New Issue: Morgan Stanley sells $1.02 million contingent coupon notes on WTI light sweet crude

By Marisa Wong

Madison, Wis., March 28 - Morgan Stanley priced $1.02 million of commodity-linked notes with contingent coupon due March 29, 2029 linked to West Texas Intermediate light sweet crude oil, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent annual coupon at a rate equal to the greater of the commodity return and the highest contingent coupon paid on any previous interest payment date, subject to a floor of 0% and a cap of 10%. The commodity return is the change in the commodity price on the applicable interest determination date relative to the initial price.

The payout at maturity will be par plus the final coupon, if any.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Commodity-linked notes with contingent coupon
Underlying commodity:	West Texas Intermediate light sweet crude oil
Amount:	$1,015,000
Maturity:	March 29, 2029
Coupon:	Greater of commodity return and the highest contingent coupon paid on any previous interest payment date, subject to a floor of 0% and a cap of 10%
Price:	Par of $1,000
Payout at maturity:	Par plus the final coupon, if any
Initial price:	$100.26
Pricing date:	March 26
Settlement date:	March 31
Agent:	Morgan Stanley & Co. LLC
Fees:	3.5%
Cusip:	61762GBF0

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