Published on 5/20/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 trigger PLUS linked to Dow, S&P
By Sarah Lizee
Olympia, Wash., May 20 – Morgan Stanley Finance LLC priced $250,000 of 0% trigger Performance Leveraged Upside Securities due May 20, 2025 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 each index finishes above its initial level, the payout at maturity will be par plus 122% of the lesser-performing index’s return.
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 its trigger level, the payout will be par. For each index, the trigger level is 50% of its initial level.
If the final level of either index is less than its trigger level, investors will be exposed to the decline of the lesser-performing index from its initial level.
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: | Trigger Performance Leveraged Upside Securities
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| Underlying indexes: | Dow Jones industrial average and S&P 500
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| Amount: | $250,000
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| Maturity: | May 20, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes above initial level, par plus 122% of lesser-performing index’s return; 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 trigger level, par; if final level of either index is less than trigger level, exposure to decline of lesser-performing index from initial level
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| Initial levels: | 2,863.70 for S&P, 23,685.42 for Dow
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| Trigger levels: | 1,431.85 for S&P, 11,842.71 for Dow, or 50% of initial levels
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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: | 0.625%
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| Cusip: | 61771BBP8
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