Published on 7/1/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $300,000 dual directional buffered PLUS on stocks
By Kiku Steinfeld
Chicago, July 3 – Morgan Stanley Finance LLC priced $300,000 of 0% dual directional buffered Performance Leveraged Upside Securities due March 11, 2024 linked to the worst performing of the stocks of Procter & Gamble Co., Coca-Cola Co. and Costco Wholesale Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock finishes above the initial level, the payout at maturity will be par plus 500% of the gain of the laggard stock, subject to a maximum return of 20%.
If any stock falls but not by more than 90% of its initial level, the payout will be par plus the absolute value of the return.
Otherwise, investors will be exposed to any losses beyond the 10% buffer.
The notes are guaranteed by Morgan Stanley.
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 buffered Performance Leveraged Upside Securities
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| Underlying stocks: | Procter & Gamble Co., Coca-Cola Co. and Costco Wholesale Corp.
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| Amount: | $300,000
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| Maturity: | March 11, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each stock is greater than initial stock level, par plus 500% of lesser-performing stock return, subject to maximum return of 20%; if lesser-performing stock falls by up to 10%, par plus absolute value of lesser-performing stock return; otherwise, exposure to loss of lesser-performing stock beyond 10%
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| Initial levels: | $141.40 for Procter, $60.17 for Coco-Cola, $515.59 for Costco
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| Buffer levels: | $127.26 for Procter, $54.153 for Coco-Cola, $464.031 for Costco; 90% of initial levels
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| Pricing date: | Feb. 6, 2023
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| Settlement date: | Feb. 9, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774TSB9
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