By Angela McDaniels
Tacoma, Wash., May 18 – Morgan Stanley priced $1.33 million of 0% dual directional trigger Performance Leveraged Upside Securities due June 5, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the final share price is greater than the initial share price, the payout at maturity will be par of $10 plus 150% of the ETF return, subject to a maximum return of 40%.
If the final share price is less than or equal to the initial share price but greater than or equal to the trigger share price, the payout will be par plus the absolute value of the ETF return. The trigger share price will be 80% of the initial share price.
If the final share price is less than the trigger share price, investors will be fully exposed to the ETF’s decline from the initial share price.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Dual directional trigger Performance Leveraged Upside Securities
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,328,210
|
| Maturity: | June 5, 2018
|
| Coupon: | 0%
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than initial share price, par plus 150% of ETF return, subject to 40% maximum return; if final share price is less than or equal to initial share price but greater than or equal to trigger share price, par plus absolute value of ETF return; if final share price is less than trigger share price, full exposure to ETF’s decline from initial share price
|
| Initial share price: | $33.60
|
| Trigger level: | $26.88, 80% of initial share price
|
| Pricing date: | May 13
|
| Settlement date: | May 18
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61766A350
|
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