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Morgan Stanley plans dual direction buffer notes tied to S&P, Russell
By Susanna Moon
Chicago, Dec. 17 – Morgan Stanley Finance LLC plans to price dual directional buffer securities due Dec. 31, 2020 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 at or above the initial level, the payout at maturity will be par plus the gain of the worse performing index up to a maximum return of 20%.
If either index falls by up to 20%, the payout at maturity will be par plus the absolute value of the return of the worse performing index.
If either index falls by more than 20%, investors will be fully exposed to any losses of the worse performing index beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
The notes will price on Dec. 28.
The Cusip number is 61768DRX5.
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