un cupón trimestral contingente de $22.625 (9,05% anual) por cada fecha de determinación en la que el precio de cierre de MSFT sea al menos el 80% del precio inicial ($498,84). Si, en alguna fecha de determinación no final, el precio de cierre está en o por encima del nivel umbral de llamada (100% del precio inicial), los bonos se redimen automáticamente al valor nominal más el cupón corriente, limitando la ganancia a un pago único.

Al vencimiento, los inversores enfrentan tres escenarios:

  • Llamada anticipada: los bonos se redimen en la primera fecha de llamada en que MSFT cierre â‰� $498.84; los tenedores reciben $1,000 + $22.625 y no hay pagos adicionales.
  • Mantener hasta vencimiento, MSFT â‰� 80%: los inversores reciben $1,000 + el cupón final.
  • Mantener hasta vencimiento, MSFT < 80%: UBS liquida en efectivo un valor proporcional a la caída de la acción (ratio de intercambio × precio final). La pérdida de capital es uno a uno con la caída de MSFT por debajo del umbral del 80% y puede llegar al 100%.

Características estructurales clave

  • Umbral a la baja: 80% del precio inicial ($399,07).
  • Valor inicial estimado: $972,50 frente al precio de emisión de $1,000, reflejando un 2,75% en comisiones/margen de cobertura.
  • Concesión total de venta: 2,25% (1,75% comisión de venta + 0,50% comisión de estructuración).
  • Fechas de determinación trimestrales desde el 3 de octubre de 2025 hasta el 3 de julio de 2028; los cupones se pagan cinco días hábiles después.
  • Agente de cálculo y distribuidor: UBS Securities LLC; la prima bid-ask inicial se amortiza durante seis semanas tras la emisión.

Riesgos principales incluyen pérdida total o parcial del capital, no pago de cupones contingentes, iliquidez (sin cotización; creación de mercado discrecional), deterioro del crédito de UBS y tratamiento fiscal complejo en EE.UU. Los inversores no reciben dividendos de MSFT y renuncian a cualquier apreciación de la acción por encima de los cupones.

Los bonos son adecuados para inversores que buscan ingresos condicionales mejorados, dispuestos a aceptar exposición a una sola acción, posible redención anticipada, liquidez limitada y riesgos completos de caída y crédito del emisor.

UBS AG ëŸ°ë˜ ì§€ì �ì€ ë§ˆì´í¬ë¡œì†Œí”„íŠ� ì½”í¼ë ˆì´ì…�(MSFT) ë³´í†µì£¼ì— ì—°ê³„ë� ì¡°ê±´ë¶€ ìˆ˜ìµ ìžë™ ìƒí™˜ ì¦ê¶Œ 5.677백만 달러ë¥� 2028ë…� 7ì›� 7ì� 만기ë¡� 제공하고 있습니다. ê°� $1,000 노트ëŠ� UBS ì‹ ìš© 위험ì� 따르ëŠ� 무담ë³�, 비후순위 채무ì´ë©°, ì–´ë–¤ 거래소ì—ë� ìƒìž¥ë˜ì§€ 않습니다.

투ìžìžëŠ” MSFT 종가가 최초 ê°€ê²©ì˜ ìµœì†Œ 80%($498.84) ì´ìƒì� ê²°ì •ì¼ë§ˆë‹� 분기ë³� ì¡°ê±´ë¶€ ì¿ í° $22.625(ì—� 9.05%)ë¥� ë°›ì„ ìˆ� 있습니다. 만약 비최ì¢� ê²°ì •ì¼ì— 종가가 ì½� 임계 수준(최초 ê°€ê²©ì˜ 100%) ì´ìƒì´ë©´, 노트ëŠ� 현재 ì¿ í°ê³� 함께 ì•¡ë©´ê°€ë¡� ìžë™ ìƒí™˜ë˜ì–´ ìƒìй ì´ìµì� ë‹¨ì¼ ê¸°ê°„ 지급으ë¡� 제한ë©ë‹ˆë‹�.

만기 ì‹� 투ìžìžëŠ” ì„� 가지 시나리오ì—� ì§ë©´í•©ë‹ˆë‹�:

  • 조기 ìƒí™˜: MSFTê°€ $498.84 ì´ìƒìœ¼ë¡œ 마ê°í•˜ëŠ” ì²� 번째 ì½� ë‚ ì§œì—� 노트가 ìƒí™˜ë˜ë©°, 보유ìžëŠ” $1,000 + $22.625ë¥� 받고 추가 ì§€ê¸‰ì€ ì—†ìŠµë‹ˆë‹¤.
  • 만기까지 보유, MSFT â‰� 80%: 투ìžìžëŠ” $1,000 + 최종 ì¿ í°ì� 받습니다.
  • 만기까지 보유, MSFT < 80%: UBSëŠ� 주가 하ë½ì—� 비례하는 금액(êµí™˜ 비율 × 최종 ê°€ê²�)ì� ˳„금으로 정산합니ë‹�. ì›ê¸ˆ ì†ì‹¤ì€ MSFTê°€ 80% 임계ì¹� 아래ë¡� 떨어ì§� ë§Œí¼ 1:1 비율ë¡� ë°œìƒí•˜ë©° 최대 100%까지 ì†ì‹¤ 가능성ì� 있습니다.

