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Morgan Stanley plans buffered equity notes due 2020 tied to S&P 500
By Sarah Lizee
Olympia, Wash., July 18 – Morgan Stanley Finance LLC plans to price 0% buffered equity notes due July 22, 2020 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
If the index return is positive, the payout at maturity will be par plus the index return, subject to a maximum settlement amount of $1,205 per $1,000 of notes.
Investors will receive par if the index declines by up to 20% and will lose 1.25% for every 1% decline beyond the 20% buffer.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
The Cusip is 61768DAG0.
The notes will price on July 20.
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