New Issue: Morgan Stanley prices $451,000 6.65% fixed income buffered notes on indexes

By Kiku Steinfeld

Chicago, April 11 – Morgan Stanley Finance LLC priced $451,000 of fixed income buffered securities due Dec. 19, 2025 linked to the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 6.65%, paid quarterly.

If the worst performing index gains or declines by no more than the 15% buffer, the payout at maturity will be par. Investors will lose 1% for every 1% that the worst performing index declines beyond the buffer.

The notes are non-callable.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Fixed income buffered securities
Underlying indexes:	S&P 500 index and Russell 2000 index
Amount:	$451,000
Maturity:	Dec. 19, 2025
Coupon:	6.65%, paid quarterly
Price:	Par
Payout at maturity:	If worst performing index finishes at or above its buffer, par; 1% loss for every 1% that worst performing index declines beyond its buffer level
Initial levels:	1,763.420 for Russell, 3,852.36 for S&P
Buffer levels:	1,498.907 for Russell, 3,274.506 for S&P, 85% of initial levels
Call:	Non-callable
Pricing date:	Dec. 16
Settlement date:	Dec. 21
Agent:	Morgan Stanley & Co. LLC
Fees:	2.5%
Cusip:	61774TBC5

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