Morgan Stanley to price capped gears linked to oil & gas ETF

By Marisa Wong

Morgantown, W.Va., May 24 – Morgan Stanley Finance LLC plans to price 0% capped gears due July 31, 2019 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the fund finishes above its initial level, the payout at maturity will be par plus 3 times the gain, up to a maximum return of 22.5% to 25.9%.

If the fund return is negative, investors will lose 1% for each 1% decline.

Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as dealer.

The notes will price on May 25.

The Cusip number is 61768Q288.

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