Published on 5/30/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $451,000 dual directional trigger participation notes on S&P
By Kiku Steinfeld
Chicago, May 30 – Morgan Stanley Finance LLC priced $451,000 of 0% dual directional trigger participation securities due Jan. 25, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus the index return, subject to a 60% maximum return.
If the final index level is less than or equal to the initial index level but is greater than or equal to the trigger level, 50% of the initial index level, the payout will be par plus the absolute value of the index return.
If the final index level is less than the trigger level, investors will be exposed to the index’s decline.
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: | Dual directional trigger participation securities
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Underlying indexes: | S&P 500 index
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Amount: | $451,000
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Maturity: | Jan. 25, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final index level is greater than initial index level, par plus index return, subject to 60% maximum return; if final index level is less than or equal to initial index level but is greater than or equal to trigger level, par plus absolute value of index return; otherwise, exposure to index’s decline
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Initial level: | 3,972.61
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Trigger level: | 1,986.305, or 50% of initial level
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Pricing date: | Jan. 20, 2023
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Settlement date: | Jan. 25, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.5%
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Cusip: | 61774TPQ9
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