New Issue: Morgan Stanley sells $11.6 million commodity-linked partial principal at risk notes

By Marisa Wong

Los Angeles, April 27 – Morgan Stanley Finance LLC priced $11.6 million of 0% commodity-linked partial principal at risk securities due Oct. 26, 2023 tied 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, Brent crude oil, natural gas, corn, soybeans, wheat, copper and zinc.

The payout at maturity will be par plus the basket return, subject to a maximum payout of par plus 25% and a minimum payout at 97% of par.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Commodity-linked partial principal at risk securities
Underlying basket:	West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper, zinc; equally weighted
Amount:	$11.6 million
Maturity:	Oct. 26, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus basket return, capped at par plus 25%, floor of 97% of par
Initial prices:	$103.79 for WTI, $108.33 for Brent, $6.957 for natural gas, $7.9925 for corn, $17.4825 for soybeans, $10.6800 for wheat, $10,268 for copper, $4,485 for zinc
Pricing date:	April 22
Settlement date:	April 27
Agent:	Morgan Stanley & Co. LLC
Fees:	1.25%
Cusip:	61773QUZ0

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