New Issue: Morgan Stanley prices $2.45 million market plus notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Jan. 15 – Morgan Stanley Finance LLC priced $2.45 million of 0% market plus notes due July 15, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If the final index level is greater than or equal to the knock-out level, 78% of the initial index level, the payout at maturity will be par plus the greater of the index return and zero. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.

Issuer:	Morgan Stanley & Co. LLC
Guarantor:	Morgan Stanley
Issue:	Market plus notes
Underlying index:	S&P 500
Amount:	$2,445,000
Maturity:	July 15, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than or equal to knock-out level, par plus greater of index return and zero; otherwise, 1% loss for every 1% that final index level is less than initial index level
Initial index level:	2,596.26
Final index level:	Average of index’s closing levels on five trading days ending July 10, 2020
Knock-out level:	2,025.083, 78% of initial level
Pricing date:	Jan. 11
Settlement date:	Jan. 16
Agents:	Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.25%
Cusip:	61768DYM1

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