New Issue: Morgan Stanley prices $2.5 million 12.55% worst-of fixed coupon RevCons on three stocks

By William Gullotti

Buffalo, N.Y., July 30 – Morgan Stanley Finance LLC priced $2.5 million of 12.55% worst-of fixed coupon RevCons due June 7, 2023 linked to the worst performing of the stocks of Avis Budget Group, Inc., RH and TripAdvisor, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Interest is payable monthly.

If each stock finishes at or above the 55% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Worst-of fixed coupon RevCons
Underlying stocks:	Avis Budget Group, Inc., RH, TripAdvisor, Inc.
Amount:	$2.5 million
Maturity:	June 7, 2023
Coupon:	12.55%, payable monthly
Price:	Par
Payout at maturity:	If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level
Initial share prices:	$86.63 for Avis, $623.31 for RH, $42.44 for TripAdvisor
Downside thresholds:	$47.647 for Avis, $342.821 for RH, $23.342 for TripAdvisor; 55% of initial levels
Strike date:	June 2
Pricing date:	June 3
Settlement date:	June 8
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61771V4W7

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