Morgan Stanley plans contingent buffer equity notes tied to S&P 500

By Sarah Lizee

Olympia, Wash., March 27 – Morgan Stanley Finance LLC plans to price 0% contingent buffer equity notes due March 31, 2022 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

A knock-out event will occur if the final level is below the 81.1% knock-out level.

If a knock-out event has not occurred, the payout at maturity will be par plus the greater of the contingent minimum return of 0% and 125% of any index gain.

If a knock-out event has occurred, investors will lose 1% for each 1% decline of the index from its initial level.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the agents.

The notes (Cusip: 61768D3V5) will price March 29.

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