New Issue: Morgan Stanley prices $250,000 dual directional trigger participation notes on S&P

By Kiku Steinfeld

Chicago, Sept. 12 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional trigger participation securities due March 5, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index gains, the payout at maturity will be par plus the return of the index subject to a maximum return of par plus 50%. Investors will receive par plus 50% of the absolute value of the index return if the index declines but ends at or above its 70% trigger and will lose 1% for every 1% that the index declines if it finishes below its trigger.

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 index:	S&P 500 index
Amount:	$250,000
Maturity:	March 5, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains par plus index return subject to a maximum return of par plus 50%; par plus 50% of absolute value of index return if index declines but ends at or above the 70% trigger; 1% loss for every 1% that index declines if it finishes below its trigger
Initial levels:	3,970.15
Trigger level:	2,779.105, 70% of initial level
Cap:	50%
Pricing date:	Feb. 28, 2023
Settlement date:	March 3, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	1.75%
Cusip:	61774TP30

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