By William Gullotti
Buffalo, N.Y., April 26 – Morgan Stanley Finance LLC priced $2.26 million of 0% Performance Leveraged Upside Securities due May 25, 2023 linked to the Invesco DB Agriculture Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The payout at maturity will be par plus 150% of any ETF gain, up to a maximum payout of par plus 21.5%.
Investors will be fully exposed to any ETF decline.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Performance Leveraged Upside Securities
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| Underlying fund: | Invesco DB Agriculture Fund
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| Amount: | $2.26 million
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| Maturity: | May 25, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If ETF return is positive, par plus 150% of ETF return capped at 21.5%; 1% loss for every 1% that final ETF level is less than initial level
|
| Initial level: | $22.65
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| Pricing date: | April 20
|
| Settlement date: | April 25
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61773QN54
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