주요 구조� 특징

  • í•˜ë½ ìž„ê³„ì¹�: 최초 ê°€ê²©ì˜ 80% ($399.07).
  • ì˜ˆìƒ ì´ˆê¸° ê°€ì¹�: 발행가 $1,000 대ë¹� $972.50, 2.75% 수수ë£�/헤지 마진 ë°˜ì˜.
  • ì´� íŒë§¤ 수수ë£�: 2.25% (1.75% íŒë§¤ 수수ë£� + 0.50% 구조í™� 수수ë£�).
  • 2025ë…� 10ì›� 3ì¼ë¶€í„� 2028ë…� 7ì›� 3ì¼ê¹Œì§€ 분기ë³� ê²°ì •ì�; ì¿ í°ì€ 5ì˜ì—…ì� í›� ì§€ê¸�.
  • 계산 ëŒ€ë¦¬ì¸ ë°� 딜러: UBS Securities LLC; 초기 매ë„-매수 스프레드 í”„ë¦¬ë¯¸ì—„ì€ ë°œí–‰ í›� 6주간 ìƒê°.

주요 위험으로ëŠ� ì›ê¸ˆ ì „ë¶€ ë˜ëŠ” ì¼ë¶€ ì†ì‹¤, ì¡°ê±´ë¶€ ì¿ í° ë¯¸ì§€ê¸�, 유ë™ì„� ë¶€ì¡�(비ìƒìž�; 시장 조성 ìž„ì˜ì �), UBS ì‹ ìš© ì•…í™”, 미국 세금 처리 ë³µìž¡ì„±ì´ ìžˆìŠµë‹ˆë‹¤. 투ìžìžëŠ” MSFT ë°°ë‹¹ê¸ˆì„ ë°›ì§€ 못하ë©� ì¿ í° ì´ˆê³¼ 주가 ìƒìйë� í¬ê¸°í•©ë‹ˆë‹�.

ì� 노트ëŠ� ì¡°ê±´ë¶€ ìˆ˜ìµ ì¦ëŒ€ë¥� ì›í•˜ëŠ� 투ìžìž�, ë‹¨ì¼ ì£¼ì‹ ë…¸ì¶œ, 조기 ìƒí™˜ 가능성, 제한ë� 유ë™ì„� ë°� ì „ë©´ì ì¸ í•˜ë½ ë°� 발행ìž� ì‹ ìš© 위험ì� ê°ìˆ˜í•� 투ìžìžì—ê²� ì í•©í•©ë‹ˆë‹�.

UBS AG succursale de Londres propose 5,677 millions de dollars de Valeurs à revenu conditionnel auto-remboursables liées aux actions ordinaires de Microsoft Corporation (MSFT), arrivant à échéance le 7 juillet 2028. Chaque note de 1 000 $ est une obligation non garantie et non subordonnée, exposée au risque de crédit d’UBS et ne sera pas cotée en bourse.

Les investisseurs peuvent recevoir un coupon trimestriel conditionnel de 22,625 $ (9,05 % par an) pour toute date de détermination où le cours de clôture de MSFT est au moins égal à 80 % du prix initial (498,84 $). Si, à une date de détermination non finale, le cours de clôture atteint ou dépasse le niveau de seuil de remboursement anticipé (100 % du prix initial), les notes sont automatiquement remboursées au pair plus le coupon courant, limitant ainsi le gain à un paiement unique.

À l’échéance, les investisseurs font face à trois scénarios :

  • Remboursement anticipé : les notes sont remboursées à la première date de remboursement anticipé où MSFT clôture à â‰� 498,84 $ ; les détenteurs reçoivent 1 000 $ + 22,625 $ et aucun paiement supplémentaire.
  • Détention jusqu’Ã� l’échéance, MSFT â‰� 80 % : les investisseurs reçoivent 1 000 $ + le coupon final.
  • Détention jusqu’Ã� l’échéance, MSFT < 80 % : UBS règle en espèces une valeur proportionnelle à la baisse de l’action (ratio d’échange × prix final). La perte en capital est proportionnelle à la baisse de MSFT sous le seuil de 80 % et peut atteindre 100 %.

