New Issue: Morgan Stanley prices $2 million buffered securities tied to S&P 500

By William Gullotti

Buffalo, N.Y., Dec. 14 – Morgan Stanley Finance LLC priced $2 million 0% buffered securities due Oct. 4, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

The final index level finishes above the initial index level, investors will receive par plus 3.165 times the return of the index, capped at par plus 82.29%.

If the final index level is at least equal to the 85% buffer level, the payout will be par. Investors will lose 1% for every 1% that the index declines beyond the 15% buffer level.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley Finance LLC
Issue:	Buffered securities
Underlying index:	S&P 500
Amount:	$2 million
Maturity:	Oct. 4, 2028
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above initial level, par plus 3.165 times return of index, capped at par plus 82.29%; par if index finishes at or above buffer level; otherwise, 1% loss for every 1% drop beyond 15% buffer
Initial level:	Average of index closing levels on every trading day between Oct. 21 and Jan. 23, 2023, inclusive
Final level:	Average of index closing levels on every trading day between July 3, 2028 and Sept. 29, 2028, inclusive
Buffer level:	85% of initial level
Pricing date:	Oct. 25
Settlement date:	Oct. 28
Agents:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61774Q116

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