By Wendy Van Sickle
Columbus, Ohio, March 6 – Morgan Stanley Finance LLC priced $1.5 million of 0% dual directional buffered securities due March 4, 2021 linked to the worse performing of the S&P 500 index and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
If each asset finishes above the initial level, the payout at maturity will be par plus 101.5% of the gain of the laggard asset.
If either asset falls but not by more than 15%, the payout will be par plus the absolute value of the return of the laggard asset.
Otherwise, investors will lose 1% for each 1% loss of lesser-performing asset beyond the buffer.
The notes are guaranteed by Morgan Stanley.
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 securities
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| Underlying assets: | S&P 500, Invesco QQQ Trust, series 1
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| Amount: | $1.5 million
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| Maturity: | March 4, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each asset is greater than initial asset level, par plus 101.5% of lesser-performing asset return; if lesser-performing asset falls by up to 15% buffer level, par plus absolute value of lesser-performing asset return; otherwise, 1% loss for each 1% loss lesser-performing asset beyond 20%
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| Initial levels: | 2,784.49 for S&P and $173.18 for QQQ
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| Pricing date: | Feb. 28
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| Settlement date: | March 5
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 0.75%
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| Cusip: | 61768DX26
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