New Issue: Morgan Stanley prices $1 million trigger PLUS linked to S&P, Russell

By Devika Patel

Knoxville, Tenn., Dec. 26 – Morgan Stanley Finance LLC priced $1 million of 0% trigger Performance Leveraged Upside Securities due Dec. 26, 2023 linked to the worst 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 are guaranteed by Morgan Stanley.

If each index finishes above its initial level, the payout at maturity will be par plus double any gain of the worst performing index.

If either index falls by up to the 70% trigger level, the payout will be par.

Otherwise, investors will be fully exposed to any losses of the worst performing index.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$1 million
Maturity:	Dec. 26, 2023
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If worst-performing index gains, par plus double the return of the worst performing index; if either index falls by up to 30%, par; otherwise, full exposure to any losses of worst performing index
Initial level:	2,467.42 for S&P, 1,326.002 for Russell
Trigger level:	1,727.194 for S&P, 928.201 for Russell; 70% of initial level
Pricing date:	Dec. 20
Settlement date:	Dec. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	0.5%
Cusip:	61768DUS2

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