New Issue: Morgan Stanley sells $895,000 accelerated return notes tied to S&P 500

By Marisa Wong

Morgantown, W.Va., July 10 – Morgan Stanley Finance LLC priced $895,000 of 0% accelerated return securities due June 30, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is positive, the payout at maturity will be par plus 125% of the index return. If the index return is negative but the final index level is greater than or equal to the trigger level, 70% of the initial level, the payout will be par. If the final index level is less than the trigger level, investors will be fully exposed to the index’s decline from its initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Accelerated return securities
Underlying index:	S&P 500
Amount:	$895,000
Maturity:	June 30, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes above its initial level, par plus 125% of the gain; if the index finishes flat or falls by no more than 30%, par; if the index finishes below its trigger level, full exposure to any losses
Initial level:	2,419.38
Trigger level:	1,693.566, 70% of initial level
Pricing date:	June 27
Settlement date:	June 30
Agent:	Morgan Stanley & Co. LLC
Fees:	2.75%
Cusip:	61768CKS5

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