Morgan Stanley plans dual directional trigger notes on Dow, Russell

By Angela McDaniels

Tacoma, Wash., Dec. 13 – Morgan Stanley Finance LLC plans to price 0% dual directional trigger jump securities due Dec. 26, 2024 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout at maturity will be par plus the greater of the upside payment and the lesser-performing index’s return. The upside payment is expected to be 33% to 38% and will be set at pricing.

If either index finishes below its initial level but each index finishes at or above its downside threshold value, 70% of its initial level, the payout will be par plus the absolute value of the lesser-performing index’s return.

If either index finishes below its downside threshold value, investors will be fully exposed to that index’s decline from its initial level.

The notes will be guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

The notes will price Dec. 20.

The Cusip number is 61769HW68.

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