New Issue: Morgan Stanley prices $1.09 million callable contingent income securities on indexes

By Kiku Steinfeld

Chicago, Nov. 29 – Morgan Stanley Finance LLC sold $1.09 million of callable contingent income securities due Feb. 16, 2024 tied to the worst performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at the rate of 7.5% per year if each index closes at or above its coupon threshold level, 80% of its initial level, on the related determination date, in which case any previously unpaid coupons will also be paid.

The notes will be callable at par plus any coupon due on any quarterly observation date after six months.

If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Callable contingent income securities
Underlying indexes:	Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
Amount:	$1.09 million
Maturity:	Feb. 16, 2024
Coupon:	7.5% per year, payable monthly if each index closes at or above its coupon threshold level on the related determination date, in which case any previously unpaid coupons will also be paid
Price:	Par
Payout at maturity:	Par if each index finishes at or above downside threshold; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
Call option:	At par plus any coupon due on any quarterly observation date after six months
Initial levels:	35,515.38 for Dow, 15,136.68 for Nasdaq, 2,223.108 for Russell
Coupon threshold levels:	28,412.304 for Dow, 12,109.344 for Nasdaq, 1,778.486 for Russell; 80% of initial levels
Downside threshold levels:	24,860.766 for Dow, 10,595.676 for Nasdaq, 1,556.176 for Russell; 70% of initial levels
Pricing date:	Aug. 13
Settlement date:	Aug. 18
Agent:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61773FQQ9

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