New Issue: Morgan Stanley prices $2.51 million trigger PLUS linked to Tesla, Intellia, Valero

By William Gullotti

Buffalo, N.Y., April 20 – Morgan Stanley Finance LLC priced $2.51 million of 0% trigger Performance Leveraged Upside Securities due April 20, 2028 linked to the stock performance of Tesla, Inc., Intellia Therapeutics, Inc. and Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If each stock finishes at or above its initial level, the payout at maturity will be par plus 675% of the lesser-performing stock’s return.

If the worst performer declines but finishes at or above its 60% trigger level, the payout will be par. Otherwise, investors will be exposed to the decline of the worst performer from its initial level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying stocks:	Tesla, Inc., Intellia Therapeutics, Inc., Valero Energy Corp.
Amount:	$2,513,000
Maturity:	April 20, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If each stock finishes at or above initial level, par plus 675% of lesser-performing stock’s return; if the worst performer declines but finishes at or above trigger level, par; otherwise, exposure to decline of worst performer from initial level
Initial levels:	$185.00 for Tesla, $38.16 for Intellia, $131.86 for Valero
Trigger levels:	$111.00 for Tesla, $22.896 for Intellia, $79.116 for Valero; 60% of initial levels
Pricing date:	April 14
Settlement date:	April 19
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61774XNX7

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