Published on 7/22/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 dual directional buffered participation securities
By William Gullotti
Buffalo, N.Y., July 22 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional buffered participation securities due July 5, 2024 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 the initial level, the payout at maturity will be par plus the gain of the laggard index up to a maximum payout of par plus 50%.
If either index falls but not by more than 10%, the payout will be par plus the absolute value of the return of the laggard index.
Otherwise, investors will lose 1% for each 1% loss of the worst performing index beyond 10%.
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: | Dual directional buffered participation securities
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| Underlying index: | Dow Jones industrial average, S&P 500 index
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| Amount: | $250,000
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| Maturity: | July 5, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each is greater than initial index level, par plus lesser-performing index return, up to a maximum payout of par plus 50%; if lesser-performing index falls by up to 90% buffer level, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss of the worst performing index beyond 10%
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| Initial levels: | 30,775.43 for Dow, 3,785.38 for S&P
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| Buffer levels: | 27,697.887 for Dow, 3,406.842 for S&P; 90% of initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | None
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| Cusip: | 61774DJP3
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