New Issue: Morgan Stanley sells $2.35 million buffered participation securities on S&P, Nasdaq

By William Gullotti

Buffalo, N.Y., March 28 – Morgan Stanley Finance LLC priced $2.35 million of 0% buffered participation securities due April 30, 2026 linked to the worst performing of the S&P 500 index and the Nasdaq-100 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, capped at $1,380 per security.

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

Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index beyond the buffer.

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 indexes:	S&P 500 index, Nasdaq-100 index
Amount:	$2,354,000
Maturity:	April 30, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each index is greater than initial level, par plus the gain of lesser-performing index, capped at $1,380 per security; if lesser-performing index falls by up to 20%, par; otherwise, 1% loss for each 1% loss of the lesser-performing index beyond buffer
Initial levels:	4,186.72 for S&P, 13,960.28 for Nasdaq
Buffer levels:	3,349.376 for S&P, 11,168.224 for Nasdaq; 80% of initial levels
Pricing date:	April 27, 2021
Settlement date:	April 30, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61771VPR5

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