New Issue: Morgan Stanley sells $3.11 million 21.65% fixed income buffered notes on three stocks

By William Gullotti

Buffalo, N.Y., Dec. 29 – Morgan Stanley Finance LLC priced $3.11 million of 21.65% fixed income buffered securities due Dec. 24, 2025 linked to the stock performance of Amazon.com, Inc., Nvidia Corp. and the Upstart Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Interest is paid monthly.

The payout at maturity will be par plus the fixed coupon unless any stock finishes below its buffer level, 80% of its initial level, in which case investors will lose 1% for every 1% that the worst performer declines beyond 20%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Fixed income buffered securities
Underlying stocks:	Amazon.com, Inc., Nvidia Corp., Upstart Holdings, Inc.
Amount:	$3,105,000
Maturity:	Dec. 24, 2025
Coupon:	21.65% per year, payable monthly
Price:	Par
Payout at maturity:	Par plus the coupon unless any stock finishes below buffer level, in which case investors will lose 1% for every 1% that worst performer declines beyond buffer
Initial levels:	$153.79 for Amazon, $496.04 for Nvidia, $47.31 for Upstart
Buffer levels:	$123.032 for Amazon, $396.832 for Nvidia, $37.848 for Upstart; 80% of initial levels
Strike date:	Dec. 19
Pricing date:	Dec. 20
Settlement date:	Dec. 26
Agent:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61771WDW5

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