New Issue: Morgan Stanley prices $254,000 Buffered PLUS linked to indexes

By Kiku Steinfeld

Chicago, April 1 – Morgan Stanley Finance LLC priced $254,000 of 0% Buffered PLUS due July 3, 2025 linked to the Dow Jones industrial average, S&P 500 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 200% of the worst performing index return subject to a maximum return of par plus 27%. Investors will receive par if the worst performing index declines by 20% or less and will lose 1% for every 1% that it declines beyond 20%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered PLUS
Underlying indexes:	Dow Jones industrial average, S&P 500 index and Russell 2000 index
Amount:	$254,000
Maturity:	July 3, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If worst performing index gains, par plus 200% of worst performing index return subject to a maximum return of par plus 27%; par if worst performing index declines by 20% or less; 1% loss for every 1% that worst performing index declines beyond 20%
Initial levels:	34,407.60 for Dow Jones industrial average, 1,888.734 for Russell 2000, 4,450.38 for S&P 500
Buffer:	20%
Buffer level:	27,526.08 for Dow Jones industrial average, 1,510.987 for Russell 2000 index, 3,560.304 for S&P 500 index, 80% of initial level
Upside leverage:	200%
Cap:	27%
Pricing date:	June 30, 2023
Settlement date:	July 6, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.5%
Cusip:	61774X4H3

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