New Issue: Morgan Stanley prices $2.56 million buffered participation securities tied to S&P

By Wendy Van Sickle

Columbus, Ohio, May 31 – Morgan Stanley Finance LLC priced $2.56 million of 0% buffered participation securities due Aug. 27, 2020 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

The payout at maturity will be par plus any index gain, up to $1,141.50 per $1,000 principal amount.

Investors will receive par if the index falls by up to 10% and will lose 1% for every 1% decline beyond the 10% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying index:	S&P 500
Amount:	$2,559,000
Maturity:	Aug. 27, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, up to $1,141.50 per $1,000 principal amount; par if the final index level is at least 90% of the initial level; otherwise, investors will be exposed to losses beyond the 10% buffer
Initial index level:	2,826.06
Buffer level:	2,543.454, 90% of initial level
Pricing date:	May 24
Settlement date:	May 30
Agent:	Morgan Stanley & Co. LLC
Fees:	0.65%
Cusip:	61769HCX1

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