By Wendy Van Sickle
Columbus, Ohio, May 24 – Morgan Stanley Finance LLC priced $7.5 million of 0% lookback entry buffered participation securities due May 21, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The initial index level will be the lowest of its closing levels from May 18 through June 8.
If the index return is positive, the payout at maturity will be par plus the index return. Investors will receive par if the index declines by 5% or less and will lose 1% for every 1% that it declines beyond 5%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Lookback entry buffered participation securities
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| Underlying index: | S&P 500 index
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| Amount: | $7.5 million
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| Maturity: | May 21, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index return is positive, par plus index return; par if index declines by 5% or less; 1% loss for every 1% that index declines beyond 5%
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| Initial level: | Lowest index closing value from May 18 through June 8, which cannot exceed closing level of 3,923.68 on pricing date
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| Buffer level: | 95% of initial level
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| Upside leverage: | 100%
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| Cap: | None
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| Pricing date: | May 18
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| Settlement date: | May 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61773Y839
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