New Issue: Morgan Stanley sells $1 million buffered PLUS on S&P 500

By Kiku Steinfeld

Chicago, July 15 – Morgan Stanley Finance LLC priced $1 million of 0% buffered Performance Leveraged Upside Securities due March 29, 2021 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 index return is positive, the payout at maturity will be par plus the upside payment of 120% of the index return, up to a maximum amount of $1,173 per $1000 of principle amount.

If the index declines by 15% or less, the payout will be par. If the index declines by more than 15%, investors will lose 1% for every 1% for every decline beyond 15%, up to a minimum payout of $150 per $1000 principle amount.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered Performance Leveraged Upside Securities
Underlying index:	S&P 500
Amount:	$1,000,000
Maturity:	March 29, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, the payout at maturity will be par plus the upside payment of 120% of the index return, up to a maximum amount of $1,173 per $1000 of principle amount; if index declines by 15% or less, par; otherwise, 1% loss for every 1% decline beyond 15%, up to a minimum payout of $150 per $1000 of principle amount
Initial index value:	2,826.15
Buffer amount:	2,402.228, 85% of initial amount
Pricing date:	June 5
Settlement date:	June 10
Agent:	Morgan Stanley & Co. LLC
Fees:	0.6%
Cusip:	61769HGS8

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