New Issue: Morgan Stanley prices $1.14 million commodity-linked notes on basket

Chicago, June 28 – Morgan Stanley Finance LLC priced $1.14 million of 0% commodity-linked notes due June 3, 2026 linked to the performance of an equally-weighted basket of eight commodities, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, RBOB gasoline, sugar, corn, soybeans, copper and gold.

The payout at maturity will be par plus 1.25 times the basket return if the basket return is positive. Otherwise, investors will receive par.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Commodity-linked notes
Underlying assets:	West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, RBOB gasoline, sugar, corn, soybeans, copper and gold; equal weights
Amount:	$1,139,000
Maturity:	June 3, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.25 times basket return, if basket return is positive; otherwise, par
Initial prices:	$68.09 for WTI, $72.60 for Brent, $2.4438 for gas, $0.2506 for sugar, $5.94 for corn, $12.9975 for soybeans, $8,017 for copper, $1,964.40 for gold
Pricing date:	May 31
Settlement date:	June 5
Agent:	Morgan Stanley & Co. LLC
Fees:	3%
Cusip:	61774FBZ4

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