By Kiku Steinfeld
Chicago, Nov. 3 – Morgan Stanley Finance LLC priced $596,000 of 0% dual directional buffered PLUS due April 6, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index gains the payout will be par plus 300% of the index return subject to a maximum return of par plus 37%.
The payout will be par plus the absolute value of the index return if the index declines but by no more than the 10% buffer.
Investors will lose 1% for every 1% that the index 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
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Guarantor: | Morgan Stanley
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Issue: | Dual directional buffered PLUS
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Underlying index: | S&P 500 index
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Amount: | $596,000
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Maturity: | April 6, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index gains par plus 300% of index return subject to a maximum return of par plus 37%; par plus absolute value of index return if index declines but by no more than the 10% buffer; 1% loss for every 1% that index declines beyond buffer
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Upside leverage: | 300%
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Cap: | 37%
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Buffer: | 10%
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Buffer level: | 3,698.379, 90% of initial level
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Call: | Non-callable
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Initial level: | 4,109.31
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Pricing date: | March 31, 2023
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Settlement date: | April 5, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61774XKF9
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