New Issue: Morgan Stanley sells $15.99 million of leveraged buffered notes on S&P

Chicago, Jan. 4 – Morgan Stanley Finance LLC priced $15.99 million of 0% leveraged buffered notes due April 15, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is positive, the payout at maturity will be par plus 1.8 times the index return, subject to a maximum settlement amount of $1,335.70 per $1,000 of notes. Investors will receive par if the index declines by 15% or less and will lose 1.1765% for every 1% the index declines beyond 15%.

Morgan Stanley & Co. LLC is the agent with Bank Of New York Mellon as the trustee.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Leveraged buffered notes
Underlying index:	S&P 500
Amount:	$15,992,000
Maturity:	April 15, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 1.8 times any index gain, capped at $1,335.70 per $1,000 of notes; par if index falls by up to 15%; 1.1765% loss for every 1% drop beyond 15%
Initial level:	2,650.54
Buffer level:	2,252.959, 85% of initial level
Pricing date:	Dec. 13
Settlement date:	Dec. 20
Agent:	Morgan Stanley & Co. LLC
Trustee:	Bank Of New York Mellon
Fees:	None
Cusip:	61768DUD5

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