New Issue: Morgan Stanley sells $655,000 leveraged buffered notes on iShares EM

By Marisa Wong

Morgantown, W.Va., Sept. 27 – Morgan Stanley Finance LLC priced $655,000 of 0% leveraged buffered notes due Sept. 30, 2019 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the ETF return is positive, the payout at maturity will be par plus 170% of the gain, subject to a maximum settlement amount of $1,245.48 per $1,000 principal amount. Investors will receive par if the ETF declines by up to 15% and will lose 1.1765% for every 1% that the ETF may decline beyond 15%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Leveraged buffered notes
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$655,000
Maturity:	Sept. 30, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is positive, par plus 170% of ETF return, subject to 24.548% maximum return; par if ETF declines by up to 15%; 1.1765% loss for every 1% that ETF may decline beyond 15%
Initial price:	$45.64
Buffer level:	$38.794, 85% of initial price
Pricing date:	Sept. 20
Settlement date:	Sept. 27
Agent:	Morgan Stanley & Co. LLC
Fees:	None
Cusip:	61768CQP5

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