New Issue: Morgan Stanley sells $24.7 million leveraged buffered notes on S&P

By Marisa Wong

Los Angeles, May 11 – Morgan Stanley Finance LLC priced $24.7 million of 0% leveraged buffered notes due Sept. 1, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is positive, the payout at maturity will be par plus 175% of the index return, subject to a maximum settlement amount of $1,168.875 per $1,000 of notes. Investors will receive par if the index declines by 12.5% or less and will lose 1.1429% for every 1% that the index declines beyond 12.5%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Leveraged buffered notes
Underlying index:	S&P 500
Amount:	$24.7 million
Maturity:	Sept. 1, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 175% of index gain, capped at $1,168.875 per $1,000 of notes; par if index falls by up to 12.5%; 1.1429% loss for every 1% drop beyond 12.5%
Initial level:	2,939.51
Buffer level:	2,572.07125, 87.5% of initial level
Pricing date:	April 29
Settlement date:	May 6
Agent:	Morgan Stanley & Co. LLC
Fees:	1.13%
Cusip:	61770FT22

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