Published on 1/18/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 dual directional buffered participation notes on S&P, Dow
By Kiku Steinfeld
Chicago, Jan. 18 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional buffered participation securities due Oct. 31, 2024 linked to the S&P 500 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the return of the worst performing index is positive, the payout at maturity will be par plus 100% of the return of the worst performing index subject to a maximum return of par plus 24%.
Investors will receive par plus 100% of absolute return of the worst performing index if it declines but by no more than the 10% buffer and will be exposed to any decline in the worst performing index beyond the buffer.
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 participation securities
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Underlying indexes: | S&P 500 index and Dow Jones industrial average
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Amount: | $250,000
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Maturity: | Oct. 31, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If return of worst performing index is positive, par plus 100% of that index's return subject to a maximum return of par plus 24%; par plus 100% of absolute return of worst performing index if it declines but by no more than 10%; exposure to loss of worst performing index beyond buffer
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Initial levels: | 34,098.16 for Dow Jones industrial average, 4,169.48 for S&P 500
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Buffer levels: | 30,688.344 for Dow Jones industrial average, 3,752.532 for S&P 500, 90% of initial levels
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Upside leverage: | 100%
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Cap: | 24%
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Absolute return: | 100%
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Buffer: | 10%
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Pricing date: | April 28, 2023
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Settlement date: | May 3, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61774XHK2
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