Caractéristiques structurelles clés

  • Seuil de baisse : 80 % du prix initial (399,07 $).
  • Valeur initiale estimée : 972,50 $ contre un prix d’émission de 1 000 $, reflétant 2,75 % de frais/marge de couverture.
  • Commission totale de vente : 2,25 % (1,75 % de commission de vente + 0,50 % de frais de structuration).
  • Dates de détermination trimestrielles du 3 octobre 2025 au 3 juillet 2028 ; les coupons sont payés cinq jours ouvrés après.
  • Agent de calcul et teneur de marché : UBS Securities LLC ; la prime bid-ask initiale s’amortit sur six semaines après l’émission.

Principaux risques : perte totale ou partielle du capital, non-paiement des coupons conditionnels, illiquidité (non cotation ; animation de marché discrétionnaire), dégradation du crédit UBS et traitement fiscal complexe aux États-Unis. Les investisseurs ne perçoivent pas les dividendes MSFT et renoncent à toute plus-value au-delà des coupons.

Ces notes conviennent aux investisseurs recherchant un revenu conditionnel amélioré, prêts à accepter une exposition à une action unique, un remboursement anticipé possible, une liquidité limitée et des risques complets de baisse et de crédit de l’émetteur.

UBS AG London Branch bietet 5,677 Millionen US-Dollar an Contingent Income Auto-Callable Securities an, die an die Stammaktien von Microsoft Corporation (MSFT) gekoppelt sind und am 7. Juli 2028 fällig werden. Jede $1.000-Anleihe ist eine unbesicherte, nicht nachrangige Schuldverpflichtung mit UBS-Kreditrisiko und wird nicht an einer Börse notiert.

Investoren können für jeden Bewertungstermin, an dem der Schlusskurs von MSFT mindestens 80% des Anfangskurses ($498,84) beträgt, einen vierteljährlichen bedingten Kupon von $22,625 (9,05% p.a.) erhalten. Sollte an einem nicht endgültigen Bewertungstermin der Schlusskurs die Call-Schwelle (100% des Anfangskurses) erreichen oder überschreiten, werden die Notes automatisch zum Nennwert zuzüglich des aktuellen Kupons zurückgezahlt, wodurch die Gewinnchance auf eine einzelne Periode begrenzt wird.

Bei Fälligkeit ergeben sich für Investoren drei Szenarien:

  • Frühzeitige Rückzahlung: Die Notes werden am ersten Call-Termin zurückgezahlt, an dem MSFT â‰� $498,84 schließt; Anleger erhalten $1.000 + $22,625 und keine weiteren Zahlungen.
  • Halten bis zur Fälligkeit, MSFT â‰� 80%: Investoren erhalten $1.000 + den letzten Kupon.
  • Halten bis zur Fälligkeit, MSFT < 80%: UBS zahlt in bar einen Betrag aus, der proportional zum Kursrückgang der Aktie ist (Umtauschverhältnis × Schlusskurs). Der Kapitalverlust entspricht eins zu eins dem Rückgang von MSFT unter die 80%-Schwelle und kann bis zu 100% betragen.

Wesentliche strukturelle Merkmale

  • ´¡²ú²õ³¦³ó·É䳦³ó³Ü²Ô²µ²õ²õ³¦³ó·É±ð±ô±ô±ð: 80% des Anfangskurses ($399,07).
  • Geschätzter Anfangswert: $972,50 gegenüber dem Ausgabepreis von $1.000, was 2,75% Gebühren/Absicherungsmarge widerspiegelt.
  • Gesamte Verkaufsprovision: 2,25% (1,75% Verkaufsprovision + 0,50% Strukturierungsgebühr).
  • Vierteljährliche Bewertungstermine vom 3. Okt. 2025 bis 3. Juli 2028; Kupons werden fünf Werktage später gezahlt.
  • Berechnungsagent & Händler: UBS Securities LLC; der anfängliche Bid-Ask-Aufschlag wird über sechs Wochen nach Ausgabe abgeschrieben.

Hauptsächliche Risiken umfassen den teilweisen oder vollständigen Kapitalverlust, Nichtzahlung der bedingten Kupons, Illiquidität (keine Börsennotierung; Market-Making nach Ermessen), Verschlechterung der UBS-Kreditwürdigkeit und komplexe US-Steuerregelungen. Anleger erhalten keine MSFT-Dividenden und verzichten auf Kursgewinne über die Kupons hinaus.

Die Notes eignen sich für Anleger, die ein erhöhtes bedingtes Einkommen suchen, bereit sind, Einzelaktienrisiken, mögliche vorzeitige Rückzahlung, eingeschränkte Liquidität sowie vollständige Abwärts- und Emittentenrisiken zu akzeptieren.

