New Issue: Morgan Stanley sells $15.25 million digital index-linked notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, May 25 – Morgan Stanley Finance LLC priced $15.25 million of 0% digital notes due May 29, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is greater than or equal to 82.5% of the initial level, the payout at maturity will be par plus 18.34%.

Otherwise, investors will lose 1.2121% for every 1% that the index declines beyond 17.5%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Digital notes
Underlying index:	S&P 500 index
Amount:	$15,251,000
Maturity:	May 29, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is greater than or equal to 82.5% of the initial level, par plus 18.34%; otherwise, investors will lose 1.2121% for every 1% that the index declines beyond 17.5%
Initial index level:	4,191.98
Threshold level:	3,458.3835; 82.5% of initial level
Pricing date:	May 19
Settlement date:	May 16
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61774X2A0

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