By William Gullotti
Buffalo, N.Y., March 7 – Morgan Stanley Finance LLC priced $3 million of 0% securities due Feb. 28, 2029 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the 132% upper strike threshold, the payout at maturity will be $17.08 per $10 stated principal amount plus an additional return of 1.068% for each 1% of the initial level by which the final average index value exceeds the upper strike value, subject to a maximum payout of par plus 97.5%.
If the index finishes at or below the upper strike threshold but above the 92% lower strike threshold, the payout will be par plus a return equal to 1.77% for every 1% of the initial level by which the final average index value exceeds the lower strike threshold.
If the index falls by 8% or more but not more than 24%, investors will lose 1.5% for every 1% decline beyond 8%.
If the index finishes below the downside threshold, investors will lose 1% for every 1% that the index declines from its initial level.
The securities are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Securities
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| Underlying index: | S&P 500 index
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| Amount: | $3 million
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| Maturity: | Feb. 28, 2029
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the index finishes above the upper strike threshold, the payout at maturity will be $17.08 per $10 stated principal amount plus an additional return of 1.068% for each 1% of the initial level by which the final average index value exceeds the upper strike value, subject to a maximum payout of par plus 97.5%; if the final index average is less than or equal to the upper strike threshold but greater than the lower strike threshold, par plus a return equal to 1.77% for every 1% of the initial level by which the final average index value exceeds the lower strike threshold; if the index falls by 8% or more but not more than 24%, lose 1.5% for every 1% decline beyond 8%; otherwise, lose 1% for every 1% decline from initial level
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| Initial level: | Arithmetic average of index closing level on each trading day from Feb. 24 to April 12
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| Final level: | Arithmetic average of index closing level on each trading day from Nov. 22, 2028 to Feb. 23, 2029
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| Upper strike threshold: | 132% of initial level
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| Lower strike threshold: | 92% of initial level
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| Downside threshold: | 76% of initial level
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| Pricing date: | Feb. 28
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| Settlement date: | March 3
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.25%
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| Cusip: | 61774U596
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