Morgan Stanley plans to price TOPS linked to S&P 500

By Toni Weeks

San Luis Obispo, Calif., July 31 - Morgan Stanley plans to price 0% Target Optimized Participation Securities due Feb. 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The securities will measure the lookback index value, which is the highest closing value of the index observed on each Wednesday from the pricing date until July 28, 2020.

If the final index value is greater than the initial level, the payout at maturity will be par plus the greater of the lookback percentage increase and a fixed return of 30%.

Otherwise, investors will receive the index performance factor, which is the final value divided by the initial value, multiplied by 130%. If the index has decreased by more than 23.077%, the payout at maturity will be less than par.

The notes (Cusip: 61761JKG3) are expected to price Aug. 27 and settle Aug. 30.

Morgan Stanley & Co. LLC is the agent.

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