By Angela McDaniels
Tacoma, Wash., Dec. 16 – Morgan Stanley Finance LLC priced $4.98 million of 0% dual directional trigger Performance Leveraged Upside Securities due Jan. 3, 2020 linked to the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
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 39.55%.
If the final share price is less than or equal to the initial share price but greater than or equal to the trigger level, the payout will be par plus the absolute value of the ETF return. The trigger level is 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 decline from the initial share price.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional trigger Performance Leveraged Upside Securities
|
| Underlying ETF: | SPDR S&P Regional Banking ETF
|
| Amount: | $4,981,000
|
| Maturity: | Jan. 3, 2020
|
| 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 39.55% cap; if final share price is less than or equal to initial share price but greater than or equal to trigger level, par plus absolute value of ETF return; if final share price is less than trigger level, full exposure to decline from initial share price
|
| Initial share price: | $54.84
|
| Trigger level: | $43.872, 80% of initial share price
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 19
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61766F623
|
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