By Sarah Lizee
Olympia, Wash., Sept. 25 – Morgan Stanley Finance LLC priced $2.48 million 0% dual directional knock-out notes due Sept. 24, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final index level is greater than or equal to the upper knock-out level, 126% of the initial level, the payout at maturity will be par.
If the final index level is less than the upper knock-out level but greater than or equal to the initial level, the payout will be par plus the index return.
If the final index level is less than the initial level but greater than or equal to the lower knock-out level, 74% of the initial level, the payout will be par plus the absolute return of the index return.
If the final index level is less than the lower knock-out level, investors will receive par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional knock-out notes
|
| Underlying index: | S&P 500
|
| Amount: | $2,475,000
|
| Maturity: | Sept. 24, 2021
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the final index level is greater than or equal to the upper knock-out level, par; if the final index level is less than the upper knock-out level but greater than or equal to the initial level, par plus the index return; if the final index level is less than the initial level but greater than or equal to the lower knock-out level, par plus the absolute return of the index return; if the final index level is less than the lower knock-out level, par
|
| Initial index level: | 2,929.67
|
| Upper knock-out level: | 3,691.384, 126% of initial level
|
| Lower knock-out level: | 2,167.956, 74% of initial level
|
| Final level: | Average closing level of index on five trading days ending Sept. 21, 2021
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61768DFB6
|
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