By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Morgan Stanley priced $2 million of 0% buffered securities due Oct. 2, 2020 based on the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the final level of each index is greater than or equal to its threshold value, 96% of its initial level, the payout at maturity will be par of $10 plus the upside payment of $4.95.
If the final level of either index is less than 96% of its initial level but the final level of neither index is less than 80% of its initial level, the payout will be par plus 0.309375% for every 1% that the lesser-performing index’s final level exceeds 80% of its initial level.
If the final level of either index is below 80% of its initial level, investors will lose 1.25% for every 1% the worse performing index declines beyond 80% of its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Buffered securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $2 million
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| Maturity: | Oct. 2, 2020
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If final level of each index is greater than or equal to 96% of its initial level, par of $10 plus the upside payment of $4.95; if final level of either index is less than 96% of its initial level but neither is less than 80% of its initial level, par plus 0.309375% for every 1% that the lesser-performing index’s final level exceeds 80% of its initial level; 1.25% loss for each 1% the worse performing index declines beyond 80% of its initial level
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| Initial index levels: | 1,943.09 for S&P 500 and 1,064.566 for Russell 2000
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 12
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.625%
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| Cusip: | 61765U670
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