New Issue: Morgan Stanley sells $898,000 market-linked leveraged upside notes on S&P

By Kiku Steinfeld

Chicago, Nov. 3 – Morgan Stanley Finance LLC priced $898,000 of 0% market-linked securities – leveraged upside participation to a cap and contingent downside due April 5, 2029 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 250% of any gain, capped at par plus 80%.

Investors will receive par if the index falls by up to 20% and will be fully exposed to losses if the index declines more than 20%.

Morgan Stanley guaranteed the notes.

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

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked securities – leveraged upside participation to a cap and contingent downside
Underlying index:	S&P 500 index
Amount:	$898,000
Maturity:	April 5, 2029
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 250% of any gain, capped at par plus 80%; par if index falls by up to 20%; 1% loss for each 1% decline from initial level
Initial level:	4,109.31
Buffer level:	3,287.448; 80% of initial level
Pricing date:	March 31, 2023
Settlement date:	April 5, 2023
Agents:	Wells Fargo Securities LLC and Morgan Stanley & Co. LLC
Fees:	4.37%
Cusip:	61774T4C3

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