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Morgan Stanley eyes capped dual directional contingent buffer notes on S&P
By Sarah Lizee
Olympia, Wash., July 3 – Morgan Stanley Finance LLC plans to price 0% capped dual directional contingent buffer equity notes due July 22, 2020 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
If the index finishes above the initial level, the payout at maturity will be par plus the index return, up to a maximum return of 7%.
If the index falls by up to 16.1%, the payout will be par plus the absolute value of the index return.
Otherwise, investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC is the underwriter. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
The notes will price on July 5.
The Cusip number is 61769HLB9.
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