New Issue: Morgan Stanley prices $1.2 million trigger PLUS with no cap tied to indexes

By Wendy Van Sickle

Columbus, Ohio, Feb. 28 – Morgan Stanley Finance LLC plans to price 0% trigger Performance Leveraged Upside Securities due Aug. 29, 2025 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If each index finishes at or above its initial level, the payout at maturity will be par of $10 plus 203.67% of return of the worse performing index.

Investors will receive par if the lower performing index falls by no more than 50% and will be fully exposed to any losses of the worse performing index if either index finishes below its 50% trigger level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying index:	S&P 500, Russell
Amount:	$1.2 million
Maturity:	Aug. 29, 2025
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	If final level of each is greater than initial index level, par plus 203.67% of lesser-performing index return; if lesser-performing index falls by up to trigger level, par; otherwise, full exposure to loss of lesser-performing index
Initial index levels:	2,363.81 for S&P, 1,394.623 for Russell
Trigger levels:	1,181.905 for S&P, 697.312 for Russell, 50% of initial levels
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	5%
Cusip:	61768CEY9

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