Morgan Stanley plans capped buffer gears linked to S&P 500

By Sarah Lizee

Olympia, Wash., Nov. 22 – Morgan Stanley Finance LLC plans to price 0% capped buffer gears due Nov. 30, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than zero, the payout at maturity will be par of $10 plus two times the index return, subject to a maximum return of 18% to 20%. Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that the index declines beyond 10%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as dealer.

The notes will price on Nov. 25.

The Cusip number is 61770E174.

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