New Issue: Morgan Stanley prices $960,000 buffered participation securities on basket

By Kiku Steinfeld

Chicago, Jan. 17 – Morgan Stanley Finance LLC priced $960,000 of 0% buffered participation securities due Nov. 26, 2021 linked to a basket containing the S&P 500 index with a 50% weight and the Invesco QQQ Trust, Series 1 with a 50% weight, according to a 424B2 with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

The payout at maturity will be par plus any basket gain.

Investors will receive par if the basket falls by up to 20% and will lose 1% for every 1% decline beyond the 20% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Basket components:	S&P 500 index with 50% weight, Invesco QQQ Trust, Series 1 with 50% weight
Amount:	$960,000
Maturity:	May 3, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any basket gain; par if the final basket level is at least 80% of the initial level; otherwise, investors will be exposed to losses beyond the 20% buffer
Initial index levels:	4,169.48 for S&P, $322.56 for QQQ
Buffer level:	20%
Pricing date:	April 28, 2023
Settlement date:	May 3, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	3%
Cusip:	61774XYD9

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