Published on 2/16/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.5 million dual directional buffered securities on two indexes
By William Gullotti
Buffalo, N.Y., Feb. 16 – Morgan Stanley Finance LLC priced $2.5 million of 0% dual directional buffered participation securities with downside factor due Feb. 13, 2025 linked to the performance 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 at or above the initial level, the payout at maturity will be par plus 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 1.25% 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 with downside factor
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $2.5 million
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| Maturity: | Feb. 13, 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 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, 1.25% loss for each 1% loss of the worst performing index beyond 20%
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| Initial levels: | 1,918.814 for Russell, 4,090.46 for S&P
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| Buffer levels: | 1,535.051 for Russell, 3,272.368 for S&P; 80% of initial levels
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 15
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 0.45%
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| Cusip: | 61774TD82
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