By Susanna Moon
Chicago, Nov. 26 – Morgan Stanley priced $2.95 million of 0% Target Optimized Participation Securities due Nov. 28, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the initial level, the payout at maturity will be par plus the greater of the lookback percent increase and the fixed return of 25%.
The lookback percent increase will be the highest closing value of the index on the weekly observation dates.
Otherwise, the payout will be par plus 125% of the return.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Target Optimized Participation Securities
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| Underlying index: | S&P 500
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| Amount: | $2,949,000
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| Maturity: | Nov. 28, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index gains, par plus greater of lookback percent increase and 25%; otherwise, par plus 125% of the return
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| Initial index level: | 2,063.50
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| Pricing date: | Nov. 21
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| Settlement date: | Nov. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61761JUF4
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