By Sarah Lizee
Olympia, Wash., April 28 – Morgan Stanley Finance LLC priced $600,000 of 0% buffered Performance Leveraged Upside Securities due Oct. 26, 2023 linked to the worst performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of each index is greater than its initial level, the payout at maturity will be par plus 110% of the return of the lesser-performing index.
If the final level of either index is less than or equal to its initial level but the final level of each index is greater than or equal to 85% of its initial level, the payout will be par.
If the final level of either index is less than 85% of its initial level, investors will lose 1% for every 1% that the lesser-performing index declines 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 Performance Leveraged Upside Securities
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Underlying indexes: | Dow Jones industrial average and S&P 500
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Amount: | $600,000
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Maturity: | Oct. 26, 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 index is greater than initial level, par plus 110% of return of lesser-performing index; if final level of either index is less than or equal to initial level but final level of each index is greater than or equal to 85% of initial level, par; if final level of either index is less than 85% of initial level, 1% loss for every 1% that lesser-performing index declines beyond buffer
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Initial levels: | 23,515.26 for Dow industrials and 2,797.80 for S&P 500
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Buffer levels: | 19,987.971 for Dow industrials and 2,378.13 for S&P 500, or 85% of initial levels
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Pricing date: | April 23
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Settlement date: | April 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.75%
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Cusip: | 61770FR73
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