Morgan Stanley plans dual directional trigger PLUS on crude oil

By Sarah Lizee

Olympia, Wash., July 23 – Morgan Stanley Finance LLC plans to price 0% dual directional trigger Performance Leveraged Upside Securities due Nov. 4, 2020 based on the performance of West Texas Intermediate light sweet crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the final commodity price is greater than the initial price, the payout at maturity will be par plus double the gain, capped at par plus 20.1%.

If the commodity price falls by up to 20%, the payout will be par plus the absolute value of the asset return.

Otherwise, investors will be fully exposed to the decline in the commodity price.

Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is a dealer.

The notes will price on July 31.

The Cusip number is 61766YEG2.

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