Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2 million dual directional buffered equity notes on S&P
By Wendy Van Sickle
Columbus, Ohio, May 12 – Morgan Stanley Finance LLC priced $2 million of 0% dual directional buffered equity securities due May 8, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 100% of the index return, up to 24.85%.
Investors will receive par plus absolute return of the index if it declines by no more than 20% and will lose 1.25% for each 1% decline 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 equity securities
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| Underlying index: | S&P 500 index
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| Amount: | $2 million
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| Maturity: | May 8, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If return of index is positive, par plus 100% of index return, up to 24.85%; par plus absolute return of index if it declines by no more than 20%; otherwise, lose 1% for each 1.25% decline beyond 20%
|
| Initial level: | 4,061.22
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| Buffer level: | 3,248.976, 80% of initial level
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| Pricing date: | May 8
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| Settlement date: | May 11
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.1%
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| Cusip: | 61774XH97
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