Morgan Stanley plans dual directional trigger PLUS linked to S&P 500

By Marisa Wong

Madison, Wis., May 6 – Morgan Stanley plans to price 0% dual directional Trigger Performance Leveraged Upside Securities due June 3, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index finishes above the initial level, the payout at maturity will be par plus 110% of any index gain.

If the index falls by up to the 65% trigger level, the payout will be par plus the absolute value of the return.

Otherwise, investors will be fully exposed to any losses.

Morgan Stanley & Co. LLC is the agent.

The notes will price on May 29 and settle on June 3.

The Cusip number is 61764V810.

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