New Issue: Morgan Stanley sells $954,000 dual directional buffered PLUS on S&P, Russell

By Marisa Wong

Morgantown, W.Va., April 25 – Morgan Stanley priced $954,000 of 0% dual directional buffered Performance Leveraged Upside Securities due April 1, 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 its initial level, the payout at maturity will be par plus 150% of the gain of the lesser performing index.

If either index falls but neither falls by more than 20%, the payout will be par plus the absolute value of the return of the lesser performing index.

Otherwise, investors will be exposed to any decline in the lesser performing index beyond the 20% 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 indexes:	S&P 500, Russell 2000
Amount:	$954,000
Maturity:	April 1, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 150% of lesser-performing index return; if lesser-performing index falls by up to 20%, par plus absolute value of that index’s return; otherwise, exposure to any decline of lesser-performing index beyond 20%
Initial levels:	2,834.40 for S&P, 1,539.739 for Russell
Pricing date:	March 29
Settlement date:	April 3
Agent:	Morgan Stanley & Co. LLC
Fees:	0.85%
Cusip:	61768DY82

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