Positive
  • 9.05% contingent coupon provides high income relative to current short-duration yields.
  • 80% downside threshold offers a 20% buffer before principal risk is incurred.
  • Automatic early call at 100% can accelerate capital return with coupon if MSFT holds or rises.
Negative
  • No principal protection: one-for-one loss below 80% of initial price could reach 100%.
  • Upside participation capped; investors forego any stock gains above periodic coupons.
  • Credit risk of UBS AG; note performance depends on issuer solvency.
  • Estimated initial value $27.50 below issue price plus 2.25% fees dilute investor economics.
  • No exchange listing creates potential illiquidity and wide bid–ask spreads.

Insights

TL;DR: High 9.05% coupon but 1:1 downside below 80% and UBS credit risk; upside capped, liquidity thin.

The security’s structure offers an above-market conditional income stream and an 80% barrier, typical for three-year auto-callables. The 100% call trigger makes early redemption likely if MSFT trends sideways or higher, shortening duration and reinvestment window. The $972.50 model value versus $1,000 issue price embeds a 2.75% gross spread, within market norms. Investors should weigh single-name concentration in a mega-cap technology stock against diversification benefits usually available in equity-linked notes. Because UBS is rated A/A- (not provided here), changes in CDS spreads could materially move secondary pricing. Net, I classify the note impact as neutral: attractive yield offset by uncompensated downside and credit risk.

TL;DR: Note exposes holders to two correlated risks—MSFT volatility and UBS solvency—without principal protection.

The 20% buffer may appear generous, but MSFT’s historical 1-year volatility (~25%) implies ~32% one-tail downside risk over three years. Scenario analysis shows a 30% stock drop yields a 30% principal loss, wiping out coupons. UBS’s decision to settle in cash removes physical-delivery optionality. Illiquidity risk is elevated: no exchange listing and market making discretionary after the six-week premium window. Estimated value discount and 2.25% placement fee reduce break-even. From a risk-adjusted perspective, this issuance is modestly negative.

UBS AG London Branch offre 5,677 milioni di dollari in Contingent Income Auto-Callable Securities legati alle azioni ordinarie di Microsoft Corporation (MSFT), con scadenza il 7 luglio 2028. Ogni titolo da $1.000 è un'obbligazione di debito non garantita e non subordinata, soggetta al rischio di credito di UBS e non sarà quotata in alcun mercato.

Gli investitori possono ricevere un coupon trimestrale condizionato di $22,625 (9,05% annuo) per ogni data di determinazione in cui il prezzo di chiusura di MSFT sia almeno l'80% del prezzo iniziale ($498,84). Se, in una data di determinazione non finale, il prezzo di chiusura raggiunge o supera la soglia di call (100% del prezzo iniziale), i titoli vengono automaticamente rimborsati a valore nominale più il coupon corrente, limitando il guadagno a un singolo pagamento.

Alla scadenza, gli investitori si trovano di fronte a tre scenari:

  • Rimborso anticipato: i titoli vengono rimborsati alla prima data di call in cui MSFT chiude a â‰� $498,84; i detentori ricevono $1.000 + $22,625 e nessun pagamento ulteriore.
  • Detenzione fino a scadenza, MSFT â‰� 80%: gli investitori ricevono $1.000 + l’ultimo coupon.
  • Detenzione fino a scadenza, MSFT < 80%: UBS liquida in contanti un importo proporzionale al calo del titolo (rapporto di cambio × prezzo finale). La perdita del capitale è direttamente proporzionale alla diminuzione sotto lâ€�80% e può arrivare fino al 100%.

Caratteristiche strutturali principali

  • Soglia di ribasso: 80% del prezzo iniziale ($399,07).
  • Valore iniziale stimato: $972,50 rispetto al prezzo di emissione di $1.000, includendo il 2,75% di commissioni e margine di copertura.
  • Concessione totale alla vendita: 2,25% (1,75% commissione di vendita + 0,50% commissione di strutturazione).
  • Date di determinazione trimestrali dal 3 ottobre 2025 al 3 luglio 2028; i coupon vengono pagati cinque giorni lavorativi dopo.
  • Agente di calcolo e dealer: UBS Securities LLC; il premio bid-ask iniziale si ammortizza in sei settimane dopo l’emissione.

Rischi principali includono la perdita totale o parziale del capitale, mancato pagamento dei coupon condizionati, illiquidità (assenza di quotazione; market-making discrezionale), deterioramento del credito UBS e complessità fiscale negli Stati Uniti. Gli investitori non ricevono dividendi MSFT e rinunciano a qualsiasi rialzo azionario oltre i coupon.

