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Morgan Stanley plans buffered equity notes due 2020 tied to S&P 500
Chicago, Jan. 10 – Morgan Stanley Finance LLC plans to price 0% buffered equity notes due July 15, 2020 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
If the index return is positive, the payout at maturity will be par plus the index return, subject to a maximum settlement amount of $1,180 per $1,000 of notes.
Investors will receive par if the index declines by up to 20% and will lose 1.25% for every 1% decline beyond the 20% buffer.
The final value will be determined by the five consecutive averaging dates ending July 10, 2020.
Morgan Stanley & Co. LLC is the agent.
The Cusip is 61768DYQ2.
The notes will price on Jan. 11 and settle on Jan. 16.
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