By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – Morgan Stanley priced $4.6 million of 0% dual directional trigger Performance Leveraged Upside Securities due Nov. 5, 2018 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the final share price is greater than the initial share price, the payout at maturity will be par of $10 plus 200% of the ETF return, subject to a maximum return of 55.25%.
If the final share price is less than or equal to the initial share price but greater than or equal to the trigger share price, the payout will be par plus the absolute value of the ETF return. The trigger share price will be 80% of the initial share price.
If the final share price is less than the trigger share price, investors will be fully exposed to the ETF’s decline from the initial share price.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Dual directional trigger Performance Leveraged Upside Securities
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| Underlying ETF: | VanEck Vectors Gold Miners ETF
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| Amount: | $4.6 million
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| Maturity: | Nov. 5, 2018
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| Coupon: | 0%
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| Price: | Par of $10.00
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| Payout at maturity: | If final share price is greater than initial share price, par plus 200% of ETF return, subject to 55.25% maximum return; if final share price is less than or equal to initial share price but greater than or equal to trigger share price, par plus absolute value of ETF return; if final share price is less than trigger share price, full exposure to ETF’s decline from initial share price
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| Initial share price: | $24.52
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| Trigger level: | $19.616, 80% of initial share price
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| Pricing date: | Oct. 31
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| Settlement date: | Nov. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61766A558
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