New Issue: Morgan Stanley prices $5.86 million dual directional buffered PLUS tied to indexes

By Wendy Van Sickle

Columbus, Ohio, May 10 – Morgan Stanley priced $5.86 million of 0% dual directional buffered Performance Leveraged Upside Securities due May 12, 2022 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above the initial level, the payout at maturity will be par plus 105% of the gain of the laggard index.

If either index falls but not by more than 50% of its initial level, the payout will be par plus the absolute value of the return.

Otherwise, investors will be exposed to any losses beyond the 50% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional buffered Performance Leveraged Upside Securities
Underlying index:	S&P 500, Russell 2000
Amount:	$5,857,000
Maturity:	May 12, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each is greater than initial index level, par plus 105% of lesser-performing index return; if lesser-performing index falls by up to 50% buffer level, par plus absolute value of lesser-performing index return; otherwise, exposure to loss of lesser-performing index beyond 50%
Initial index levels:	2,672.63 for S&P, 1,578.948 for Russell
Buffer levels:	1,336.315 for S&P, 789.474 for Russell; 50% of initial levels
Pricing date:	May 7
Settlement date:	May 17
Agent:	Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
Fees:	0.25%
Cusip:	61768CZ83

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