Morgan Stanley plans capped gears linked to SPDR S&P Oil & Gas ETF

By Marisa Wong

Morgantown, W.Va., June 26 – Morgan Stanley Finance LLC plans to price 0% capped gears due Aug. 31, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the fund finishes above its initial level, the payout at maturity will be par plus 3 times the gain, up to a maximum return of 22% to 26%. The exact cap will be set at pricing.

If the fund return is negative, investors will lose 1% for each 1% decline.

Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as placement agent.

The notes will price on June 27.

The Cusip number is 61766W808.

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