New Issue: Morgan Stanley prices $744,000 Buffered PLUS linked to Dow, S&P 500

By Kiku Steinfeld

Chicago, Jan. 18 – Morgan Stanley Finance LLC priced $744,000 of 0% Buffered PLUS due May 3, 2027 linked to the Dow Jones industrial average and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing index is positive, the payout at maturity will be par plus 118% of the worst performing index return. Investors will receive par if the worst performing index declines by 20% or less and will lose 1% for every 1% that it declines beyond 20%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered PLUS
Underlying indexes:	Dow Jones industrial average and S&P 500 index
Amount:	$744,000
Maturity:	May 3, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If worst performing index gains, par plus 118% of worst performing index return; par if worst performing index declines by 20% or less; 1% loss for every 1% that worst performing index declines beyond 20%
Initial levels:	34,098.16 for Dow Jones industrial average, 4,169.48 for S&P 500
Buffer:	20%
Buffer levels:	27,278.528 for Dow Jones industrial average, 3,335.584 for S&P 500 index, 80% of initial level
Upside leverage:	118%
Cap:	None
Pricing date:	April 28, 2023
Settlement date:	May 3, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61774XJJ3

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