New Issue: Morgan Stanley prices $250,000 trigger PLUS linked to stocks

By Kiku Steinfeld

Chicago, Oct. 24 – Morgan Stanley Finance LLC priced $250,000 of 0% trigger PLUS due April 2, 2026 linked to the worst performing of Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing stock is positive, the payout at maturity will be par plus 200% of the return of the worst performing stock. Investors will receive par if the return of the worst performing stock is negative but ends at or above the 70% trigger and will lose 1% for every 1% decline if it ends below the trigger level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger PLUS
Underlying stocks:	Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co.
Amount:	$250,000
Maturity:	April 2, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing stock is positive, par plus 200% of the gain of the worst performing stock; par if worst performing stock declines but finishes at or above trigger level; 1% loss for every 1% decline if worst performing stock finishes below trigger level
Initial levels:	$28.12 for Bank of America, $45.22 for Citigroup, $128.88 for JPMorgan Chase
Trigger levels:	$19.684 for Bank of America, $31.654 for Citigroup, $90.216 for JPMorgan Chase, 70% of initial levels
Upside leverage:	200%
Cap:	None
Pricing date:	March 28, 2023
Settlement date:	March 31, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.5%
Cusip:	61774XEP4

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