New Issue: Morgan Stanley sells $2 million accelerated return notes tied to S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, Aug. 16 – Morgan Stanley Finance LLC priced $2 million of 0% accelerated return securities due June 22 2022 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If each index finishes above its strike value, 94% of its initial level, the payout at maturity will be par plus 205% of the worst performing index’s gain above its strike value. If either index falls by more than 6% but not by more than 16%, the payout will be par.

Investors will have 1-to-1 exposure to any loss of the lesser-performing index beyond 16%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Accelerated return securities
Underlying indexes:	S&P 500, Russell 2000
Amount:	$2 million
Maturity:	June 22, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes above strike level, par plus 205% of the return of the lesser-performing index above strike value; if either index falls below the strike value, but not below the buffer level, par; 1% loss for each 1% decline of lesser-performing index beyond buffer level
Initial levels:	2,441.32 for S&P, 1,374.231 for Russell
Strike levels:	2,294.841 for S&P, 1,291.777 for Russell, 94% of initial level
Buffer levels:	2,050.709 for S&P, 1,154.354 for Russell, 84% of initial level
Pricing date:	Aug. 11
Settlement date:	Aug. 16
Agent:	Morgan Stanley & Co. LLC
Fees:	1.5%
Cusip:	61768CPC5

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