Published on 5/7/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.53 million dual directional buffered PLUS on Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, May 7 – Morgan Stanley Finance LLC priced $3.53 million of 0% dual directional buffered Performance Leveraged Upside Securities due May 5, 2022 linked to the worse 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 each index finishes above its initial level, the payout at maturity will be par plus 150% of the gain of the lesser performing index up to a maximum payout of par plus 20%.
If either index falls but neither falls by more than 15%, the payout will be par plus the absolute value of the return of the lesser performing index.
Otherwise, investors will be exposed to any decline in the lesser performing index beyond the 15% 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 indexes: | Dow Jones industrial average, S&P 500
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| Amount: | $3.53 million
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| Maturity: | May 5, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index gains, par plus 150% of the lesser-performing index return up to par plus 20%; if lesser-performing index falls by up to buffer level, par plus absolute value of the return of that index; otherwise, exposure to any decline of lesser-performing index beyond buffer
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| Initial levels: | 24,345.72 for Dow and 2,912.43 for S&P
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| Buffer levels: | 20,693.862 for Dow and 2,475.566 for S&P, or 85% of initial levels
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| Pricing date: | April 30
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| Settlement date: | May 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61770FE77
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