By Susanna Moon
Chicago, July 25 – Morgan Stanley Finance LLC priced $600,000 of 0% capped buffered return enhanced notes due July 22, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any gain up to a maximum return of 15.6%.
Investors will receive par if the index falls by up to 20% and will lose 1.25% for each 1% decline beyond 20%.
The notes are guaranteed by Morgan Stanley.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Capped buffered return enhanced notes
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| Underlying index: | S&P 500 index
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| Amount: | $600,000
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| Maturity: | July 22, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 2 times any index gain, capped at 15.6%; par if index declines by up to 20%; 1.25% loss per 1% drop beyond 20%
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| Initial level: | 2,801.83
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| Barrier level: | 80% of initial level
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| Pricing date: | July 20
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| Settlement date: | July 25
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.5%
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| Cusip: | 61768DAH8
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