By Wendy Van Sickle
Columbus, Ohio, Nov. 26 – Morgan Stanley Finance LLC priced $1 million of 0% dual directional buffered participation securities due May 20, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the index finishes above the initial level, the payout at maturity will be par plus the gain of the index, capped at par plus 20.4%.
If the index falls by up to 20%, the payout will be par plus 1.25 times the absolute value of the return of the index.
Otherwise, investors will lose 1% for each 1% loss of the index beyond the buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional buffered participation securities
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| Underlying index: | S&P 500
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| Amount: | $1 million
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| Maturity: | May 20, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the index finishes above the initial level, par plus the gain of the index, capped at par plus 20.4%; if the index falls by up to 20%, par plus 1.25 times the absolute value of the return of the index; otherwise, 1% loss for each 1% loss of the index beyond the buffer
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| Initial index level: | 2,736.27
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| Buffer level: | 2,189.016; 80% of initial level
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 21
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61768DQR9
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