New Issue: Morgan Stanley sells $2.23 million market-linked leveraged upside participation notes

By William Gullotti

Buffalo, N.Y., March 7 – Morgan Stanley Finance LLC priced $2.23 million of 0% market-linked securities – leveraged upside participation and contingent downside due March 3, 2028 linked to the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes positive, the payout at maturity will be par plus 156% of the least-performing index’s return.

Investors will receive par if the least-performing index falls by up to 25%.

If the worst performer falls below 25%, investors will be fully exposed to the decline of that index from its initial level.

Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked securities – leveraged upside participation and contingent downside
Underlying indexes:	Dow Jones industrial average
Amount:	$2,232,000
Maturity:	March 3, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 156% of any gain in least-performing index; par if laggard index falls by up to 25%; otherwise, full exposure to decline of worst performer from initial level
Initial levels:	33,892.6 for Dow, 2,048.089 for Russell, 4,373.94 for S&P
Threshold levels:	25,419.45 for Dow, 1,536.06675 for Russell, 3,280.455 for S&P; 75% of initial levels
Pricing date:	Feb. 28
Settlement date:	March 3
Agents:	Wells Fargo Securities LLC and Morgan Stanley & Co. LLC
Fees:	3.82%
Cusip:	61773H2M0

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