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Morgan Stanley plans dual directional buffered participation notes on S&P
By Sarah Lizee
Olympia, Wash., Jan. 15 – Morgan Stanley Finance LLC plans to price 0% dual directional buffered participation securities due July 22, 2021 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 finishes at or above the initial level, the payout at maturity will par plus the return of the index, subject to the maximum upside payment of par plus 8.15%.
If the index falls but by no more than the 17% buffer, the payout will be par plus 50% of the absolute value of the return.
If the index falls by more than 17%, investors will lose 1% for every 1% decline beyond the buffer.
Morgan Stanley & Co. LLC is the agent.
The notes will price on Jan. 17.
The Cusip number is 61770FDT0.
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