I titoli sono adatti a investitori che cercano un reddito condizionato incrementato, disposti ad accettare esposizione su singolo titolo, potenziale rimborso anticipato, liquidità limitata e rischi completi di ribasso e credito dell’emittente.

UBS AG London Branch ofrece 5,677 millones de dólares en Valores Autollamables de Ingresos Contingentes vinculados a las acciones ordinarias de Microsoft Corporation (MSFT), con vencimiento el 7 de julio de 2028. Cada bono de $1,000 es una obligación de deuda no garantizada y no subordinada, sujeta al riesgo crediticio de UBS y no estará listado en ninguna bolsa.

Los inversores pueden recibir un cupón trimestral contingente de $22.625 (9,05% anual) por cada fecha de determinación en la que el precio de cierre de MSFT sea al menos el 80% del precio inicial ($498,84). Si, en alguna fecha de determinación no final, el precio de cierre está en o por encima del nivel umbral de llamada (100% del precio inicial), los bonos se redimen automáticamente al valor nominal más el cupón corriente, limitando la ganancia a un pago único.

Al vencimiento, los inversores enfrentan tres escenarios:

  • Llamada anticipada: los bonos se redimen en la primera fecha de llamada en que MSFT cierre â‰� $498.84; los tenedores reciben $1,000 + $22.625 y no hay pagos adicionales.
  • Mantener hasta vencimiento, MSFT â‰� 80%: los inversores reciben $1,000 + el cupón final.
  • Mantener hasta vencimiento, MSFT < 80%: UBS liquida en efectivo un valor proporcional a la caída de la acción (ratio de intercambio × precio final). La pérdida de capital es uno a uno con la caída de MSFT por debajo del umbral del 80% y puede llegar al 100%.

Características estructurales clave

  • Umbral a la baja: 80% del precio inicial ($399,07).
  • Valor inicial estimado: $972,50 frente al precio de emisión de $1,000, reflejando un 2,75% en comisiones/margen de cobertura.
  • Concesión total de venta: 2,25% (1,75% comisión de venta + 0,50% comisión de estructuración).
  • Fechas de determinación trimestrales desde el 3 de octubre de 2025 hasta el 3 de julio de 2028; los cupones se pagan cinco días hábiles después.
  • Agente de cálculo y distribuidor: UBS Securities LLC; la prima bid-ask inicial se amortiza durante seis semanas tras la emisión.

Riesgos principales incluyen pérdida total o parcial del capital, no pago de cupones contingentes, iliquidez (sin cotización; creación de mercado discrecional), deterioro del crédito de UBS y tratamiento fiscal complejo en EE.UU. Los inversores no reciben dividendos de MSFT y renuncian a cualquier apreciación de la acción por encima de los cupones.

Los bonos son adecuados para inversores que buscan ingresos condicionales mejorados, dispuestos a aceptar exposición a una sola acción, posible redención anticipada, liquidez limitada y riesgos completos de caída y crédito del emisor.

UBS AG ëŸ°ë˜ ì§€ì �ì€ ë§ˆì´í¬ë¡œì†Œí”„íŠ� ì½”í¼ë ˆì´ì…�(MSFT) ë³´í†µì£¼ì— ì—°ê³„ë� ì¡°ê±´ë¶€ ìˆ˜ìµ ìžë™ ìƒí™˜ ì¦ê¶Œ 5.677백만 달러ë¥� 2028ë…� 7ì›� 7ì� 만기ë¡� 제공하고 있습니다. ê°� $1,000 노트ëŠ� UBS ì‹ ìš© 위험ì� 따르ëŠ� 무담ë³�, 비후순위 채무ì´ë©°, ì–´ë–¤ 거래소ì—ë� ìƒìž¥ë˜ì§€ 않습니다.

투ìžìžëŠ” MSFT 종가가 최초 ê°€ê²©ì˜ ìµœì†Œ 80%($498.84) ì´ìƒì� ê²°ì •ì¼ë§ˆë‹� 분기ë³� ì¡°ê±´ë¶€ ì¿ í° $22.625(ì—� 9.05%)ë¥� ë°›ì„ ìˆ� 있습니다. 만약 비최ì¢� ê²°ì •ì¼ì— 종가가 ì½� 임계 수준(최초 ê°€ê²©ì˜ 100%) ì´ìƒì´ë©´, 노트ëŠ� 현재 ì¿ í°ê³� 함께 ì•¡ë©´ê°€ë¡� ìžë™ ìƒí™˜ë˜ì–´ ìƒìй ì´ìµì� ë‹¨ì¼ ê¸°ê°„ 지급으ë¡� 제한ë©ë‹ˆë‹�.

