New Issue: Morgan Stanley sells $10 million capped contingent buffer equity notes on S&P 500

By Sarah Lizee

Olympia, Wash., Jan. 27 – Morgan Stanley Finance LLC priced $10 million of capped contingent buffer equity notes due July 26, 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 80% knock-out level, the payout at maturity will be par plus the greater of zero and the index return, capped 17.03%.

Otherwise, investors will be fully exposed to the index decline.

Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Capped contingent buffer equity notes
Underlying index:	S&P 500 index
Amount:	$10 million
Maturity:	July 26, 2021
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If the index finishes at or above the knock-out level, par plus the greater of zero and the index return, capped 17.03%; otherwise, full exposure to the index decline
Initial level:	3,321.75
Knock-out level:	2,657.40, 80% of initial level
Final index value:	Average of the closing values on each of the five trading days ending July 21, 2021
Pricing date:	Jan. 23
Settlement date:	Jan. 27
Agent:	Morgan Stanley & Co. LLC
Placement agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.25%
Cusip:	61770FEP7

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