New Issue: Morgan Stanley sells $15 million 9.65% trigger callable yield notes on S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, March 17 – Morgan Stanley Finance LLC priced $15 million of 9.65% trigger callable yield notes due June 13, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable at par on any coupon payment date after three months.

The payout at maturity will be par unless the least-performing index finishes below its 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.

The notes are guaranteed by Morgan Stanley.

UBS Financial Services Inc. and Morgan Stanley & Co. Inc. are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger callable yield notes
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$15 million
Maturity:	June 13, 2024
Coupon:	9.65% per year, payable monthly
Price:	Par of $10
Payout at maturity:	Par unless least-performing index finishes below downside threshold, in which case 1% loss for each 1% decline of least-performing index from its initial level
Call option:	At par on any monthly coupon date after three months
Initial levels:	3,861.59 for S&P, 1,772.702 for Russell
Downside thresholds:	2,703.11 for S&P, 1,240.891 for Russell; 70% of initial levels
Pricing date:	March 10
Settlement date:	March 13
Agents:	UBS Financial Services Inc. and Morgan Stanley & Co. Inc.
Fees:	1%
Cusip:	61774U752

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