New Issue: Morgan Stanley prices $1.87 million capped gears linked to regional banking ETF

By Angela McDaniels

Tacoma, Wash., July 8 – Morgan Stanley Finance LLC priced $1.87 million of 0% capped gears due Aug. 31, 2020 linked to the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF’s return is positive, the payout at maturity will be par of $10 plus 300% of the ETF’s return, subject to a maximum return of 22%. If the ETF’s return is negative, investors will be exposed to the decline.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Capped gears
Underlying ETF:	SPDR S&P Regional Banking ETF
Amount:	$1,869,000
Maturity:	Aug. 31, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If ETF’s return is positive, par plus 300% of ETF’s return, subject to maximum return of 22%; if ETF’s return is negative, exposure to decline
Initial share price:	$51.62
Downside threshold:	$33.248, 80% of initial share price
Pricing date:	June 25
Settlement date:	June 28
Agent:	Morgan Stanley & Co. LLC
Fees:	2%
Cusip:	61769Q162

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