New Issue: Morgan Stanley prices $106.24 million buffered return enhanced notes linked to palladium

By Jennifer Chiou

New York, Nov. 24 – Morgan Stanley priced $106,237,000 of 0% buffered return enhanced notes due Dec. 9, 2015 linked to palladium, according to a 424B2 filing with the Securities and Exchange Commission.

If the final price of palladium is greater than the initial price, the payout at maturity will be par plus 116.3% of the increase, up to a maximum payment of $1,116.30 per $1,000 principal amount.

Investors will receive par if the price declines by 10% or less and will lose 1.1111% for every 1% that it declines beyond 10%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Buffered return enhanced notes
Underlying commodity:	Palladium
Amount:	$106,237,000
Maturity:	Dec. 9, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If final price of palladium is greater than initial price, par plus 116.3% of gain, up to a maximum payment of $1,116.30 per $1,000 principal amount; par if price decline by up to 10%; 1.1111% loss for every 1% decline beyond 10%
Initial palladium price:	$771 per troy ounce, equal to average of settlement prices on five trading days ending on pricing date
Final palladium price:	Average of settlement prices on five trading days ending Dec. 4, 2015
Pricing date:	Nov. 20
Settlement date:	Nov. 25
Agent:	Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61762GCM4

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