Published on 4/3/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million buffered PLUS linked to Dow, SPDR S&P 500 ETF Trust
New York, April 3 – Morgan Stanley Finance LLC priced $1 million of 0% Buffered PLUS due March 29, 2028 linked to the Dow Jones industrial average and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier return is positive, the payout at maturity will be par plus 133.25% of the laggard underlier’s return.
Investors will receive par if the laggard underlier declines by 20% or less and will lose 1% for every 1% that it declines 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: | Buffered PLUS
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Underlying assets: | Dow Jones industrial average and SPDR S&P 500 ETF Trust
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Amount: | $1 million
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Maturity: | March 29, 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 asset is positive, par plus 133.25% of that asset's return; par if worst performing asset declines by 20% or less; otherwise, 1% loss for every 1% that worst performing asset declines beyond 20%
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Initial levels: | 32,237.53 for Dow Jones industrial average, $395.75 for SPDR S&P 500
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Buffer levels: | 25,790.024 for Dow Jones industrial average, $316.60 for SPDR S&P 500 ETF Trust, 80% of initial levels
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Upside leverage: | 133.25%
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Pricing date: | March 24
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Settlement date: | March 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.65%
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Cusip: | 61774XDJ9
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