Published on 4/24/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.49 million Trigger PLUS linked to Dow, two ETFs
New York, April 24 – Morgan Stanley Finance LLC priced $2.49 million of 0% Trigger PLUS due April 20, 2028 linked to the Dow Jones industrial average, the Technology Select Sector SPDR Fund and the iShares Russell 2000 Value ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the return of the worst performing asset is positive, the payout at maturity will be par plus 500% of the return of that asset, subject to a maximum return of par plus 80%.
Investors will receive par if the return of the worst performing asset is negative but ends at or above the 55% trigger and will lose 1% for every 1% decline if it ends below the trigger 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: | Trigger PLUS
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| Underlying assets: | Dow Jones industrial average, Technology Select Sector SPDR Fund and iShares Russell 2000 Value ETF
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| Amount: | $2,493,000
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| Maturity: | April 20, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If return of worst performing asset is positive, par plus 500% of the gain of that asset, subject to a maximum return of par plus 80%; par if worst performing asset declines but finishes at or above trigger level; otherwise, 1% loss for every 1% decline of worst performing asset from initial level
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| Initial levels: | 33,886.47 for Dow Jones, $148.65 for Technology Select Sector, $134.94 for iShares Russell 200 Value
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| Trigger levels: | 18,637.559 for Dow Jones, $81.758 for Technology Select Sector, $74.217 for iShares Russell 200 Value, 55% of initial levels
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| Upside leverage: | 500%
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| Cap: | 80%
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| Pricing date: | April 14
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| Settlement date: | April 19
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61774XMA8
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