By Sarah Lizee
Olympia, Wash., Jan. 31 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due Feb. 2, 2026 linked to the worst performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 9.8% if each index closes at or above the its call level on any annual review date. The call level will be 95% of each index’s initial level for the first three determination dates and 100% of each index’s initial level for the remaining dates.
The payout at maturity will be par plus 58.8% if each index finishes at or above its initial level.
If either index falls by up to 25%, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500, Dow Jones industrial average and Russell 2000
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| Amount: | $1 million
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| Maturity: | Feb. 2, 2026
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus an annual premium of 9.8% if each index closes at or above the call level on any annual review date; call level will be 95% of each index’s initial level for the first three determination dates and 100% of each index’s initial level for the remaining dates
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| Payout at maturity: | Par plus 58.8% if each index finishes at or above its initial level; if either index falls by up to 25%, par; otherwise, investors will be fully exposed to the decline of the least performing index
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| Initial levels: | 3,295.47 for S&P, 28,989.73 for Dow, 1,662.232 for Russell
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| Downside thresholds: | 2,471.603 for S&P, 21,742.298 for Dow, 1,246.674 for Russell; 75% of initial levels
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61770FCY0
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