New York, Jan. 3 – Morgan Stanley Finance LLC priced $2.68 million of 0% dual directional buffered participation securities due March 25, 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 12.25%.
Investors will receive par plus 150% of absolute return of the worst performing index if it declines but by no more than the 19% 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: | $2.68 million
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| Maturity: | March 25, 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 12.25%; par plus 150% of absolute return of worst performing index if it declines but by no more than 19%; exposure to loss of worst performing index beyond buffer
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| Initial levels: | 32,849.74 for Dow Jones industrial average, 3,821.62 for S&P 500
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| Upside leverage: | 100%
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| Cap: | 12.25%
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| Absolute return: | 150%
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| Buffer: | 19%
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61774TEN8
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