By Sarah Lizee
Olympia, Wash., May 26 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due May 27, 2025 linked to the worst performing of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be automatically called at par plus 10.25% per year if each index closes at or above its call level on any semiannual determination date after one year. The call level for each index will be equal to its initial level.
If the notes are not called and the final level of each index is greater than or equal to its initial level, the payout at maturity will be par plus 51.25%.
If the final level of the worst performing index is less than its initial level but greater than or equal to its downside threshold level, 50% 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% the lesser-performing index declines from its initial level.
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 Nasdaq-100 index
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| Amount: | $1 million
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| Maturity: | May 27, 2025
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| Coupon: | 0%
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| Price: | Par
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| Call: | Automatically at par plus 10.25% per year if each index closes at or above its call level on any semiannual determination date after one year; call level for each index will be equal to its initial level
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| Payout at maturity: | If the notes are not called and the final level of each index is greater than or equal to its initial level, par plus 51.25%; if the final level of the worst performing index is less than its initial level but greater than or equal to its downside threshold level, par; if the final level of either index is less than its downside threshold level, 1% loss for every 1% the lesser-performing index declines from its initial level
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| Initial levels: | 9,377.992 for Nasdaq, 24,474.12 for Dow
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| Downside thresholds: | 4,688.996 for Nasdaq, 12,237.06 for Dow; 50% of initial levels
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| Pricing date: | May 21
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| Settlement date: | May 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61771BFW9
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