By William Gullotti
Buffalo, N.Y., Sept. 13 – Morgan Stanley Finance LLC priced $3 million of 0% bearish range-bound equity-linked partial principal at risk securities due Sept. 8, 2022 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.
At maturity, if the final value of the index is above its initial level, investors will lose 1% for every 1% gain subject to a minimum payout of $930 per $1,000 note.
If the final index level declines but not more than 20%, the payout at maturity will be par plus the absolute value of the index return, subject to a maximum payout of par plus 20%.
If the index finishes below the 80% downside threshold, the payout at maturity will be par.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Bearish range-bound equity-linked partial principal at risk securities
|
| Underlying index: | S&P 500
|
| Amount: | $3 million
|
| Maturity: | Sept. 8, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | 1% decline for every 1% gain if index finishes above its initial level, with a minimum payout of $930 per note; if the index declines but not more than 20%, investors will receive absolute value of the index return; otherwise, if index declines more than 20%, investors receive par
|
| Initial level: | 4,524.09
|
| Downside threshold: | 3,619.272; 80% of initial level
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 7
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 0.6%
|
| Cusip: | 61773FWH2
|
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