New Issue: Morgan Stanley sells $73.28 million trigger callable contingent yield notes on indexes

By Wendy Van Sickle

Columbus, Ohio, Dec. 29 – Morgan Stanley Finance LLC priced $73.28 million of trigger callable contingent yield notes with daily coupon observation due May 30, 2025 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will pay a contingent quarterly coupon at the rate of 9.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.

The notes will be callable at par of $10 plus any coupon due on any quarterly observation date.

If the notes are not called and each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus any final coupon due. Otherwise, investors will lose 1% for every 1% decline of the least-performing index.

Morgan Stanley & Co. LLC is the agent, and UBS Financial Services Inc. is acting as dealer

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger callable contingent yield notes with daily coupon observation
Underlying indexes:	Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
Amount:	$73,282,800
Maturity:	May 30, 2025
Coupon:	9.5% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date that observation period
Price:	Par of $10
Payout at maturity:	Par plus any final coupon due unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
Call:	At par plus any coupon due on any quarterly call valuation date
Initial levels:	16,367.81 for Nasdaq-100, 2,331.459 for Russell, 35,804.38 for Dow
Coupon barriers:	11,457.47 for Nasdaq-100, 1,632.021 for Russell, 25,063.07 for Dow; 70% of initial levels
Downside thresholds:	9,820.69 for Nasdaq-100, 1,398.875 for Russell, 21,482.63 for Dow; 60% of initial levels
Pricing date:	Nov. 24
Settlement date:	Nov. 30
Agent:	Morgan Stanley & Co. LLC
Dealer:	UBS Financial Services Inc.
Fees:	1%
Cusip:	61773N148

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