New Issue: Morgan Stanley sells $4.43 million capped dual directional contingent buffer notes on S&P

By Susanna Moon

Chicago, May 7 – Morgan Stanley priced $4.43 million of 0% capped dual directional contingent buffer equity notes due Nov. 9, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the initial level, the payout at maturity will be par plus the index return, up to a maximum return of 14.1%.

If the index falls by up to 14.1%, the payout will be par plus the absolute value of the index return.

Otherwise, investors will be fully exposed to any losses.

J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.

Issuer:	Morgan Stanley
Issue:	Capped dual directional contingent buffer equity notes
Underlying index:	S&P 500
Amount:	$4.43 million
Maturity:	Nov. 9, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus index return, capped at 14.1%; if index falls by up to 14.1%, par plus absolute value of index return; otherwise, full exposure to any losses
Initial level:	2,108.29
Knock-out level:	1,811.02, 85.9% of initial value
Pricing date:	May 1
Settlement date:	May 6
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.25%
Cusip:	61761JYZ6

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