By Kiku Steinfeld
Chicago, Nov. 30 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional buffered PLUS due April 17, 2026 linked to the SPDR Gold trust and the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the least performing fund gains, the payout will be par plus 500% of the least performing fund return, subject to a maximum return of par plus 50%.
The payout will be par plus the absolute value of the least performing fund return if it declines but by no more than the 20% buffer.
Investors will lose 1% for every 1% that the least performing fund declines beyond the buffer.
The securities are non-callable.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered PLUS
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| Underlying fund: | SPDR Gold trust and iShares Silver trust
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| Amount: | $250,000
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| Maturity: | April 17, 2026
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| Coupon: | 0%
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| Price: | Par
|
| Payout at maturity: | If least performing fund gains, par plus 500% of least performing fund return, subject to a maximum return of par plus 50%; par plus absolute value of least performing fund return if it declines but by no more than the 20% buffer; 1% loss for every 1% that least performing fund declines beyond buffer
|
| Upside leverage: | 500%
|
| Cap: | 50%
|
| Buffer: | 20%
|
| Call: | Non-callable
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| Initial levels: | $186.36 for gold, $23.31 for silver
|
| Buffer levels: | $149.088 for gold, $18.648 for silver, 80% of initial levels
|
| Pricing date: | April 14, 2023
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| Settlement date: | April 19, 2023
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61774XMW0
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