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Morgan Stanley plans dual directional buffered equity notes on S&P
Chicago, Jan. 10 – Morgan Stanley Finance LLC plans to price 0% dual directional buffered equity notes due Feb. 3, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be 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 10%.
If the index falls by up to 12.8%, the payout will be par plus the absolute value of the return of the index.
Otherwise, investors will lose 1% for each 1% loss of the index beyond the 12.8% buffer.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. acting as placement agents.
The notes will price on Jan. 11 and settle on Jan. 16.
The Cusip number is 61768DYP4.
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