New Issue: Morgan Stanley sells $9.12 million leveraged buffered notes on S&P 500

By Devika Patel

Knoxville, Tenn., March 23 – Morgan Stanley priced $9.12 million of 0% leveraged buffered notes due March 29, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 150% of the index return, subject to a maximum settlement amount of $1,240 per $1,000 principal amount.

If the index return is zero or falls by up to 15%, the payout will be par. If the index return is below negative 15%, investors will lose 1.1765% for every 1% that the index declines beyond 15%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Leveraged buffered notes
Underlying index:	S&P 500
Amount:	$9.12 million
Maturity:	March 29, 2018
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If index return is positive, par plus 150% of index return, subject to $1,240 maximum return; par if index declines by up to 15%; otherwise, 1.1765% loss for every 1% that index declines beyond 15%
Initial index level:	2,051.60
Buffer level:	1,743.86, 85% of initial level
Pricing date:	March 21
Settlement date:	March 29
Agent:	Morgan Stanley & Co. LLC
Fees:	None
Cusip:	61761J2S7

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