By Wendy Van Sickle
Columbus, Ohio, March 23 – Morgan Stanley Finance LLC priced $1.72 million of 0% dual directional trigger Performance Leveraged Upside Securities due March 26, 2020 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the index finishes above its initial level, the payout at maturity will be par plus 125% of the gain, up to a 20.5% maximum gain.
If the index falls by up to 20%, the payout will be par plus the absolute value of the index return.
If the index finishes below its 80% trigger level, investors will be fully exposed to any losses.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional trigger Performance Leveraged Upside Securities
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| Underlying index: | S&P 500
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| Amount: | $1.72 million
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| Maturity: | March 26, 2020
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index gains, par plus 125% of return, up to a 20.5% maximum gain; if index falls by up to 20%, par plus the absolute return; otherwise, investors 1% loss per 1% decline
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| Initial level: | 2,711.93
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| Trigger level: | 2,169.54, 80% of initial level
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| Pricing date: | March 21
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| Settlement date: | March 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61768CN29
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