New Issue: Morgan Stanley sells $538,000 buffered participation securities on Nasdaq, S&P

By William Gullotti

Buffalo, N.Y., Sept. 15 – Morgan Stanley Finance LLC priced $538,000 of 0% buffered participation securities due June 30, 2026 linked to the worst performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index up to par plus 36%.

If either index falls but not by more than 20%, the payout will be par.

Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond 20%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying index:	Dow Jones industrial average, Nasdaq-100 index and S&P 500 index
Amount:	$538,000
Maturity:	June 30, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each is greater than initial index level, par plus the gain of lesser-performing index return up to par plus 36%; if lesser-performing index falls by up to 20%, par; otherwise, 1% loss for each 1% loss lesser-performing index beyond the buffer
Initial levels:	4,280.7 for S&P, 14,345.18 for Nasdaq
Buffer levels:	3,424.56 for S&P, 11,476.144 for Nasdaq; 80% of initial levels
Pricing date:	June 25
Settlement date:	June 30
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61771V3E8

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