New Issue: Morgan Stanley prices $3.07 million contingent income notes on Russell, Euro Stoxx

By Marisa Wong

Madison, Wis., Dec. 3 - Morgan Stanley priced $3.07 million of contingent income participation securities due Dec. 4, 2023 linked to the worse performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent coupon of 5.55% per year if the closing level of each index is at or above its respective coupon barrier level, 65% of its initial level, on the related observation date for that month. Otherwise, no coupon will be paid that month.

If the final level of each index is greater than or equal to its initial level, the payout will be par plus the index return of the worse performing index and the final monthly coupon.

If the final level of each index is greater than or equal to its 50% downside threshold level, the payout will be par plus the final monthly coupon, if any.

Otherwise, investors will be fully exposed to the decline of the worse performing index from its initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Contingent income participation securities
Underlying indexes:	Russell 2000, Euro Stoxx 50
Amount:	$3.07 million
Maturity:	Dec. 4, 2023
Coupon:	Contingent coupon of 5.55% per year if closing level of each index is at or above barrier level on related observation date for that month; otherwise, no coupon will be paid that month
Price:	Par
Payout at maturity:	If final level of each index is greater than or equal to its initial level, par plus return of worse performing index and final monthly coupon; if final level of each index is greater than or equal to its downside threshold level, par plus final monthly coupon, if any; otherwise, full exposure to decline of worse performing index from its initial level
Initial index levels:	1,141.33 for Russell, 3,082.65 for Euro Stoxx
Barrier levels:	741.865 for Russell, 2,003.723 for Euro Stoxx; 65% of initial levels
Downside thresholds:	570.665 for Russell, 1,541.325 for Euro Stoxx; 50% of initial levels
Pricing date:	Nov. 27
Settlement date:	Dec. 3
Agent:	Morgan Stanley & Co. LLC
Fees:	2%
Cusip:	61761JNJ4

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