New Issue: Morgan Stanley prices $850,000 buffered PLUS linked to Dow, S&P

By Sarah Lizee

Olympia, Wash., Aug. 23 – Morgan Stanley Finance LLC priced $850,000 of 0% buffered Performance Leveraged Upside Securities due Feb. 25, 2022 linked to the worst performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of each index is greater than or equal to its initial value, the payout will be par plus 150% of the return of the lesser performing index, capped at par plus 25%.

If either index falls by up to 20%, the payout will be par.

If either index falls by more than 20%, investors will lose 1% for every 1% decline of the lesser performing’s decline 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 Performance Leveraged Upside Securities
Underlying indexes:	Dow Jones industrial average and S&P 500
Amount:	$850,000
Maturity:	Feb. 25, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is greater than or equal to its initial value, par plus 150% of the return of the lesser performing index, capped at par plus 25%; if either index falls by up to 20%, par; if either index falls by more than 20%, 1% loss for every 1% decline of the lesser performing’s decline beyond 20%
Initial levels:	26,202.73 on Dow, 2,924.43 for S&P
Buffer levels:	20,962.184 on Dow, 2,339.544 for S&P; 80% of initial levels
Pricing date:	Aug. 21
Settlement date:	Aug. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61769HRG2

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