만기 ì‹� 투ìžìžëŠ” ì„� 가지 시나리오ì—� ì§ë©´í•©ë‹ˆë‹�:

  • 조기 ìƒí™˜: MSFTê°€ $498.84 ì´ìƒìœ¼ë¡œ 마ê°í•˜ëŠ” ì²� 번째 ì½� ë‚ ì§œì—� 노트가 ìƒí™˜ë˜ë©°, 보유ìžëŠ” $1,000 + $22.625ë¥� 받고 추가 ì§€ê¸‰ì€ ì—†ìŠµë‹ˆë‹¤.
  • 만기까지 보유, MSFT â‰� 80%: 투ìžìžëŠ” $1,000 + 최종 ì¿ í°ì� 받습니다.
  • 만기까지 보유, MSFT < 80%: UBSëŠ� 주가 하ë½ì—� 비례하는 금액(êµí™˜ 비율 × 최종 ê°€ê²�)ì� ˳„금으로 정산합니ë‹�. ì›ê¸ˆ ì†ì‹¤ì€ MSFTê°€ 80% 임계ì¹� 아래ë¡� 떨어ì§� ë§Œí¼ 1:1 비율ë¡� ë°œìƒí•˜ë©° 최대 100%까지 ì†ì‹¤ 가능성ì� 있습니다.

주요 구조� 특징

  • í•˜ë½ ìž„ê³„ì¹�: 최초 ê°€ê²©ì˜ 80% ($399.07).
  • ì˜ˆìƒ ì´ˆê¸° ê°€ì¹�: 발행가 $1,000 대ë¹� $972.50, 2.75% 수수ë£�/헤지 마진 ë°˜ì˜.
  • ì´� íŒë§¤ 수수ë£�: 2.25% (1.75% íŒë§¤ 수수ë£� + 0.50% 구조í™� 수수ë£�).
  • 2025ë…� 10ì›� 3ì¼ë¶€í„� 2028ë…� 7ì›� 3ì¼ê¹Œì§€ 분기ë³� ê²°ì •ì�; ì¿ í°ì€ 5ì˜ì—…ì� í›� ì§€ê¸�.
  • 계산 ëŒ€ë¦¬ì¸ ë°� 딜러: UBS Securities LLC; 초기 매ë„-매수 스프레드 í”„ë¦¬ë¯¸ì—„ì€ ë°œí–‰ í›� 6주간 ìƒê°.

주요 위험으로ëŠ� ì›ê¸ˆ ì „ë¶€ ë˜ëŠ” ì¼ë¶€ ì†ì‹¤, ì¡°ê±´ë¶€ ì¿ í° ë¯¸ì§€ê¸�, 유ë™ì„� ë¶€ì¡�(비ìƒìž�; 시장 조성 ìž„ì˜ì �), UBS ì‹ ìš© ì•…í™”, 미국 세금 처리 ë³µìž¡ì„±ì´ ìžˆìŠµë‹ˆë‹¤. 투ìžìžëŠ” MSFT ë°°ë‹¹ê¸ˆì„ ë°›ì§€ 못하ë©� ì¿ í° ì´ˆê³¼ 주가 ìƒìйë� í¬ê¸°í•©ë‹ˆë‹�.

ì� 노트ëŠ� ì¡°ê±´ë¶€ ìˆ˜ìµ ì¦ëŒ€ë¥� ì›í•˜ëŠ� 투ìžìž�, ë‹¨ì¼ ì£¼ì‹ ë…¸ì¶œ, 조기 ìƒí™˜ 가능성, 제한ë� 유ë™ì„� ë°� ì „ë©´ì ì¸ í•˜ë½ ë°� 발행ìž� ì‹ ìš© 위험ì� ê°ìˆ˜í•� 투ìžìžì—ê²� ì í•©í•©ë‹ˆë‹�.

UBS AG succursale de Londres propose 5,677 millions de dollars de Valeurs à revenu conditionnel auto-remboursables liées aux actions ordinaires de Microsoft Corporation (MSFT), arrivant à échéance le 7 juillet 2028. Chaque note de 1 000 $ est une obligation non garantie et non subordonnée, exposée au risque de crédit d’UBS et ne sera pas cotée en bourse.

Les investisseurs peuvent recevoir un coupon trimestriel conditionnel de 22,625 $ (9,05 % par an) pour toute date de détermination où le cours de clôture de MSFT est au moins égal à 80 % du prix initial (498,84 $). Si, à une date de détermination non finale, le cours de clôture atteint ou dépasse le niveau de seuil de remboursement anticipé (100 % du prix initial), les notes sont automatiquement remboursées au pair plus le coupon courant, limitant ainsi le gain à un paiement unique.

