New Issue: Morgan Stanley prices $11.8 million dual directional trigger PLUS linked to S&P 500

By Toni Weeks

San Luis Obispo, Calif., March 4 – Morgan Stanley priced $11.8 million of 0% dual directional trigger Performance Leveraged Upside Securities due March 4, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus 112% of the gain.

If the index stays flat or falls and finishes at or above the 65% trigger level, the payout will be par plus the absolute value of the return.

Otherwise, investors will be fully exposed to the index decline from its initial level.

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

Issuer:	Morgan Stanley
Issue:	Dual directional trigger Performance Leveraged Upside Securities
Underlying index:	S&P 500
Amount:	$11,798,860
Maturity:	March 4, 2021
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If final index level is greater than initial index level, par plus 112% of index return; if final index level is less than or equal to initial index level but greater than or equal to trigger level, par plus absolute value of index return; if final index level is less than trigger level, full exposure to decline from initial index level
Initial index level:	2,104.5
Trigger level:	1,367.925, 65% of initial level
Pricing date:	Feb. 27
Settlement date:	March 4
Agent:	Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as dealer
Fees:	3%
Cusip:	61764M810

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