Published on 5/10/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $5.86 million dual directional buffered participation securities on indexes
By Wendy Van Sickle
Columbus, Ohio, May 10 – Morgan Stanley priced $5.86 million of 0% dual directional buffered participation securities due May 12, 2021 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index.
If either index falls but not by more than 35.5% of its initial level, the payout will be par plus 0.15 times the absolute value of the return of the laggard index.
Otherwise, investors will lose 1.5504% for each 1% loss of lesser-performing index beyond the buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Dual directional buffered participation securities
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| Underlying index: | S&P 500, Russell 2000
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| Amount: | $5,857,000
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| Maturity: | May 12, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each is greater than initial index level, par plus of lesser-performing index return; if lesser-performing index falls by up to 35.5% buffer level, par plus 0.15 times absolute value of lesser-performing index return; otherwise, 1.5504% loss for each 1% loss lesser-performing index beyond 35.5%
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| Initial index levels: | 2,672.63 for S&P, 1,578.948 for Russell
|
| Buffer levels: | 1,723.846 for S&P, 1,018.421 for Russell; 64.5% of initial levels
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| Pricing date: | May 7
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| Settlement date: | May 17
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 0.25%
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| Cusip: | 61768CZ75
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