By Kiku Steinfeld
Chicago, Aug. 21 – Morgan Stanley Finance LLC priced $260,000 of 0% dual directional buffered PLUS due March 28, 2024 linked to SPDR Gold Trust and iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the least performing fund gains, the payout will be par plus 500% of the lowest fund return subject to a maximum return of par plus 13%.
The payout will be par plus half of the absolute value of the lowest fund return if the least performing fund declines but by no more than the 17% buffer.
Investors will lose 1% for every 1% that the least performing fund declines beyond the buffer.
The securities are non-callable.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered PLUS
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| Underlying funds: | SPDR Gold Trust and iShares Silver Trust
|
| Amount: | $260,000
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| Maturity: | March 28, 2024
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each fund gains, par plus 500% of lowest fund return subject to a maximum return of par plus 13%; par plus half absolute value of lowest fund return if that fund declines but by no more than the 17% buffer; 1% loss for every 1% that least performing fund declines beyond buffer
|
| Upside leverage: | 500%
|
| Cap: | 13%
|
| Buffer levels: | $19.09 for gold $15.845 for silver, 83% of initial levels
|
| Call: | Non-callable
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| Initial levels: | $168.35 for gold, $19.09 for silver
|
| Pricing date: | Feb. 24, 2023
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| Settlement date: | March 1, 2023
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61774TJ45
|
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