Morgan Stanley plans dual directional trigger PLUS linked to crude oil

By Angela McDaniels

Tacoma, Wash., Nov. 4 – Morgan Stanley Finance LLC plans to price 0% dual directional trigger Performance Leveraged Upside Securities due Feb. 19, 2021 linked to West Texas Intermediate crude oil, according to a 424B2 filing with the Securities and Exchange Commission.

If the final commodity price is greater than the initial commodity price, the payout at maturity will be par plus 200% of the commodity percent change, subject to a maximum return of 23%.

If the final commodity price is less than or equal to the initial commodity price but greater than or equal to the trigger level, the payout will be par plus the absolute value of the commodity return. The trigger level will be 80% of the initial commodity price.

If the final commodity price is less than the trigger level, investors will be fully exposed to the decline from the initial commodity price.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

The notes will price Nov. 15.

The Cusip number is 61766YEP2.

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