By Sarah Lizee
Olympia, Wash., July 24 – Morgan Stanley Finance LLC priced $2.78 million of 0% market plus notes due Jan. 21, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
A knock-out event will occur if the final index level is less than the initial index level by more than 16%.
If a knock-out event has not occurred, the payout at maturity will be par plus the greater of the index return and zero. If a knock-out event has occurred, investors will lose 1% for every 1% that the final index level is less than the initial index level.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are acting as placement agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Market plus notes
|
| Underlying index: | S&P 500
|
| Amount: | $2,775,000
|
| Maturity: | Jan. 21, 2021
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus greater of index return and zero unless index falls by more than 16%, in which case full exposure to index’s decline
|
| Initial level: | 2,976.61
|
| Final level: | Average of index’s closing levels on five trading days ending Jan. 15, 2021
|
| Pricing date: | July 19
|
| Settlement date: | July 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1.25%
|
| Cusip: | 61769HLU7
|
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