New Issue: Morgan Stanley prices $9.21 million trigger PLUS linked to Energy Select Sector SPDR fund

By Angela McDaniels

Tacoma, Wash., Jan. 23 – Morgan Stanley priced $9.21 million of 0% trigger Performance Leveraged Upside Securities due Jan. 27, 2020 linked to the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is positive, the payout at maturity will be par of $10 plus 125% of the ETF return. Investors will receive par if the ETF falls by 40% or less and will be fully exposed to the ETF’s decline if it finishes below the 60% trigger level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying ETF:	Energy Select Sector SPDR fund
Amount:	$9,209,000
Maturity:	Jan. 27, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 125% of any ETF gain; par if fund falls by up to 40%; otherwise, full exposure to ETF’s decline
Initial share price:	$76.85
Trigger level:	$46.11, 60% of the initial price
Pricing date:	Jan. 21
Settlement date:	Jan. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	2.5%
Cusip:	61764M737

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