Morgan Stanley plans dual directional buffered notes on S&P

By Wendy Van Sickle

Columbus, Ohio, Feb. 15 – Morgan Stanley Finance LLC plans to price 0% dual directional buffered participation securities due Sept. 3, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If the index finishes above the initial level, the payout at maturity will be par plus the gain of the index, capped at par plus 11.2%.

If the index falls by up to 10%, the payout will be par plus the absolute value of the return of the index.

Otherwise, investors will lose 1% for each 1% loss of the index beyond the 10% buffer.

Morgan Stanley & Co. LLC is the agent.

The notes will price on Feb. 28 and settle on March 5.

The Cusip number is 61768X218.

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