Published on 9/28/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 Trigger PLUS linked to ETFs
By Kiku Steinfeld
Chicago, Sept. 28 – Morgan Stanley Finance LLC priced $500,000 of 0% Trigger PLUS due March 20, 2028 linked to the SPDR Dow Jones industrial average ETF Trust, iShares Russell 2000 ETF and Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
If the return of the worst performing ETF is positive, the payout at maturity will be par plus 157.5% of the return of the worst performing ETF. Investors will receive par if the return of the worst performing ETF is negative but ends at or above the 50% trigger and will lose 1% for every 1% decline if it ends below the trigger level.
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: | Trigger PLUS
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| Underlying ETFs: | SPDR Dow Jones industrial average ETF Trust, iShares Russell 2000 ETF and Invesco QQQ Trust, Series 1
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| Amount: | $500,000
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| Maturity: | March 20, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If return of worst performing fund is positive, par plus 157.5% of the gain of the worst performing fund; par if worst performing fund declines but finishes at or above trigger level; 1% loss for every 1% decline if worst performing fund finishes below trigger level
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| Initial levels: | $319.54 for SPDR Dow Jones industrial average, $173.61 for iShares Russell 2000 ETF, $298.93 for Invesco QQQ Trust, Series 1
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| Trigger level: | $159.77 for SPDR Dow Jones industrial average, $86.805 for iShares Russell 2000 ETF, $149.465 for Invesco QQQ Trust, Series 1, 50% of initial level
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| Upside leverage: | 157.5%
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| Cap: | None
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| Pricing date: | March 15, 2023
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| Settlement date: | March 20, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774TS45
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