New Issue: Morgan Stanley prices $500,000 buffered participation securities on iShares MSCI India

By Kiku Steinfeld

Chicago, June 1 – Morgan Stanley Finance LLC priced $500,000 of 0% buffered participation securities due Jan. 27, 2028 linked to the iShares MSCI India ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund return is positive, the payout at maturity will be par plus the fund return subject to a maximum return of par plus 74%. Investors will receive par if the fund declines by 30% or less and will lose 1% for every 1% that it declines beyond 30%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying fund:	iShares MSCI India ETF
Amount:	$500,000
Maturity:	Jan. 27, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain, capped at 74%; par if the fund declines by 30% or less and 1% loss for every 1% that it declines beyond 30%
Initial level:	$42.52
Buffer:	30%
Buffer level:	$29.764, 70% of initial level
Upside leverage:	100%
Cap:	74%
Pricing date:	Jan. 23, 2023
Settlement date:	Jan. 26, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61774TSA1

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