New Issue: Morgan Stanley sells $1.94 million capped dual directional contingent buffered notes on S&P

By Sarah Lizee

Olympia, Wash., June 26 – Morgan Stanley Finance LLC priced $1.94 million of 0% capped dual directional contingent buffered equity notes due July 9, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is positive, the payout at maturity will be par plus the index return, capped at 7%.

If the index falls by up to 17.4%, the payout will be par plus the absolute value of the index return.

If the index falls by more than the 17.4% contingent buffer, investors will be fully exposed to any losses.

J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Capped dual directional contingent buffered equity notes
Underlying index:	S&P 500
Amount:	$1,935,000
Maturity:	July 9, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, par plus the index return, capped at 7%; if the index falls by up to 17.4%, par plus the absolute value of the index return; if the index falls by more than the 17.4% contingent buffer, full exposure to any losses
Initial level:	2,950.46
Knock-out level:	2,437.08, 82.6% of initial level
Pricing date:	June 21
Settlement date:	June 26
Agent:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	61769HHL2

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