Morgan Stanley to price buffered PLUS linked to gold, silver trusts

By Angela McDaniels

Tacoma, Wash., Nov. 15 – Morgan Stanley Finance LLC plans to price 0% buffered Performance Leveraged Upside Securities due Dec. 1, 2021 linked to the lesser performing of the SPDR Gold Trust and the iShares Silver Trust, according to an FWP filing with the Securities and Exchange Commission.

If each trust’s final share price is greater than its initial share price, the payout at maturity will be par plus at 115% to 130% of the lesser-performing trust’s return. The exact leverage factor will be set at pricing.

If the final share price of either trust is less than or equal to its initial share price but the final share price of each trust is greater than or equal to 90% of its initial share price, the payout will be par.

If the final share price of either trust is less than 90% of its initial share price, investors will lose 1% for every 1% that the lesser-performing trust declines beyond 10%.

The notes will be guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

The notes will price Nov. 26.

The Cusip number is 61769HM69.

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