New Issue: Morgan Stanley prices $1.1 million 8.25% contingent income buffered autocalls on indexes

By Kiku Steinfeld

Chicago, Nov. 21 – Morgan Stanley Finance LLC priced $1.1 million of contingent income buffered autocallable securities due Sept. 23, 2024 linked to Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 8.25%, paid quarterly, if each underlying index closes at or above its 80% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.

The securities will be called automatically starting March 23, 2023 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.

At maturity the payout will be par unless each index declines by more than its 20% buffer in which case investors will be exposed to the decline of 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:	Contingent income buffered autocallable securities
Underlying indexes:	Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
Amount:	$1.1 million
Maturity:	Sept. 23, 2024
Coupon:	8.25%, paid quarterly, if each underlying index closes at or above its 80% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons
Price:	Par
Payout at maturity:	Par if the worst performing index gains or loses no more than its 20% buffer, otherwise investors will be exposed to the decline in the worst performing index beyond the buffer
Call:	Automatically starting March 23, 2023 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
Initial levels:	34,754.93 for Dow, 14,420.08 for Nasdaq, 2,086.143 for Russell
Buffer:	20%
Coupon barriers:	27,803.944 for Dow, 11,536.064 for Nasdaq, 1,668.914 for Russell, 80% of initial levels
Pricing date:	March 18
Settlement date:	March 23
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61773QRS0

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