New Issue: Morgan Stanley sells $500,000 trigger PLUS on S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, May 1 – Morgan Stanley Finance LLC priced $500,000 of 0% trigger Performance Leveraged Upside Securities due April 30, 2024 linked the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If the lesser performing index finishes above its initial level, the payout at maturity will be par plus 1000% of the gain, subject to a maximum payout par plus 50%.

Investors will receive par if the lesser performing index falls by up to 40% and will be fully exposed to any losses if the lesser performing index finishes below its 60% trigger level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying indexes:	Russell 2000 index, S&P 500 index
Amount:	$500,000
Maturity:	April 30, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1000% of any lesser performing index gain, up to a maximum payout of par plus 50%; if lesser performing index falls by up to 40%, par; otherwise, 1% loss per 1% lesser performing index decline
Initial levels:	1,575.612 for Russell, 2,926.17 for S&P
Trigger levels:	945.367 for Russell, 1,755.702 for S&P, 60% of initial levels
Pricing date:	April 25
Settlement date:	April 30
Agent:	Morgan Stanley & Co. LLC
Fees:	4%
Cusip:	61768D4Z5

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