New Issue: Morgan Stanley sells $30.65 million dual directional trigger jump notes on S&P 500

By Marisa Wong

Morgantown, W.Va., July 2 – Morgan Stanley Finance LLC priced $30.65 million of 0% dual directional trigger participation securities due April 27, 2023 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the final index level is greater than the initial index level, the payout at maturity will be par of $10 plus the index return. If the final index level is less than or equal to the initial index level but greater than or equal to the trigger level, the payout will be par plus the absolute value of the index return. The trigger level is 60% of the initial index level.

If the final index level is less than the trigger level, investors will lose 1% for every 1% that the final index level is below the initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional trigger participation securities
Underlying index:	S&P 500
Amount:	$30,651,290
Maturity:	April 27, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is positive, par plus the index return; if index return is zero or negative but not less than negative 40%, par plus absolute value of index return; otherwise, 1% loss for every 1% that the final index level is below the initial level
Initial index level:	2,754.88
Trigger level:	1,652.928, 60% of initial level
Pricing date:	June 22
Settlement date:	June 27
Agent:	Morgan Stanley & Co. LLC
Fees:	3%
Cusip:	61768Q841

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