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Morgan Stanley eyes dual directional buffered notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., June 10 – Morgan Stanley Finance LLC plans to price 0% dual directional buffered participation securities due July 1, 2021 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index up to a maximum payout of par plus 30% to 35%.
If either index falls but not by more than 15%, the payout will be par plus the absolute value of the return of the laggard index.
Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
The notes will price on June 28.
The Cusip number is 61769HFN0.
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