New Issue: Morgan Stanley sells $2 million digital index-linked notes on S&P 500

By William Gullotti

Buffalo, N.Y., Oct. 28 – Morgan Stanley Finance LLC priced $2 million of 0% digital notes due Oct. 2, 2023 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 index return is greater than or equal to 67.4% of the initial level, the payout at maturity will be par plus 5%.

Otherwise, investors will lose 1.4837% for every 1% that the index declines beyond 32.6%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$2 million
Maturity:	Oct. 2, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is greater than or equal to 67.4% of the initial level, $1,050 per $1,000 principal amount of notes; otherwise, investors will lose 1.4837% for every 1% that the index declines beyond 32.6%
Initial index level:	4,352.63
Threshold level:	2,933.67262; 67.4% of initial level
Strike date:	Sept. 28
Pricing date:	Sept. 30
Settlement date:	Oct. 7
Agent:	Morgan Stanley & Co. LLC
Fees:	1.33%
Cusip:	61773F3N1

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