New Issue: Morgan Stanley prices $652,000 dual directional trigger participation notes linked to S&P

By Angela McDaniels

Tacoma, Wash., May 15 – Morgan Stanley Finance LLC priced $652,000 of 0% dual directional trigger participation securities due June 5, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par plus the index return, subject to a 60% maximum return.

If the final index level is less than or equal to the initial index level but is greater than or equal to the trigger level, 80% of the initial index level, the payout will be par plus the absolute value of the index return.

If the final index level is less than the trigger level, investors will be exposed to the index’s decline.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional trigger participation securities
Underlying indexes:	S&P 500 index
Amount:	$652,000
Maturity:	June 5, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than initial index level, par plus index return, subject to 60% maximum return; if final index level is less than or equal to initial index level but is greater than or equal to trigger level, par plus absolute value of index return; otherwise, exposure to index’s decline
Initial level:	4,132.15
Trigger level:	3,305.72, or 80% of initial level
Pricing date:	May 31, 2022
Settlement date:	June 3, 2022
Agent:	Morgan Stanley & Co. LLC
Fees:	2.5%
Cusip:	61774DGK7

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