New Issue: Morgan Stanley sells $4.31 million digital notes linked to S&P 500

By Taylor Fox

New York, Dec. 21 – Morgan Stanley Finance LLC priced $4.31 million of 0% digital notes due Oct. 12, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the final index level is greater than or equal to 87.5% of the initial level, the payout at maturity will be $1,121.60 per $1,000 of notes.

Otherwise, investors will lose 1.1429% for every 1% that the index declines beyond 12.5%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$4,308,000
Maturity:	Oct. 12, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If the final index level is greater than or equal to 87.5% of initial level, $1,121.60 per $1,000 of notes; otherwise, 1.1429% loss for every 1% that the index declines beyond 12.5%
Initial index level:	3,701.17
Threshold level:	3,238.52375, 87.5% of initial level
Pricing date:	Dec. 16
Settlement date:	Dec. 23
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61771EUL0

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