By Angela McDaniels
Tacoma, Wash., May 7 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional knock-out notes with daily trigger monitoring due May 5, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
A trigger event occurs if the index closes above the upside knock-out level, 120% of the initial index level, or below the downside knock-out level, 80% of the initial index level, during the life of the notes.
If a trigger event has not happened and the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus the index return, subject to a maximum return of 20%.
If a trigger event has not happened and the final index level is less than the initial index level, the payout will be par plus the absolute value of the index return, subject to a maximum return of 20%.
If a trigger event has occurred, the payout will be par plus 1.5%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional knock-out notes with daily trigger monitoring
|
| Underlying index: | S&P 500
|
| Amount: | $250,000
|
| Maturity: | May 5, 2021
|
| Coupon: | 0%
|
| Price: | Par
|
| Trigger event: | Index closes above upside knock-out level or below downside knock-out level during life of notes
|
| Payout at maturity: | If trigger event has not happened and final index level is greater than or equal to initial index level, par plus index return, subject to 20% maximum return; if trigger event has not happened and final index level is less than initial index level, par plus absolute value of index return, subject to 20% maximum return; if trigger event has occurred, par plus 1.5%
|
| Initial level: | 2,945.83
|
| Downside knock-out: | 2,356.664, or 80% of initial level
|
| Upside knock-out: | 3,534.996, or 120% of initial level
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61768D5P6
|
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