By Angela McDaniels
Tacoma, Wash., Aug. 31 – Morgan Stanley priced $2.56 million of 0% Target Optimized Participation Securities due Aug. 29, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus the greater of the lookback percent increase and 55%. The lookback percent increase will be the percent change from the initial index level to the highest closing level of the index observed on the observation dates, which are every Wednesday during the life of the notes.
If the final index level is less than or equal to the initial index level, the payout will be (a) $1,000 multiplied by (b) the quotient of the final index level divided by the initial index level multiplied by (c) 155%. If the final index level has decreased from the initial index level by more than 35.48%, this calculation will result in a loss of principal.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Target Optimized Participation Securities
|
| Underlying index: | S&P 500
|
| Amount: | $2,557,000
|
| Maturity: | Aug. 29, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than initial index level, par plus greater of lookback percent increase (percent change from initial index level to highest closing level of index observed on weekly observation dates) and 55%; if final index level is less than or equal to initial index level, (a) $1,000 multiplied by (b) quotient of final index level divided by initial index level multiplied by (c) 155%
|
| Initial index level: | 1,940.51
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61761JE62
|
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