Published on 5/20/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $497,000 dual directional trigger participation notes on S&P, Dow
By Sarah Lizee
Olympia, Wash., May 20 – Morgan Stanley Finance LLC priced $497,000 of 0% dual directional trigger participation securities due May 22, 2023 linked to 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 the final level of each index is greater than the initial index level, the payout at maturity will be par of $10 plus 105% of the index return.
If either index declines by 25% or less, the payout will be par plus the absolute value of the lesser performing index’s return.
If either index declines by more than 25%, 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 participation securities
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| Underlying indexes: | S&P 500, Dow Jones industrial average
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| Amount: | $497,000
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| Maturity: | May 22, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the final level of each index is greater than the initial index level, par plus 105% of the index return; if either index declines by 25% or less, par plus the absolute value of the lesser performing index’s return; if either index declines by more than 25%, 1% loss for every 1% that the lesser performing index declines from its initial level
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| Initial levels: | 2,863.7 for S&P, 23,685.42 for Dow
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| Trigger levels: | 2,147.775 for S&P, 17,764.065 for Dow; 75% of initial level
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| Pricing date: | May 15
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| Settlement date: | May 20
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.35%
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| Cusip: | 61771BCY8
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