Published on 5/23/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $540,000 dual directional trigger participation notes on two indexes
By William Gullotti
Buffalo, N.Y., May 23 – Morgan Stanley Finance LLC priced $540,000 of 0% dual directional trigger participation securities due May 1, 2024 linked to the worst performing of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final level of each index is greater than the initial index level, the payout at maturity will be par plus the laggard index return, subject to a maximum payout of par plus 35%.
If the worst performer declines but finishes at or above its 80% trigger level, the payout will be par plus the absolute value of that index’s return.
Otherwise, investors will lose 1% for every 1% that the worst performer 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 participation securities
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Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average
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Amount: | $540,000
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Maturity: | May 1, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the final level of each index is greater than the initial index level, par plus the laggard index return capped at 35%; if the worst performer declines but finishes at or above trigger level, par plus the absolute value of that index’s return; otherwise, 1% loss for every 1% decline of the worst performer from its initial level
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Initial levels: | 35,756.88 for Dow, 15,559.49 for Nasdaq
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Trigger levels: | 28,605.504 for Dow, 12,447.592 for Nasdaq; 80% of initial levels
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Pricing date: | Oct. 26, 2021
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Settlement date: | Oct. 29, 2021
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.5%
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Cusip: | 61773F2K8
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