Published on 5/4/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.21 million dual directional trigger notes on indexes
Chicago, May 4 – Morgan Stanley Finance LLC priced $1.21 million of 0% dual directional trigger jump securities due April 28, 2028 linked to the worst performing of the S&P 500 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the return of the worst performing index is positive, the payout at maturity will be par plus the greater of that return and 45%.
If the worst performing index declines but by no more than the 70% downside threshold investors will receive par plus the absolute value of the return of the worst performing index. They will lose 1% for every 1% decline if the worst performing index ends below its downside threshold.
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 trigger jump securities
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Underlying assets: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $1,211,000
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Maturity: | April 28, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If worst performing index gains par plus greater of worst performing index return and 45%; par plus absolute value of worst performing index return if worst performing index declines but by no more than the 70% downside threshold; 1% loss for every 1% that worst performing index declines if it finishes below its downside threshold
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Initial levels: | 33,530.83 for Dow, 1,745.952 for Russell, 4,071.63 for S&P
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Downside threshold: | 23,471.581 for Dow, 1,222.166 for Russell, 2,850.141 for S&P, 70% of initial levels
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Upside payment: | 45%
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Pricing date: | April 25
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Settlement date: | April 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4.216%
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Cusip: | 61774XJV6
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