Published on 1/19/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.55 million dual directional trigger jump notes on indexes
By William Gullotti
Buffalo, N.Y., Jan. 19 – Morgan Stanley Finance LLC priced $1.55 million of 0% dual directional trigger jump securities due Sept. 1, 2026 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each index finishes above the upside threshold level, 135% of initial level, the payout at maturity will be par plus 35% plus 110% of the least performing index’s gain above 35%.
If the least performing index finishes flat or gains by up to 35%, the payout at maturity will be par plus 35%.
If the worst performer declines but finishes at or above its downside threshold, 70% of initial level, the payout at maturity will be par plus the absolute value of that index’s return. Otherwise, investors will be fully exposed to the decline of the worst performer 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: | Dual directional trigger jump securities
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| Underlying indexes: | Russell 2000 index, Dow Jones industrial average, Nasdaq-100 index
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| Amount: | $1,545,000
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| Maturity: | Sept. 1, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes above its upside threshold, par plus 35% plus 110% of the least performing index’s gain above 35%; if the worst performer finishes flat or gains by up to 35%, par plus 35%; if the worst performer declines but finishes at or above its downside threshold, par plus the absolute value of the worst performer’s return; otherwise, investors will be fully exposed to the decline of the worst performer from its initial level
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| Initial levels: | 35,455.8 for Dow, 15,432.95 for Nasdaq, 2,277.151 for Russell
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| Upside threshold levels: | 47,865.33 for Dow, 20,834.483 for Nasdaq, 3,074.154 for Russell; 135% of initial levels
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| Downside threshold levels: | 24,819.06 for Dow, 10,803.065 for Nasdaq, 1,594.006 for Russell; 70% of initial levels
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| Pricing date: | Aug. 27
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| Settlement date: | Sept. 1
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61773FTL7
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