By Sarah Lizee
Olympia, Wash., Jan. 24 – Morgan Stanley Finance LLC priced $5 million of 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, capped at par plus 8.15%.
If the index falls but by no more than the 17% buffer, the payout will be par plus 0.5 times the absolute value of the return.
If the index falls by more than 17%, investors will lose 1% for every 1% decline beyond the 17% buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered participation notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $5 million
|
| Maturity: | July 22, 2021
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the index finishes at or above the initial level, par the return of the index, capped at par plus 8.15%; if the index falls but by no more than the 17% buffer, par plus 0.5 times the absolute value of the return; if the index falls by more than 17%, 1% loss for every 1% decline beyond the 17% buffer
|
| Initial level: | 3,329.62
|
| Buffer level: | 2,763.585, 83% of initial level
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | None
|
| Cusip: | 61770FDT0
|
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