New Issue: Morgan Stanley prices $512,000 24% worst of fixed coupon RevCons on stocks, gas fund

By Kiku Steinfeld

Chicago, July 3 – Morgan Stanley Finance LLC priced $512,000 of worst of fixed coupon RevCons due Feb. 12, 2024 linked to Amazon.com, Inc., Microsoft Corp. and United States Natural Gas Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 24% per year, paid monthly.

If the worst performing asset gains or declines but ends above the 57% downside threshold level, the payout at maturity will be par plus the coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below the downside threshold level.

The notes are non-callable.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Worst of fixed coupon RevCons
Underlying assets:	Amazon.com, Inc., Microsoft Corp. and United States Natural Gas Fund, LP
Amount:	$512,000
Maturity:	Feb. 12, 2024
Coupon:	24% per year, paid monthly
Price:	Par
Payout at maturity:	If worst performing asset finishes at or above its downside threshold level, par plus coupon; 1% loss for every 1% that worst performing asset declines if it finishes below its downside threshold level
Initial levels:	$102.11 for Amazon, $267.56 for Microsoft, $8.87 for Gas
Downside threshold levels:	$58.203 for Amazon, $152.509 for Microsoft, $5.056 for Gas, 57% of initial levels
Call:	Non-callable
Pricing date:	Feb. 7, 2023
Settlement date:	Feb. 10, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61774TYP1

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