By William Gullotti
Buffalo, N.Y., Jan. 4 – Morgan Stanley Finance LLC priced $1.08 million of 0% dual directional jump securities with autocallable feature due Dec. 27, 2027 linked to the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be automatically called at par plus a 10% call premium if each index closes at or above its initial level on Dec. 28, 2023.
If each index finishes at or above its initial level, the payout at maturity will be par plus the return of the laggard index.
If the worst performer declines by 40% or less, the payout will be par plus the absolute value of that index’s return.
Otherwise, investors will lose 1% for every 1% that the worst performer declines 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: | Dual directional jump securities with autocallable feature
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index
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| Amount: | $1.08 million
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| Maturity: | Dec. 27, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level, par plus the return of the laggard index; if the worst performer declines by no more than 40%, par plus absolute value of that index’s return; otherwise, full exposure to decline of worst performer from initial level
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| Call: | Automatically at par plus a 10% call premium if each index closes at or above initial level on Dec. 28, 2023
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| Initial levels: | 33,376.48 for Dow, 3,878.44 for S&P
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| Downside thresholds: | 20,025.888 for Dow, 2,327.064 for S&P; 60% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.625%
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| Cusip: | 61774TCD2
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