By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – Morgan Stanley Finance LLC priced $1 million of 0% inverse knock-out notes due March 17, 2020 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the index finishes at or above its initial level, the payout at maturity will be par.
If the index finishes below its initial level but at or above the 72.55% knock-out level, the payout will be par plus 1% for every 1% index decline. In this case, the return is capped at 27.45%.
If the index finishes below the knock-out level, the payout will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Inverse knock-out notes
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| Underlying index: | S&P 500
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| Amount: | $1 million
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| Maturity: | March 17, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the index finishes at or above its initial level, par; if the index finishes below its initial level but at or above the knock-out level, par plus 1% for every 1% index decline; if the index finishes below the knock-out level, par
|
| Initial level: | 2,888.92
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| Knock-out level: | 2,095.91, 72.55% of initial level
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| Final level: | Average of index closing levels on five trading days ending March 12, 2020
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| Pricing date: | Sept. 13
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| Settlement date: | Sept. 18
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.25%
|
| Cusip: | 61768DEU5
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