New Issue: Morgan Stanley sells $5 million market-linked notes tied to two indexes

By Marisa Wong

Madison, Wis., March 30 – Morgan Stanley priced $5 million of market-linked notes due Nov. 7, 2025 linked to the S&P 500 index and the S&P GSCI Crude Oil Index - Excess Return, equally weighted, according to a 424B2 filing with the Securities and Exchange Commission.

The payout will be par of $10 plus the average basket percent change, which will be the average of the basket closing values on each index business day on which there is no market disruption event to either basket component from and including July 31, 2025 to and including Oct. 31, 2025.

Investors will receive a minimum payout of par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Market-linked notes
Underlying indexes:	S&P 500 index and S&P GSCI Crude Oil Index - Excess Return, equally weighted
Amount:	$5 million
Maturity:	Nov. 7, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus average basket percent change, which is average of basket closing values on each index business day on which there is no market disruption event to either basket component from and including July 31, 2025 to and including Oct. 31, 2025; minimum payout of par
Initial levels:	2,056.15 for S&P 500, 264.8276 for S&P GSCI Crude Oil
Pricing date:	March 26
Settlement date:	April 1
Agent:	Morgan Stanley & Co. LLC
Fees:	3%
Cusip:	61764V570

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