New Issue: Morgan Stanley sells $1.67 million digital notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, July 13 – Morgan Stanley Finance LLC priced $1.67 million of 0% digital notes due Jan. 11, 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 level of the index is equal to or greater than 85% of the initial level, the payout at maturity will be par plus 6.3%.

Otherwise, investors will lose 1.1765% for every 1% index decline beyond 15%.

Morgan Stanley & Co. LLC is the underwriter.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$1,667,000
Maturity:	Jan. 11, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the final level of the index is equal to or greater than 85% of the initial level, par plus 6.3%; otherwise, 1.1765% loss for every 1% index decline beyond 15%
Initial index level:	4,358.13
Threshold level:	3,704.4105, 85% of initial level
Pricing date:	July 7
Settlement date:	July 14
Underwriter:	Morgan Stanley & Co. LLC
Fees:	1.11%
Cusip:	61773FDB6

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