Morgan Stanley plans buffered participation notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Dec. 20 – Morgan Stanley Finance LLC plans to price 0% buffered participation securities due Dec. 27, 2024 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par plus the index return.

If the final index level is less than or equal to the initial index level but has decreased from the initial index level by no more than the buffer amount, the payout will be par. The buffer amount is expected to be at least 18% and will be set at pricing.

If the final index level has decreased from the initial index level by more than the buffer amount, investors will lose 1% for every 1% that the index declines beyond the buffer amount.

The notes will be guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

The notes will price Dec. 23.

The Cusip number is 61769HV77.

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