New Issue: Morgan Stanley sells $510,000 buffered participation notes on Dow, S&P

By Wendy Van Sickle

Columbus, Ohio, Nov. 18 – Morgan Stanley Finance LLC priced $510,000 of 0% buffered participation securities due Nov. 14, 2025 linked to the least 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 each index finishes at or above its initial level, the payout at maturity will be par plus the gain of the worse performing index.

Investors will receive par if either index falls by up to 40% and will lose 1% for each 1% decline of the worse performing index beyond 40%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying indexes:	Dow Jones industrial average, S&P 500 index
Amount:	$510,000
Maturity:	Nov. 14, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus return of worse performing index; par if either index falls by up to 40%; 1% loss per 1% decline of worse performing index beyond 40%
Initial levels:	27,681.24 for Dow, 3,093.08 for S&P
Pricing date:	Nov. 8
Settlement date:	Nov. 14
Agent:	Morgan Stanley & Co. LLC
Fees:	4.3%
Cusip:	61769HF26

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