New Issue: Morgan Stanley sells $10.73 million digital index-linked notes on S&P 500

By William Gullotti

Buffalo, N.Y., April 9 – Morgan Stanley Finance LLC priced $10.73 million of 0% digital notes due Feb. 11, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is greater than or equal to 87.5% of the initial level, the payout at maturity will be par plus 15.9%.

Otherwise, investors will lose 1.1429% for every 1% that the index declines beyond 12.5%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Digital notes
Underlying index:	S&P 500 index
Amount:	$10,734,000
Maturity:	Feb. 11, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is greater than or equal to 87.5% of the initial level, par plus 15.9%; otherwise, investors will lose 1.1429% for every 1% that the index declines beyond 12.5%
Initial index level:	5,243.77
Threshold level:	4,588.29875; 87.5% of initial level
Pricing date:	April 1
Settlement date:	April 8
Agent:	Morgan Stanley & Co. LLC
Fees:	None
Cusip:	61776LLB1

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