New Issue: Morgan Stanley sells $250,000 dual directional buffered participation notes on indexes

By Kiku Steinfeld

Chicago, March 7 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional buffered participation securities due Feb. 15, 2023 linked to the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing index is positive, the payout at maturity will be par plus the return of the worst performing index, subject to a maximum return of par plus 14.75%.

Investors will receive par plus the absolute return of the worst performing index if it declines but by no more than the 10% buffer and will be exposed to any decline in the worst 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 indexes:	S&P 500 index and Russell 2000 index
Amount:	$250,000
Maturity:	Feb. 15, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus that index's return, subject to a maximum return of par plus 14.75%; par plus the absolute return of worst performing index if it declines but by no more than 10%; exposure to loss of worst performing index beyond buffer
Initial levels:	2,227.546 for Russell, 4,458.58 for S&P
Buffers:	2,004.791 for Russell, 4,012.722 for S&P; 90% of initial levels
Pricing date:	Sept. 10, 2021
Settlement date:	Sept. 15, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61773FA86

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