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Published on 6/11/2020 in the Prospect News Structured Products Daily.

New Issue: Morgan Stanley sells $5 million return enhanced notes on United Airlines

By Wendy Van Sickle

Columbus, Ohio, June 11 – Morgan Stanley Finance LLC priced $5 million of 0% return enhanced notes due June 2, 2025 linked to the common stock of United Airlines Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the stock return is positive, the payout at maturity will be par plus 5 times the stock return, subject to a maximum return of 35%. If the stock return is negative, investors will be exposed to the stock’s decline.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.

Issuer:Morgan Stanley Finance LLC
Guarantor:Morgan Stanley
Issue:Return enhanced notes
Underlying shares:United Airlines Holdings, Inc.
Amount:$5 million
Maturity:June 2, 2025
Coupon:0%
Price:Par
Payout at maturity:Par plus 5 times any stock gain, up to 35% maximum return; exposure to any stock decline
Initial level:$28.89
Pricing date:June 1
Settlement date:June 4
Agent:Morgan Stanley & Co. LLC
Placement agents:J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:0.65%
Cusip:61771BL8B

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