New Issue: Morgan Stanley prices $1.21 million contingent income autocalls on three stocks

Chicago, Dec. 9 – Morgan Stanley Finance LLC priced $1.21 million of contingent income autocallable securities due Nov. 26, 2024 linked to the worst performing of the common stocks of Sarepta Therapeutics, Inc., Western Digital Corp. and Kohl’s Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If each stock closes at or above its downside threshold level, 55% of its initial share price, on a monthly observation date, the notes will pay a contingent coupon that month at an annualized rate of 20%.

Beginning Feb. 21, 2020, the notes will be called at par plus the contingent coupon if each stock closes at or above its 86% redemption level on any monthly determination date.

If each stock’s final share price is greater than or equal to its 50% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the lesser-performing stock declines from its initial share price.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income autocallable securities
Underlying stocks:	Sarepta Therapeutics, Inc., Western Digital Corp. and Kohl’s Corp.
Amount:	$1,206,000
Maturity:	Nov. 26, 2024
Coupon:	20% per year, payable monthly if each stock closes at or above coupon threshold level on observation date for that month; includes previously unpaid coupons
Price:	Par
Payout at maturity:	If each stock’s final share price is greater than or equal to downside threshold level, par plus final contingent coupon and previously unpaid coupons; otherwise, 1% loss for every 1% that least-performing stock declines from initial share price
Call:	Beginning Feb. 21, 2020, at par plus contingent monthly coupon if each stock closes at or above its 86% redemption level on any monthly determination date; coupon includes previously unpaid coupons
Initial share prices:	$104.17 for Sarepta, $47.84 for Western Digital, $47.09 for Kohl’s
Redemption levels:	$89.586 for Sarepta, $41.142 for Western Digital, $40.497 for Kohl’s; 86% of initial levels
Coupon levels:	$57.294 for Sarepta, $26.312 for Western Digital, $25.900 for Kohl’s; 55% of initial share price
Downside thresholds:	$52.085 for Sarepta, $23.92 for Western Digital, $23.545 for Kohl’s; 50% of initial share price
Pricing date:	Nov. 21
Settlement date:	Nov. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61769HP90

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