New Issue: Morgan Stanley sells $2.75 million leveraged buffered notes on S&P 500

By Sarah Lizee

Olympia, Wash., July 24 – Morgan Stanley Finance LLC priced $2.75 million of 0% leveraged buffered notes due Sept. 23, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 200% of any index gain, up to a maximum settlement amount of $1,208 for each $1,000 principal amount.

Investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% decline beyond the buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Leveraged buffered notes
Underlying index:	S&P 500
Amount:	$2,751,000
Maturity:	Sept. 23, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, capped at $1,208 for each $1,000 principal amount; if index falls by up to 10%, par; otherwise, 1.1111% loss per 1% decline beyond 10%
Initial level:	2,801.83
Barrier level:	2,521.647, 90% of initial level
Pricing date:	July 20
Settlement date:	July 27
Agent:	Morgan Stanley & Co. LLC
Fees:	2.16%
Cusip:	61768C7L5

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