New Issue: Morgan Stanley prices $20.11 million trigger callable contingent yield notes on indexes

By Wendy Van Sickle

Columbus, Ohio, April 28 – Morgan Stanley Finance LLC priced $20.11 million of trigger callable contingent yield notes with daily coupon observation due May 1, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will pay a contingent quarterly coupon at an annual rate of 12.5% if each index closes at or above its coupon barrier level, 70% of its initial level, every day that quarter.

The notes will be callable at par of $10 plus any coupon otherwise due on any quarterly observation date other than the final one.

If the notes are not called, the payout at maturity will be par plus the final coupon, if any, unless any index finishes below its downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the least-performing index from its initial level.

UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger callable contingent yield notes with daily coupon observation
Underlying indexes:	Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
Amount:	$20,105,000
Maturity:	May 1, 2024
Coupon:	12.5% per year, payable quarterly if each index closes at or above its barrier level every day that quarter
Price:	Par of $10
Payout at maturity:	Par plus final coupon, if any, unless any index finishes below downside threshold, par; otherwise, 1% loss for every 1% decline of worst performing index from initial level
Call option:	At par plus any coupon due on any quarterly observation date other than final one
Initial levels:	13,533.22 for Nasdaq, 2,077.983 for Russell, 34,049.46 for Dow
Coupon barrier levels:	9,473.25 for Nasdaq, 1,367.942 for Russell, 23,834.62 for Dow; 70% of initial levels
Downside thresholds:	8,119.93 for Nasdaq, 1,172.522 for Russell, 20,429.68 for Dow; 60% of initial levels
Pricing date:	April 25
Settlement date:	April 28
Agents:	UBS Financial Services Inc. and Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61773Y623

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