By Sarah Lizee
Olympia, Wash., May 1 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due May 1, 2025 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.
The notes will be automatically called at par plus 9.5% per year if each index closes at or above its call level on any annual determination date. The call level will be 95% of the initial level.
If the notes are not called and the final level of each index is greater than or equal to its call level, the payout at maturity will be par plus 47.5%.
If the final level of either index is less than its call level but the final level of each index is greater than or equal to its downside threshold level, 70% of its initial level, the payout will be par.
If the final level of either index is less than its downside threshold level, investors will lose 1% for every 1% that the lesser-performing index 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: | Jump securities with autocallable feature
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| Underlying indexes: | Dow Jones industrial average and Russell 2000
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| Amount: | $1 million
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| Maturity: | May 1, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to its call level, par plus 47.5%; if final level of either index is less than its call level but final level of each index is greater than or equal to its downside threshold level, par; otherwise, 1% loss for every 1% that lesser-performing index declines
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| Call: | Automatically at par plus 9.5% per year if each index closes at or above call level on any annual determination date
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| Call levels: | 1,217.784 for Russell 2000 and 22,927.091 for Dow, 95% of the initial levels
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| Initial levels: | 2,878.48 for S&P and 1,281.878 for Russell 2000
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| Downside thresholds: | 16,893.646 for S&P and 897.315 for Russell 2000, or 70% of initial levels
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| Pricing date: | April 27
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| Settlement date: | April 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4%
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| Cusip: | 61770FYT7
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