Published on 3/18/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.25 million dual directional trigger notes on S&P, Russell
By Kiku Steinfeld
Chicago, March 18– Morgan Stanley Finance LLC priced $1.25 million of 0% dual directional trigger partial participation securities due June 10, 2021 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each index finishes above its initial level, the payout at maturity will be par plus 56% of the gain of the least performing index.
If either index declines by 30%, the payout will be par plus the absolute value of the least performing index’s return.
If either index declines by more than 30%, investors will lose 1% for every 1% decline of the least performing index from its initial level.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional trigger partial participation securities
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1,250,000
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| Maturity: | June 10, 2021
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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 initial level, par plus 56% of gain of least performing index; if either index declines by 30% or less, par plus the absolute value of least performing index’s return; if either index declines by more than 30%, full exposure to decline of least performing index from its initial level
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| Initial levels: | 2,972.37 for S&P, 1,449.221 for Russell
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| Trigger levels: | 2,080.659 for S&P, 1,014.455 for Russell; 70% of initial levels
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| Pricing date: | March 9
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| Settlement date: | March 11
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as a dealer
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| Fees: | 0.25%
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| Cusip: | 61770FTN6
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