New Issue: Morgan Stanley prices $6.46 million dual directional buffered notes on indexes

By Kiku Steinfeld

Chicago, Oct. 30 – Morgan Stanley Finance LLC priced $6.46 million of 0% dual directional buffered participation securities due April 3, 2025 linked to the S&P 500 index, Nasdaq-100 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 100% of the return of the worst performing index.

Investors will receive par plus 100% of absolute return of the worst performing index if it declines but by no more than the 20% 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, Nasdaq-100 index and Russell 2000 index
Amount:	$6,463,000
Maturity:	April 3, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus 100% of that index's return; par plus 100% of absolute return of worst performing index if it declines but by no more than 20%; exposure to loss of worst performing index beyond buffer
Initial levels:	13,181.35 for Nasdaq, 1,802.484 for Russell, 4,109.31 for S&P
Upside leverage:	100%
Cap:	None
Absolute return:	100%
Buffer:	20%
Pricing date:	March 31, 2023
Settlement date:	April 5, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.65%
Cusip:	61774XEN9

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