Morgan Stanley plans partial principal at risk notes tied to S&P 500

By Sarah Lizee

Olympia, Wash., June 8 – Morgan Stanley Finance LLC plans to price 0% equity-linked partial principal at risk securities due July 1, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $1,000 plus at least 76% of any index gain. The exact participation rate will be set at pricing.

If the index falls, the payout will be par plus the return, with a minimum payout of $950 per security.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

The notes will price on June 26 and settle on June 29.

The Cusip number is 61768C4X2.

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