By Sarah Lizee
Olympia, Wash., May 29 – Morgan Stanley Finance LLC priced $1 million of 0% buffered jump securities with autocallable feature due May 29, 2026 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.
The notes are guaranteed by Morgan Stanley.
The notes will be automatically called at par plus a premium on any annual call date if each index closes at or above its call level. The premium will be 6.7% per year. The call level for each index will be 102% of its initial level for the first call date and step up by 2% on each following call date.
If each index finishes at or above its initial level, the payout at maturity will be par plus the return of the least performing index.
If either index falls by up to 20%, the payout will be par.
Otherwise, investors will lose 1% for every 1% that the lesser-performing underlying index declines beyond 20%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Buffered jump securities with autocallable feature
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1 million
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| Maturity: | May 29, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above its initial level, par plus return of lesser performing index; if either index falls by up to 20%, par; 1% loss for every 1% that the lesser-performing underlying index declines beyond 20%
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| Call: | Automatically called at par on any annual call date if each index closes at or above its call level; premium will be 6.7% per year; call level for each index will be 102% of its initial level for the first call date and step up by 2% on each following call date
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| Initial levels: | 2,991.77 for S&P, 1,393.074 for Russell
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| Buffer levels: | 2,393.416 for S&P, 1,184.113 for Russell, 80% of initial levels
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| Pricing date: | May 26
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| Settlement date: | May 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.25%
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| Cusip: | 61771BDP6
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