New Issue: Morgan Stanley prices $976,000 buffered participation securities tied to Dow

By Kiku Steinfeld

Chicago, July 19 – Morgan Stanley Finance LLC priced $976,000 of 0% buffered participation securities due May 29, 2026 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The payout at maturity will be par plus any index gain capped at $1,300 per security.

Investors will receive par if the index declines by up to 20% and will lose 1% for every 1% index decline beyond the 20% buffer to a minimum payout of $200 per security.

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
Amount:	$976,000
Maturity:	May 29, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at $1,300 per security; par if index falls by up to buffer; 1% loss for every 1% index decline beyond buffer
Initial index level:	34,312.46
Buffer level:	27,449.968 or 80% of initial level
Pricing date:	May 25
Settlement date:	May 28
Agent:	Morgan Stanley & Co. LLC
Fees:	3.3%
Cusip:	61771VYL8

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