New Issue: Morgan Stanley sells $1.29 million dual directional participation notes on indexes

By Kiku Steinfeld

Chicago, July 7 – Morgan Stanley Finance LLC priced $1.29 million of 0% dual directional buffered participation securities due June 27, 2023 linked to the Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

They payout at maturity will be par plus any gain of worst performing index, capped at 28%.

Investors will receive par plus the absolute return of the worst performing index if it declines by no more than the 10% buffer. Otherwise, investors will be exposed to any decline in the worst performing index beyond its buffer level.

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:	Nasdaq-100 index and Russell 2000 index
Amount:	$1,294,000
Maturity:	June 27, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain of worst performing index, capped at 28%; par plus absolute return of worst performer if it declines by no more than buffer level; otherwise, exposure to loss of worst performing index beyond buffer
Initial levels:	16,180.14 for Nasdaq, 2,221.903 for Russell
Buffer levels:	14,562.126 for Nasdaq, 1,999.713 for Russell; 90% of initial levels
Cap:	28%
Absolute return:	100%
Buffer:	10%
Pricing date:	Dec. 22
Settlement date:	Dec. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	0.375%
Cusip:	61773HLX5

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