Morgan Stanley plans buffered participation securities on S&P, Dow

By Sarah Lizee

Olympia, Wash., Nov. 6 – Morgan Stanley Finance LLC plans to price 0% buffered participation securities due Nov. 14, 2025 linked to the worse performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index up to a maximum payout of par plus 78%.

If either index falls but not by more than 40%, the payout will be par.

Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the buffer.

Morgan Stanley & Co. LLC is the agent.

The notes will price on Nov. 8.

The Cusip number is 61769HF26.

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