By Sarah Lizee
Olympia, Wash., April 1 – Morgan Stanley Finance LLC priced $1.12 million of 0% dual directional trigger Performance Leveraged Upside Securities due March 29, 2023 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each index finishes at or above its initial level, the payout at maturity will be par plus 1.6 times the return of the lesser-performing index.
If either index finishes below its initial level but each index finishes at or above its downside threshold level, 70% of its initial level, the payout will be par plus the absolute value of the return of the lesser-performing index.
If either index finishes below the downside threshold level, investors will lose 1% for every 1% that the lesser-performing index 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 Performance Leveraged Upside Securities
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| Underlying indexes: | S&P 500 and Dow Jones industrial average
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| Amount: | $1,108,000
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| Maturity: | March 29, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level, par plus 1.6 times the return of the lesser-performing index; if either index finishes below initial level but each index finishes at or above downside threshold level, par plus absolute value of return of lesser-performing index; if either index finishes below downside threshold level, 1% loss for every 1% that lesser-performing index declines from initial level
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| Initial levels: | 20,704.91 for Dow and 2,447.33 for S&P
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| Downside threshold levels: | 14,493.437 for Dow and 1,713.131 for S&P, or 70% of initial levels
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| Pricing date: | March 24
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| Settlement date: | March 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61770FWF9
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