New York, Feb. 6 – Morgan Stanley Finance LLC priced $2.4 million of 0% dual directional trigger jump securities due Jan. 5, 2028 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF return is positive, the payout at maturity will be the greater of par plus the ETF return and par plus 37%.
Investors will receive a 1% gain for each 1% loss in the underlying ETF if the ETF declines but finishes at or above the 80% downside threshold. Otherwise, investors will lose 1% for every 1% decline if the ETF ends below its downside threshold.
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 trigger jump securities
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| Underlying fund: | iShares MSCI Emerging Markets ETF
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| Amount: | $2,401,000
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| Maturity: | Jan. 5, 2028
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If ETF return is positive, the greater of par plus the ETF return and par plus 37%; 1% gain for each 1% loss if ETF declines but ends at or above downside threshold; otherwise, full exposure to ETF decline from initial level
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| Initial level: | $38.43
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| Upside payment: | 37%
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| Downside threshold: | $30.744, 80% of initial level
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| Pricing date: | Dec. 29
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| Settlement date: | Jan. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5% including a structuring fee of 0.5%
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| Cusip: | 61774Q520
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