New Issue: Morgan Stanley prices $4 million floating-rate trigger callable contingent yield notes on indexes

By Wendy Van Sickle

Columbus, Ohio, Dec. 7 – Morgan Stanley Finance LLC priced $4 million of floating-rate trigger callable contingent yield notes due Nov. 16, 2026 linked to the least performing of the Nasdaq-100 index, 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 quarter, the notes pay a contingent coupon if each index’s closing level is at or above its coupon barrier, 70% of its initial level, on the observation date that quarter. The contingent coupon rate is SOFR plus 400 basis points per year subject to a floor of zero.

After six months, the notes are callable at par of $10 on each quarterly observation date other than the final one.

If the notes are not called and each index finishes at or above its downside threshold, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.

Morgan Stanley is the agent with UBS Financial Services Inc. acting as distributor.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger callable contingent yield notes
Underlying indexes:	Nasdaq-100, Russell 2000 and Dow Jones industrial average
Amount:	$4 million
Maturity:	Nov. 16, 2026
Coupon:	SOFR plus 400 basis points per year, payable quarterly if each index closes at or above its coupon barrier on observation date that quarter; floor of zero
Price:	Par of $10
Payout at maturity:	If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
Call option:	After six months at par on each quarterly observation date other than final one
Initial levels:	2,409.144 for Russell, 16,032.47 for Nasdaq, 35,921.23 for Dow
Coupon barriers:	1,686.401 for Russell, 11,222.73 for Nasdaq, 25,144.86 for Dow; 70% of initial levels
Downside thresholds:	1,445.486 for Russell, 9,619.48 for Nasdaq, 21,552.74 for Dow; 60% of initial levels
Pricing date:	Nov. 11
Settlement date:	Nov. 16
Agent:	Morgan Stanley
Distributor:	UBS Financial Services Inc.
Fees:	1.5%
Cusip:	61773G648

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