New Issue: Morgan Stanley sells $1.33 million capped market-linked participation notes on S&P

By William Gullotti

Buffalo, N.Y., June 5 – Morgan Stanley Finance LLC priced $1.33 million of 0% market-linked securities – upside participation to a cap and fixed percentage buffered downside due June 2, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, capped at par plus 30.5%.

Investors will receive par if the index falls by up to 28% and will be exposed to any losses beyond the buffer.

Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked securities – upside participation to a cap and fixed percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$1,332,000
Maturity:	June 2, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain, capped at par plus 30.5%; par if index falls by up to 28%; otherwise, 1% loss for each 1% decline beyond 28%
Initial level:	4,205.52
Buffer level:	3,027.9744; 72% of initial level
Pricing date:	May 30
Settlement date:	June 2
Agents:	Wells Fargo Securities LLC and Morgan Stanley & Co. LLC
Fees:	2.875%
Cusip:	61774XS20

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