À l’échéance, les investisseurs font face à trois scénarios :

  • Remboursement anticipé : les notes sont remboursées à la première date de remboursement anticipé où MSFT clôture à â‰� 498,84 $ ; les détenteurs reçoivent 1 000 $ + 22,625 $ et aucun paiement supplémentaire.
  • Détention jusqu’Ã� l’échéance, MSFT â‰� 80 % : les investisseurs reçoivent 1 000 $ + le coupon final.
  • Détention jusqu’Ã� l’échéance, MSFT < 80 % : UBS règle en espèces une valeur proportionnelle à la baisse de l’action (ratio d’échange × prix final). La perte en capital est proportionnelle à la baisse de MSFT sous le seuil de 80 % et peut atteindre 100 %.

Caractéristiques structurelles clés

  • Seuil de baisse : 80 % du prix initial (399,07 $).
  • Valeur initiale estimée : 972,50 $ contre un prix d’émission de 1 000 $, reflétant 2,75 % de frais/marge de couverture.
  • Commission totale de vente : 2,25 % (1,75 % de commission de vente + 0,50 % de frais de structuration).
  • Dates de détermination trimestrielles du 3 octobre 2025 au 3 juillet 2028 ; les coupons sont payés cinq jours ouvrés après.
  • Agent de calcul et teneur de marché : UBS Securities LLC ; la prime bid-ask initiale s’amortit sur six semaines après l’émission.

Principaux risques : perte totale ou partielle du capital, non-paiement des coupons conditionnels, illiquidité (non cotation ; animation de marché discrétionnaire), dégradation du crédit UBS et traitement fiscal complexe aux États-Unis. Les investisseurs ne perçoivent pas les dividendes MSFT et renoncent à toute plus-value au-delà des coupons.

Ces notes conviennent aux investisseurs recherchant un revenu conditionnel amélioré, prêts à accepter une exposition à une action unique, un remboursement anticipé possible, une liquidité limitée et des risques complets de baisse et de crédit de l’émetteur.

UBS AG London Branch bietet 5,677 Millionen US-Dollar an Contingent Income Auto-Callable Securities an, die an die Stammaktien von Microsoft Corporation (MSFT) gekoppelt sind und am 7. Juli 2028 fällig werden. Jede $1.000-Anleihe ist eine unbesicherte, nicht nachrangige Schuldverpflichtung mit UBS-Kreditrisiko und wird nicht an einer Börse notiert.

Investoren können für jeden Bewertungstermin, an dem der Schlusskurs von MSFT mindestens 80% des Anfangskurses ($498,84) beträgt, einen vierteljährlichen bedingten Kupon von $22,625 (9,05% p.a.) erhalten. Sollte an einem nicht endgültigen Bewertungstermin der Schlusskurs die Call-Schwelle (100% des Anfangskurses) erreichen oder überschreiten, werden die Notes automatisch zum Nennwert zuzüglich des aktuellen Kupons zurückgezahlt, wodurch die Gewinnchance auf eine einzelne Periode begrenzt wird.

Bei Fälligkeit ergeben sich für Investoren drei Szenarien:

  • Frühzeitige Rückzahlung: Die Notes werden am ersten Call-Termin zurückgezahlt, an dem MSFT â‰� $498,84 schließt; Anleger erhalten $1.000 + $22,625 und keine weiteren Zahlungen.
  • Halten bis zur Fälligkeit, MSFT â‰� 80%: Investoren erhalten $1.000 + den letzten Kupon.
  • Halten bis zur Fälligkeit, MSFT < 80%: UBS zahlt in bar einen Betrag aus, der proportional zum Kursrückgang der Aktie ist (Umtauschverhältnis × Schlusskurs). Der Kapitalverlust entspricht eins zu eins dem Rückgang von MSFT unter die 80%-Schwelle und kann bis zu 100% betragen.

Wesentliche strukturelle Merkmale

  • ´¡²ú²õ³¦³ó·É䳦³ó³Ü²Ô²µ²õ²õ³¦³ó·É±ð±ô±ô±ð: 80% des Anfangskurses ($399,07).
  • Geschätzter Anfangswert: $972,50 gegenüber dem Ausgabepreis von $1.000, was 2,75% Gebühren/Absicherungsmarge widerspiegelt.
  • Gesamte Verkaufsprovision: 2,25% (1,75% Verkaufsprovision + 0,50% Strukturierungsgebühr).
  • Vierteljährliche Bewertungstermine vom 3. Okt. 2025 bis 3. Juli 2028; Kupons werden fünf Werktage später gezahlt.
  • Berechnungsagent & Händler: UBS Securities LLC; der anfängliche Bid-Ask-Aufschlag wird über sechs Wochen nach Ausgabe abgeschrieben.

