New Issue: Morgan Stanley prices $2 million buffered PLUS linked to commodity basket

By William Gullotti

Buffalo, N.Y., March 14 – Morgan Stanley Finance LLC priced $2 million of 0% buffered PLUS due March 4, 2026 linked to the performance of an equally-weighted basket of eight commodities, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of West Texas Intermediate light sweet crude oil futures contracts, natural gas, corn, soybeans, sugar, wheat, copper and zinc.

If the basket finishes positive, the payout at maturity will be par plus 125% of the basket return.

Investors will receive par if the basket declines up to 25% and lose 1% for every 1% decline beyond 25%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered PLUS
Underlying assets:	West Texas Intermediate light sweet crude oil futures contracts, natural gas, corn, soybeans, sugar, wheat, copper, zinc; equal weights
Amount:	$2 million
Maturity:	March 4, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If basket gains, par plus 125% of basket return; if basket declines no more than 25%, par; otherwise, 1% loss for every 1% decline of the basket beyond 25%
Initial prices:	$75.68 for WTI, $2.731 for natural gas, $6.435 for corn, $15.1275 for soybeans, $2.029 for sugar, $7.10 for wheat, $8,751.00 for copper, $3,034.50 for zinc
Buffer level:	75% of initial level
Pricing date:	Feb. 27
Settlement date:	March 2
Agent:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61774FBH4

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