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Morgan Stanley to sell buffered return enhanced notes on S&P 500
New York, March 27 – Morgan Stanley Finance LLC plans to price 0% buffered return enhanced notes due April 2, 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the index finishes above its initial value, the payout at maturity will be par plus two times the gain, with the payout capped at par plus 16%.
If the index declines by up to 20%, the payout will be par. Investors will be exposed to any losses beyond 20%.
Morgan Stanley is the agent with J.P. Morgan Securities LLC as placement agent.
The notes will price on March 28 and settle on April 3.
The Cusip number is 61768CP68.
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