New Issue: Morgan Stanley sells $1.98 million of trigger PLUS linked to Dow, Russell

By Devika Patel

Knoxville, Tenn., Jan. 2 – Morgan Stanley Finance LLC priced $1.98 million of 0% trigger Performance Leveraged Upside Securities due Dec. 26, 2024 linked to the worst performing of the Dow Jones Industrial Average 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 quadruple any gain of the worst performing index, subject to a maximum payout of $1,520 per $1,000 of notes.

If either index falls but each remains at or above the 60% 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:	Dow Jones Industrial Average and Russell 2000
Amount:	$1,983,000
Maturity:	Dec. 26, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If worst-performing index gains, par plus 400% of the return of the worst performing index, capped at 52%; if either index falls by up to 40%, par; otherwise, full exposure to any losses of worst performing index
Initial level:	28,455.09 for Dow, 1,671.902 for Russell
Trigger level:	17,073.054 for Dow, 1,003.141 for Russell; 60% of initial level
Pricing date:	Dec. 20
Settlement date:	Dec. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61769HX26

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