New Issue: Morgan Stanley sells $1.01 million contingent income buffered autocalls on Dow, Russell

By Sarah Lizee

Olympia, Wash., June 2 – Morgan Stanley Finance LLC priced $1.01 million of contingent income buffered autocallable securities due May 30, 2025 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Each month, the notes will pay a contingent coupon at the rate of 6.25% per year if each underlier closes at or above its coupon threshold, 85% of its initial level, on the determination date for that month.

After one year, the notes will be automatically called at par plus the coupon if each underlier closes at or above its initial level on any quarterly redemption determination date.

The payout at maturity will be par plus the coupon unless either underlier finishes below its buffer level, 85% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 15%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income buffered autocallable securities
Underliers:	Dow Jones industrial average and Russell 2000 index
Amount:	$1.01 million
Maturity:	May 30, 2025
Coupon:	6.25% per year, payable monthly if each underlier closes at or above its coupon threshold on determination date for that month
Price:	Par
Payout at maturity:	Par plus the coupon unless either underlier finishes below its buffer level, in which case investors will lose 1% for every 1% that lesser-performing underlier declines beyond 15%
Call:	After one year, automatically at par plus coupon if each underlier closes at or above its initial level on any quarterly redemption determination date
Initial levels:	24,995.11 for Dow, 1,393.074 for Russell
Coupon thresholds:	21,245.844 for Dow, 1,184.113 for Russell; 85% of initial levels
Buffer levels:	21,245.844 for Dow, 1,184.113 for Russell; 85% of initial levels
Pricing date:	May 26
Settlement date:	May 30
Agent:	Morgan Stanley & Co. LLC
Fees:	3.75%
Cusip:	61771BCQ5

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