0000950103-19-014778.txt : 20191101 0000950103-19-014778.hdr.sgml : 20191101 20191031211117 ACCESSION NUMBER: 0000950103-19-014778 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20191101 DATE AS OF CHANGE: 20191031 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY CENTRAL INDEX KEY: 0000895421 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 363145972 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-221595 FILM NUMBER: 191184983 BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-761-4000 MAIL ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER & CO DATE OF NAME CHANGE: 19980326 FORMER COMPANY: FORMER CONFORMED NAME: DEAN WITTER DISCOVER & CO DATE OF NAME CHANGE: 19960315 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY CENTRAL INDEX KEY: 0000895421 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 363145972 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-761-4000 MAIL ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER & CO DATE OF NAME CHANGE: 19980326 FORMER COMPANY: FORMER CONFORMED NAME: DEAN WITTER DISCOVER & CO DATE OF NAME CHANGE: 19960315 FWP 1 dp115227_fwp-ps2764.htm FORM FWP

Morgan Stanley

Free Writing Prospectus to Preliminary Terms No. 2,764

 Registration Statement Nos. 333-221595; 333-221595-01

Dated October 31, 2019; Filed pursuant to Rule 433

 

5-Year SPX Buffered Participation Securities

This document provides a summary of the terms of the Buffered Securities. Investors must carefully review the accompanying preliminary terms referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.

 

Terms
Issuing Entity: Morgan Stanley Finance LLC
Guarantor: Morgan Stanley
Underlying: S&P 500® Index (SPX)
Participation rate: 100% to 110%
Maximum payment at maturity: $1,500 (150% of stated principal amount)
Buffer amount: 20% of principal (80% maximum loss)1
Pricing date: November 22, 2019
Maturity date: November 27, 2024
Valuation date : November 22, 2024
CUSIP: 61769HJ48
Preliminary terms: https://www.sec.gov/Archives/edgar/data/
895421/000095010319014659/dp115163_fwp-ps2764.htm
1All payments are subject to our credit risk

 

 

Change in Underlying Return on Buffered Securities
+60.00% 50.00%
+50.00% 50.00%
+47.62% 50.00%*
+40.00% 42.00%*
+30.00% 31.50%*
+20.00% 21.00%*
+10.00% 10.50%*
0.00% 0.00%
-10.00% 0.00%
-20.00% 0.00%
-30.00% -10.00%
-40.00% -20.00%
-60.00% -40.00%
*Assumes a participation rate of 105%

 

 

 

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837. 

 

Underlying Index

For more information about the underlying index, including historical performance information, see the accompanying preliminary terms.

 

Risk Considerations

The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary terms. Please review those risk factors carefully prior to making an investment decision.

·Buffered Securities do not pay interest and provide a minimum payment at maturity of only 20% of your principal.

·The appreciation potential of the Buffered Securities is limited by the maximum payment at maturity.

·The market price of the Buffered Securities will be influenced by many unpredictable factors.

·The Buffered Securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the Buffered Securities.

·As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

·The estimated value of the Buffered Securities is approximately $937.90 per Buffered Security, or within $30.00 of that estimate, and is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.

·The amount payable on the Buffered Securities is not linked to the value of the underlying index at any time other than the valuation date.

·Investing in the Buffered Securities is not equivalent to investing in the underlying index.

·The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the Buffered Securities in the original issue price reduce the economic terms of the Buffered Securities, cause the estimated value of the Buffered Securities to be less than the original issue price and will adversely affect secondary market prices.

·Adjustments to the underlying index could adversely affect the value of the Buffered Securities.

·The Buffered Securities will not be listed on any securities exchange and secondary trading may be limited.

·The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the Buffered Securities.

·Hedging and trading activity by our affiliates could potentially adversely affect the value of the Buffered Securities.

·The U.S. federal income tax consequences of an investment in the Buffered Securities are uncertain.

 

Tax Considerations

You should review carefully the discussion in the accompanying preliminary terms under the caption “Additional Information About the Buffered Securities– Tax considerations” concerning the U.S. federal income tax consequences of an investment in the Buffered Securities, and you should consult your tax adviser.

 

 

 

 

 GRAPHIC 2 image_001.gif GRAPHIC begin 644 image_001.gif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end