By Sarah Lizee
Olympia, Wash., Nov. 26 – Morgan Stanley Finance LLC priced $1.2 million of 0% dual directional trigger participation securities due Nov. 19, 2021 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final ETF level is greater than the initial ETF level, the payout at maturity will be par of $10 plus the ETF return, capped at par plus 55.67%.
If the ETF declines by 25% or less, the payout will be par plus the absolute value of the ETF return.
If the ETF declines by more than 25%, investors will lose 1% for every 1% that the ETF declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional trigger participation securities
|
| Underlying ETF: | iShares MSCI Emerging Markets ETF
|
| Amount: | $1.2 million
|
| Maturity: | Nov. 19, 2021
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the final ETF level is greater than the initial ETF level, par plus the ETF return, capped at par plus 55.67%; if the ETF declines by 25% or less, par plus the absolute value of the ETF return; if the ETF declines by more than 25%, 1% loss for every 1% that the ETF declines from its initial level
|
| Initial level: | $40.90
|
| Trigger level: | $30.675, 75% of initial level
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 21
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.15%
|
| Cusip: | 61768DRR8
|
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