Morgan Stanley plans dual directional notes linked to Dow, Russell

By Angela McDaniels

Tacoma, Wash., Dec. 13 – Morgan Stanley Finance LLC plans to price 0% dual directional buffered Performance Leveraged Upside Securities due Dec. 26, 2024 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index’s return is positive, the payout at maturity will be par plus 117% to 127% of the lesser-performing index’s return. The exact leverage factor will be set at pricing.

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 80% of its initial level, the payout will be par plus the absolute value of the lesser-performing index’s return.

Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines beyond 20%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

The notes will price Dec. 20.

The Cusip number is 61769HW84.

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