New Issue: Morgan Stanley prices $2 million 12.9% worst-of fixed coupon RevCons on three stocks

By Wendy Van Sickle

Columbus, Ohio, March 8 – Morgan Stanley Finance LLC priced $2 million of 12.9% worst-of fixed coupon RevCons due March 7, 2024 linked to the worst performing of the stocks of JPMorgan Chase & Co., Advanced Micro Devices, Inc. and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Interest is payable monthly.

If each stock finishes at or above the 60% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Worst-of fixed coupon RevCons
Underlying stocks:	JPMorgan Chase & Co., Advanced Micro Devices, Inc., Home Depot, Inc.
Amount:	$2 million
Maturity:	March 7, 2024
Coupon:	12.9%, payable monthly
Price:	Par
Payout at maturity:	If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level
Initial share prices:	$139.28 for JPMorgan, $118.28 for Advanced Micro, $327.37 for Home Depot
Downside thresholds:	$83.568 for JPMorgan, $70.968 for Advanced Micro, $196.422 for Home Depot; 60% of initial levels
Pricing date:	March 3
Settlement date:	March 8
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61773QLR8

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