New Issue: Morgan Stanley prices $1.06 million buffered PLUS tied to indexes

By Wendy Van Sickle

Columbus, Ohio, March 27 – Morgan Stanley priced $1.06 million of 0% buffered Performance Leveraged Upside Securities due Sept. 25, 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 above the initial level, the payout at maturity will be par plus 150% of the gain of the laggard index, up to a 20% maximum gain.

If either index falls but not by more than 15% of its initial level, the payout will be par.

Otherwise, investors will be exposed to any losses beyond the 15% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered Performance Leveraged Upside Securities
Underlying index:	S&P 500, Russell 2000
Amount:	$1,058,000
Maturity:	Sept. 25, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each is greater than initial index level, par plus 150% of lesser-performing index return, up to 20% maximum gain; if lesser-performing index falls by up to 15%, par; otherwise, exposure to loss of lesser-performing index beyond 15%
Initial index levels:	2,800.71 for S&P and 1,505.923 for Russell
Buffer levels:	2,380.604 for S&P and 1,280.035 for Russell, 85% of initial levels
Pricing date:	March 22
Settlement date:	March 27
Agent:	Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
Fees:	0.25%
Cusip:	61768D2U8

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