By Susanna Moon
Chicago, Dec. 23 – Morgan Stanley priced $19.63 million of 0% dual directional trigger Performance Leveraged Upside Securities due Dec. 22, 2017 linked to the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund finishes above the initial price, the payout at maturity will be par of $10 plus double the fund return, up to a maximum payout of $14.20 per note.
If the fund falls by up to the 85% trigger level, the payout will be par plus the absolute value of the return, up to a maximum return of par plus $1.50.
Otherwise, investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Dual directional trigger Performance Leveraged Upside Securities
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| Underlying fund: | Energy Select Sector SPDR fund
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| Amount: | $19,630,940
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| Maturity: | Dec. 22, 2017
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| Coupon: | 0%
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| Price: | Par of $10.00
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| Payout at maturity: | Par plus 200% of any fund gain, capped at 42%; if fund falls by up to the 15%, par plus absolute value of return, up to par plus $1.50; otherwise, full exposure to any losses
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| Initial share price: | $80.57
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| Trigger level: | 85% of initial level
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| Pricing date: | Dec. 19
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| Settlement date: | Dec. 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61764M265
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