Published on 5/26/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $455,000 dual directional buffered PLUS tied to index, ETF
By Sarah Lizee
Olympia, Wash., May 26 – Morgan Stanley Finance LLC priced $455,000 of 0% dual directional buffered Performance Leveraged Upside Securities due May 25, 2023 linked to the worse performing of the Euro Stoxx 50 index and the iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each index finishes above the initial level, the payout at maturity will be par plus 184% of the gain of the laggard asset.
If either asset falls but not by more than 10% of its initial level, the payout will be par plus the absolute value of the return of the lesser performing asset.
Otherwise, investors will be exposed to any losses of the lesser performing asset beyond the buffer.
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 assets: | Euro Stoxx 50 index and iShares MSCI EAFE ETF
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| Amount: | $455,000
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| Maturity: | May 25, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each asset is greater than initial level, par plus 184% of lesser-performing asset return; if lesser-performing asset falls by up to buffer level, par plus absolute value of lesser-performing asset return; otherwise, exposure to loss of lesser-performing asset beyond buffer
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| Initial levels: | 2,904.98 for index, $57.11 for ETF
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| Buffer levels: | 2,614.482 for index, $51.399 for ETF; 90% of initial levels
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| Pricing date: | May 21
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| Settlement date: | May 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61771BFM1
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