Published on 4/28/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $13.8 million trigger PLUS linked to basket of indexes
By Wendy Van Sickle
Columbus, Ohio, April 28 – Morgan Stanley Finance LLC priced $13.8 million of 0% trigger Performance Leveraged Upside Securities due April 26, 2028 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Russell 2000 index with a 50% weight and the S&P MidCap 400 index with a 50% weight.
The notes are guaranteed by Morgan Stanley.
If the final index level is greater than or equal to the initial level, the payout at maturity will be par plus 150% of the basket return up to par plus 89%. If the basket declines by 10% or less, the payout will be par. If the basket declines by more than 10%, investors will lose 1% for every 1% that the basket declines from its initial level.
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 Performance Leveraged Upside Securities
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| Underlying assets: | Russell 2000 index (50% weight), S&P MidCap 400 index (50% weight)
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| Amount: | $13.8 million
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| Maturity: | April 26, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final basket level is greater than initial level, par plus 150% of basket return, capped at par plus 89%; if final basket level is less than initial basket level but greater than or equal to trigger level, par; if final basket level is less than trigger level, 1% loss for every 1% that basket declines from initial level
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| Initial levels: | 1,791.506 for Russell, 2,498.83 for S&P,
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| Trigger level: | 90% of initial level
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| Pricing date: | April 21
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| Settlement date: | April 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61774XSE4
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