Published on 1/31/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.45 million buffered participation notes on indexes
By Sarah Lizee
Olympia, Wash., Jan. 31 – Morgan Stanley Finance LLC priced $1.45 million of 0% buffered participation securities due Jan. 29, 2025 linked to the worse performing of the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above the initial level, the payout at maturity will be par plus the gain of the least-performing index.
If either index falls but not by more than 32%, the payout will be par.
Otherwise, investors will lose 1% for each 1% loss of least-performing index beyond the 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: | Buffered participation securities
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Underlying index: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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Amount: | $1,451,000
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Maturity: | Jan. 29, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final level of each is greater than initial index level, par plus of least-performing index return; if least-performing index falls by up to buffer, par; otherwise, 1% loss for each 1% loss least-performing index beyond buffer
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Initial levels: | 3,295.47 for S&P, 28,989.73 for Dow, 9,141.467 for Nasdaq
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Buffer levels: | 2,240.920 for S&, 19,713.016 for Dow, 6,216.198 for Nasdaq; 68% of initial levels
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Pricing date: | Jan. 24
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Settlement date: | Jan. 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.625%
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Cusip: | 61770FDR4
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