New Issue: Morgan Stanley sells $873,000 buffered participation securities on S&P

By Kiku Steinfeld

Chicago, Dec. 29 – Morgan Stanley Finance LLC priced $873,000 of 0% buffered participation securities due Aug. 31, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus the gain, capped at 28%.

If the index falls but not by more than 20%, the payout will be par.

Otherwise, investors will lose 1% for each 1% loss 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:	Buffered participation securities
Underlying index:	S&P 500 index
Amount:	$873,000
Maturity:	Aug. 31, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If final level is greater than initial level, par plus the gain, capped at 28%; if index falls by up to 20%, par; otherwise, 1% loss for each 1% loss beyond buffer
Initial levels:	4,470.00
Buffer levels:	3,576.00, 80% of initial levels
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61773FKN2

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