New Issue: Morgan Stanley sells $395,000 dual directional buffered participation notes on S&P

By Taylor Fox

New York, Feb. 16 – Morgan Stanley Finance LLC priced $395,000 of 0% dual directional buffered participation securities due July 26, 2023 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 finishes at or above the initial level, the payout at maturity will par plus the return of the index, capped at par plus 13.5%.

If the index falls but by no more than the 10% buffer, the payout will be par plus the absolute value of the return.

If the index falls by more than 10%, investors will lose 1% for every 1% decline beyond the 10% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional buffered participation notes
Underlying index:	S&P 500 index
Amount:	$395,000
Maturity:	July 26, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes at or above the initial level, par plus the return of the index, capped at par plus 13.5%; if the index falls but by no more than the 10% buffer, par plus the absolute value of the return; if the index falls by more than 10%, 1% loss for every 1% decline beyond the 10% buffer
Initial level:	3,853.07
Buffer level:	3,467.763, 90% of initial level
Pricing date:	Jan. 21
Settlement date:	Jan. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	61771EE95

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