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Morgan Stanley to price participation securities on S&P 500 index
By Sarah Lizee
Olympia, Wash., Dec. 13 – Morgan Stanley Finance LLC plans to price 0% participation securities due Feb. 24, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The payout at maturity will be par plus any index gain, capped at par plus 12%.
Investors will lose 1% for each 1% decline, subject to a minimum payout of 35% of par.
Morgan Stanley & Co. LLC is the agent.
The notes (Cusip: 61770E299) will price Dec. 16.
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