New Issue: Morgan Stanley sells $250,000 dual directional buffered participation notes on indexes

By Wendy Van Sickle

Columbus, Ohio, July 6 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional buffered participation securities due June 30, 2025 linked to the worse performing of the Russell 2000 index and the Dow Jones industrial average, 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 the gain of the laggard index.

If either index falls but not by more than 15%, the payout will be par plus the absolute value of the return of the laggard index.

Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional buffered participation securities
Underlying index:	Russell 2000, Dow Jones industrial average
Amount:	$250,000
Maturity:	June 30, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each is greater than initial index level, par plus the gain of lesser-performing index return; if lesser-performing index falls by up to 15%, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss lesser-performing index beyond 15%
Initial levels:	1,413.315 for Russell and 25,745.6 for Dow
Buffer levels:	1,210.318 for Russell and 21,883.76 for Dow; 85% of initial levels
Pricing date:	June 25
Settlement date:	June 30
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61771BGY4

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