By Susanna Moon
Chicago, Jan. 16 – Morgan Stanley Finance LLC priced $3.2 million of 0% contingent buffer equity notes due Jan. 24, 2019 linked to the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
If the fund finishes at or above its 85% barrier level, the payout at maturity will be par plus the greater of the 0% contingent minimum return and any fund gain up to a maximum return of $1,233 per $1,000 principal amount.
Otherwise, investors will lose 1% for each 1% decline.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent buffer equity notes
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| Underlying ETF: | SPDR S&P Regional Banking
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| Amount: | $3.2 million
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| Maturity: | Jan. 24, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If fund finishes at or above 85% barrier, par plus any gain capped at 23.3% and floor of zero; otherwise, 1% loss for each 1% decline
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| Initial price: | $59.82
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| Knock-out level: | $50.847, 85% of initial price
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| Pricing date: | Jan. 5
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| Settlement date: | Jan. 10
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| Agent: | Morgan Stanley & Co. LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1%
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| Cusip: | 61768CXR3
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