Published on 11/22/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $452,000 dual directional buffered securities on three indexes
By William Gullotti
Buffalo, N.Y., Nov. 22 – Morgan Stanley Finance LLC priced $452,000 of 0% dual directional buffered participation securities due Nov. 12, 2025 linked to the worse performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above the initial level, the payout at maturity will be par plus 1.02 times the gain of the laggard index.
If either index falls but not by more than 20%, the payout will be par plus the absolute value of the return of the laggard index.
Otherwise, investors will lose 1% for each 1% loss of the worst performing index beyond 20%.
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 index: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $452,000
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| Maturity: | Nov. 12, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each is greater than initial index level, par plus 1.02 times of lesser-performing index return; if lesser-performing index falls by up to 80% buffer level, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss of the worst performing index beyond 20%
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| Initial levels: | 35,208.51 for Dow, 2,247.761 for Russell, 15,109.36 for Nasdaq
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| Buffer levels: | 28,166.808 for Dow, 1,798.209 for Russell, 12,087.488 for Nasdaq; 80% of initial levels
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| Pricing date: | Aug. 6
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| Settlement date: | Aug. 11
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 0.75%
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| Cusip: | 61773FME0
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