Morgan Stanley plans dual directional trigger PLUS on banking ETF

By Marisa Wong

Morgantown, W.Va., Dec. 12 – Morgan Stanley Finance LLC plans to price 0% dual directional trigger Performance Leveraged Upside Securities due Jan. 3, 2020 linked to the SPDR S&P Regional Banking exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If the final share price is greater than the initial share price, the payout at maturity will be par of $10 plus 150% of the ETF return, subject to a maximum return of 39.55%.

If the final share price is less than or equal to the initial share price but greater than or equal to the trigger share price, the payout will be par plus the absolute value of the ETF return. The trigger share price will be 80% of the initial share price.

If the final share price is less than the trigger share price, investors will be fully exposed to the ETF’s decline from the initial share price.

Morgan Stanley & Co. LLC is the agent.

The notes will price on Dec. 14.

The Cusip number is 61766F623.

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