Hauptsächliche Risiken umfassen den teilweisen oder vollständigen Kapitalverlust, Nichtzahlung der bedingten Kupons, Illiquidität (keine Börsennotierung; Market-Making nach Ermessen), Verschlechterung der UBS-Kreditwürdigkeit und komplexe US-Steuerregelungen. Anleger erhalten keine MSFT-Dividenden und verzichten auf Kursgewinne über die Kupons hinaus.

Die Notes eignen sich für Anleger, die ein erhöhtes bedingtes Einkommen suchen, bereit sind, Einzelaktienrisiken, mögliche vorzeitige Rückzahlung, eingeschränkte Liquidität sowie vollständige Abwärts- und Emittentenrisiken zu akzeptieren.

Free Writing Prospectus to Amendment No. 1 dated July 8, 2025 relating to Preliminary Pricing Supplement No. 9,148

Registration Statement Nos. 333-275587; 333-275587-01

Dated June 27, 2025; Filed pursuant to Rule 433

Morgan Stanley

PLTR Fixed Income Auto-Callable Securities due August 3, 2028

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying amended preliminary pricing supplement referenced below, product supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.

Terms

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Underlier:

Palantir Technologies Inc. class A common stock (PLTR)

Automatic early redemption:

If, on any redemption determination date, the closing level of the underlier is greater than or equal to the call threshold level, the securities will be automatically redeemed. No further payments will be made on the securities once they have been automatically redeemed.

Call threshold level:

100% of the initial level

Redemption determination dates:

Beginning after 6 months, monthly

Fixed coupon:

12.25% to 13.25% per annum

Coupon payment dates:

Monthly

Downside threshold level:

60% of the initial level

Pricing date:

July 29, 2025

Observation date:

July 31, 2028

Maturity date:

August 3, 2028

CUSIP:

61778NEL1

Estimated value:

$947.90 per security, or within $45.00 of that estimate

Amended preliminary pricing supplement:

https://www.sec.gov/Archives/edgar/data/895421/000183988225037682/ms9148_424b2-20538.htm

1All payments are subject to our credit risk

 

Hypothetical Payment at Maturity1

(if the securities have not been automatically redeemed)

% Change in Closing Level of the Underlier

Payment at Maturity per Security (excluding the fixed coupon payable at maturity)

+100.00%

$1,000.00

+80.00%

$1,000.00

+60.00%

$1,000.00

+40.00%

$1,000.00

+20.00%

$1,000.00

0.00%

$1,000.00

-20.00%

$1,000.00

-40.00%

$1,000.00

-41.00%

$590.00

-50.00%

$500.00

-60.00%

$400.00

-80.00%

$200.00

-100.00%

$0.00


 


 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.

Underlier(s)

For more information about the underlier(s), including historical performance information, see the accompanying amended preliminary pricing supplement.

Risk Considerations

The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying amended preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

Risks Relating to an Investment in the Securities

The securities do not guarantee the return of any principal.

Investors will not participate in any appreciation in the value of the underlier.

The securities are subject to early redemption risk.

The market price of the securities may be influenced by many unpredictable factors.

The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.

As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.

The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.

The securities will not be listed on any securities exchange and secondary trading may be limited.

As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).

The U.S. federal income tax consequences of an investment in the securities are uncertain.

Risks Relating to the Underlier(s)

Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.

oWe have no affiliation with any underlying stock issuer.

oWe may engage in business with or involving any underlying stock issuer without regard to your interests.

oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.

Risks Relating to Conflicts of Interest

The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.

Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.

Tax Considerations

You should review carefully the discussion in the accompanying amended preliminary pricing supplement under the caption “Additional Information About the Securities–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

 

FAQ

What is the downside threshold level for WUCT’s 2028 auto-callable notes?

The downside threshold is $399.07, equal to 80% of the $498.84 initial MSFT price.

How much income can investors earn on UBS’s new WUCT securities?

Each quarter investors receive a $22.625 coupon (9.05% p.a.) if MSFT closes at or above the 80% threshold.

When can the WUCT auto-callable notes be redeemed early?

On any determination date before maturity, if MSFT’s closing price is � $498.84 (100% of initial), UBS will redeem at $1,000 plus coupon.

What happens at maturity if MSFT falls below the 80% barrier?

UBS pays a cash value equal to the exchange ratio times MSFT’s final price, resulting in proportional principal loss.

Are the WUCT notes listed on an exchange?

No. The securities will not be listed; secondary trading depends solely on discretionary market-making by UBS affiliates.

Why is the estimated initial value ($972.50) below the $1,000 issue price?

The gap reflects selling commissions, hedging costs and issuer funding spread, reducing initial economic value to investors.

Do holders receive Microsoft dividends during the term?

No. Investors forgo all MSFT dividends and any direct stockholder rights.
Morgan Stanley

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