New Issue: Morgan Stanley prices $12 million callable fixed-income notes on indexes

By Wendy Van Sickle

Columbus, Ohio, April 20 – Morgan Stanley Finance LLC priced $12 million of 9.75% callable fixed-income securities due April 18, 2022 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The coupon is payable monthly.

After six months, the notes are callable quarterly at par plus the coupon.

If the notes are not called and each index finishes at or above its 70% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Callable fixed-income securities
Underlying indexes:	Nasdaq-100 index, Russell 2000 and S&P 500
Amount:	$12 million
Maturity:	April 18, 2022
Coupon:	9.75% per year, payable monthly
Price:	Par
Payout at maturity:	If each index finishes at or above trigger level, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
Call option:	After six months, quarterly at par plus the coupon
Initial levels:	2,234.474 for Russell, 4,128.8 for S&P, 13,845.05 for Nasdaq
Trigger levels:	1,570.432 for Russell, 2,890.16 for S&P and 9,691.535 for Nasdaq; 70% of initial levels
Pricing date:	April 9
Settlement date:	April 14
Agent:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61771VGJ3

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