New Issue: Morgan Stanley prices $450,000 buffered participation securities linked to S&P, Dow

By Kiku Steinfeld

Chicago, Dec. 12 – Morgan Stanley Finance LLC priced $450,000 of 0% Buffered participation securities due April 13, 2027 linked to the S&P 500 index and Dow Jones industrial average index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing index is positive, the payout at maturity will be par plus 102% of the return of that index. Investors will receive par if the worst performing index declines by 20% or less and will lose 1% for every 1% that the worst performing index declines 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 indexes:	S&P 500 index and Dow Jones industrial average index
Amount:	$450,000
Maturity:	April 13, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus 102% of that index's return; par if worst performing index declines by 20% or less; 1% loss for every 1% that worst performing index declines beyond 20%
Initial levels:	34,721.12 for Dow, 4,488.28 for S&P
Buffer:	20%
Buffer level:	27,776.896 for Dow, 3,590.624 for S&P, 80% of initial level
Upside leverage:	102%
Cap:	None
Pricing date:	April 8
Settlement date:	April 13
Agent:	Morgan Stanley & Co. LLC
Fees:	3.75%
Cusip:	61773QD63

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