New Issue: Morgan Stanley prices $253,000 14% contingent income buffered autocalls on funds

By Kiku Steinfeld

Chicago, Oct. 23 – Morgan Stanley Finance LLC priced $253,000 of contingent income buffered autocallable securities due Jan. 2, 2026 linked to Energy Select Sector SPDR Fund and VanEck Vectors Oil Services ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 14%, paid monthly, if each underlying fund closes at or above its 80% coupon barrier on the related monthly observation date.

The securities will be called automatically at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date after six months.

At maturity the payout will be par unless either fund declines by more than its 20% buffer in which case investors will be exposed to the decline of the worst performing fund beyond the buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income buffered autocallable securities
Underlying ETFs:	Energy Select Sector SPDR Fund and VanEck Vectors Oil Services ETF
Amount:	$253,000
Maturity:	Jan. 2, 2026
Coupon:	14%, paid monthly, if each underlying fund closes at or above its 80% coupon barrier on the related monthly observation date
Price:	Par
Payout at maturity:	Par if the worst performing fund gains or loses no more than its 20% buffer, otherwise investors will be exposed to the decline in the worst performing fund beyond the buffer
Call:	Automatically at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date after six months
Initial levels:	$275.07 for VanEck Vectors Oil Services ETF, $80.78 for Energy Select Sector SPDR Fund
Buffer levels:	$220.056 for VanEck Vectors Oil Services ETF, $64.624 for Energy Select Sector SPDR Fund, 80% of initial levels
Coupon barriers:	$220.056 for VanEck Vectors Oil Services ETF, $64.624 for Energy Select Sector SPDR Fund, 80% of initial levels
Pricing date:	March 28, 2023
Settlement date:	March 31, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	2.6%
Cusip:	61774T2G6

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