Morgan Stanley to price dual directional knock-out notes on S&P 500

By Sarah Lizee

Olympia, Wash., Jan. 7 – Morgan Stanley Finance LLC plans to price 0% dual directional knock-out notes with daily trigger monitoring due Feb. 2, 2022 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

A trigger event occurs if on any day during the life of the notes the index closes above its upside knock-out level, 125% of its initial level, or below its downside knock-out level, 75% of its initial level.

If a trigger event has not occurred and the final index level is greater than or equal to the initial level, the payout at maturity will be par plus the index return.

If a trigger event has not occurred and the final index level is less than the initial level, the payout at maturity will be par plus the absolute value of the index return.

If a trigger event has occurred, the payout will be par plus 4%.

Morgan Stanley & Co. LLC is the agent.

The notes will price on Jan. 28.

The Cusip number is 61768DXU4.

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