By Sarah Lizee
Olympia, Wash., April 29 – Morgan Stanley Finance LLC priced $7.07 million of 0% dual directional buffered Performance Leveraged Upside Securities due May 5, 2021 linked to the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the ETF finishes above its initial level, the payout at maturity will be par plus 110% of the gain, capped at par plus 26.5%.
If the ETF falls but not by more than 10%, the payout will be par plus the absolute value of the return of the ETF.
Otherwise, investors will be exposed to any decline in the ETF beyond the buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered Performance Leveraged Upside Securities
|
| Underlying ETF: | Energy Select Sector SPDR fund
|
| Amount: | $7,071,750
|
| Maturity: | May 5, 2021
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the ETF gains, par plus 110% of the ETF return capped at par plus 26.5%; if ETF falls by up to buffer, par plus absolute value of the return of the ETF; otherwise, exposure to any decline of ETF beyond buffer
|
| Initial level: | $34.62
|
| Buffer level: | $31.158, 90% of initial level
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 61769P404
|
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