New York, March 11 – Morgan Stanley Finance LLC priced $5 million of 0% dual directional buffered participation securities due April 13, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus of the index return subject to a maximum return of par plus 12%.
Investors will receive par plus the absolute return of the index if it declines but by no more than the 10% buffer and will be exposed to any decline in the index beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional buffered participation securities
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| Underlying index: | S&P 500 index
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| Amount: | $5 million
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| Maturity: | April 13, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If return of index is positive, par plus index return subject to a maximum return of par plus 12%; par plus absolute return of index if it declines but by no more than 10%; exposure to loss of index beyond buffer
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| Initial level: | 4,170.70
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| Cap: | 12%
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| Absolute return: | 100%
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| Buffer: | 10%
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| Pricing date: | March 8
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| Settlement date: | March 11
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61773QMV8
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