By Wendy Van Sickle
Columbus, Ohio, April 3 – Morgan Stanley Finance LLC priced $2.17 million of 0% dual directional trigger Performance Leveraged Upside Securities due March 31, 2021 linked to the lesser performing of the SPDR S&P Bank ETF and the Industrial Select Sector SPDR fund, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each ETF finishes above its initial level, the payout at maturity will be par of $10 plus 150% of the return of the lesser-performing ETF, up to a maximum return of 38.5%.
If either ETF finishes at or below its initial level but each ETF finishes at or above its trigger level, 70% of its initial level, the payout will be par plus the absolute value of the return of the lesser-performing ETF.
If either ETF finishes below its trigger level, investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional trigger Performance Leveraged Upside Securities
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| Underlying ETFs: | SPDR S&P Bank ETF and Industrial Select Sector SPDR fund
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| Amount: | $2.17 million
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| Maturity: | March 31, 2021
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If each ETF finishes above initial level, par plus 150% of return of lesser-performing ETF up to 38.5% maximum return; if either ETF finishes at or below initial level but each ETF finishes at or above trigger level, par plus absolute value of return of lesser-performing ETF; if either ETF finishes below trigger level, 1% loss for every 1% that lesser-performing ETF declines from initial level
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| Initial levels: | $48.31for bank ETF and $74.50 for industrial fund
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| Trigger level: | $33.817 for bank ETF and $52.15 for industrial fund; 70% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.85%
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| Cusip: | 61768CP43
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