Published on 1/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $922,000 dual directional buffered PLUS on S&P, Russell
By Sarah Lizee
Olympia, Wash., Jan. 2 – Morgan Stanley Finance LLC priced $922,000 of 0% dual directional buffered Performance Leveraged Upside Securities due June 23, 2022 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above its initial level, the payout at maturity will be par plus 1.25 times the gain of the lesser performing index, capped at par plus 19%.
If either index falls but neither falls by more than 15%, the payout will be par plus the absolute value of the return of the lesser performing index.
Otherwise, investors will be exposed to any decline in the lesser performing index beyond the 15% buffer.
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 Performance Leveraged Upside Securities
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $922,000
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Maturity: | June 23, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index gains, par plus 1.25 times the lesser-performing index return capped at par plus 19%; if lesser-performing index falls by up to 15%, par plus absolute value of the return of that index; otherwise, exposure to any decline of lesser-performing index beyond 15%
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Initial levels: | 3,221.22 for S&P, 1,671.902 for Russell
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Buffer levels: | 85% of initial levels
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Pricing date: | Dec. 20
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Settlement date: | Dec. 26
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.6%
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Cusip: | 61769H3K9
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