New Issue: Morgan Stanley adds $200,000 buffered participation securities tied to S&P

By William Gullotti

Buffalo, N.Y., April 4 – Morgan Stanley Finance LLC added $200,000 of 0% buffered participation securities due May 5, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The payout at maturity will be par plus any index gain capped at $1,450 per security.

Investors will receive par if the index declines by up to 20% and will lose 1% for every 1% index decline beyond the 20% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying index:	S&P 500
Amount:	$200,000
Maturity:	May 5, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at $1,450 per security; par if index falls by up to buffer; 1% loss for every 1% index decline beyond 20% buffer
Initial index level:	4,181.17
Buffer level:	3,344.936 or 80% of initial level
Pricing date:	April 30, 2021
Settlement date:	May 5, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	0.5%
Total issue size:	$1,079,000 with previous issue
Cusip:	61771VQA1

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