New Issue: Morgan Stanley sells $258,000 dual directional buffered participation notes on indexes

By Wendy Van Sickle

Columbus, Ohio, March 9 – Morgan Stanley Finance LLC priced $258,000 of 0% dual directional buffered participation securities due Aug. 31, 2023 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index.

If either index falls but not by more than 19%, the payout will be par plus 0.5 times the absolute value of the return of the laggard index.

Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional buffered participation securities
Underlying index:	S&P 500, Russell 2000
Amount:	$258,000
Maturity:	Aug. 31, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each is greater than initial index level, par plus the gain of lesser-performing index return; if lesser-performing index falls by up to 19%, par plus 0.5 times absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss lesser-performing index beyond 19%
Initial levels:	2,954.22 for S&P and 1,476.431 for Russell
Buffer levels:	2,392.918 for S&P and 1,195.909 for Russell; 81% of initial levels
Pricing date:	Feb. 28
Settlement date:	March 4
Agent:	Morgan Stanley & Co. LLC
Fees:	0.5%
Cusip:	61770FLD6

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