New Issue: Morgan Stanley prices $500,000 dual directional buffered PLUS tied to indexes

By Wendy Van Sickle

Columbus, Ohio, July 10 – Morgan Stanley priced $500,000 of 0% dual directional buffered Performance Leveraged Upside Securities due June 30, 2022 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.

If each index finishes above the initial level, the payout at maturity will be par plus 140% of the gain of the laggard index.

If either index falls but not by more than 25% of its initial level, the payout will be par plus the absolute value of the return.

Otherwise, investors will be exposed to any losses beyond the 25% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional buffered Performance Leveraged Upside Securities
Underlying index:	S&P 500, Russell 2000
Amount:	$500,000
Maturity:	June 30, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each is greater than initial index level, par plus 140% of lesser-performing index return; if lesser-performing index falls by up to 25% buffer level, par plus absolute value of lesser-performing index return; otherwise, exposure to loss of lesser-performing index beyond 25%
Initial index levels:	2,419.38 for S&P, 1,403.522 for Russell
Pricing date:	June 27
Settlement date:	June 30
Agent:	Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
Fees:	4%
Cusip:	61768CKD8

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