New Issue: Morgan Stanley sells $3 million buffered participation notes on S&P, Dow

By Kiku Steinfeld

Chicago, April 28 – Morgan Stanley Finance LLC priced $3 million of 0% buffered participation securities due April 11, 2022 linked to the worse performing of the Dow Jones industrial average and the S&P 500 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 the gain of the laggard index, capped at par plus 7.85%.

If either index falls but not by more than 20%, the payout will be par.

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:	Buffered participation securities
Underlying index:	Dow Jones industrial average, S&P 500 index
Amount:	$3 million
Maturity:	April 11, 2022
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 capped at par plus 7.85%; if lesser-performing index falls by up to 20%, par; otherwise, 1% loss for each 1% loss lesser-performing index beyond the buffer
Initial levels:	4,077.91 for S&P, 33,527.19 for Dow
Buffer levels:	3,262.328 for S&P, 3,262.328 for Dow; 80% of initial levels
Pricing date:	April 5
Settlement date:	April 8
Agent:	Morgan Stanley & Co. LLC
Fees:	0.15%
Cusip:	61771VKA7

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