New Issue: Morgan Stanley prices $550,000 commodity-linked notes on basket

Chicago, May 18 – Morgan Stanley Finance LLC priced $550,000 of 0% commodity-linked notes due June 27, 2024 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, Brent crude oil, natural gas futures, corn, soybeans, wheat, copper and zinc.

The payout at maturity will be par plus the basket return if the basket return is positive, capped at par plus 30%. Otherwise, investors will receive 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 notes
Underlying assets:	West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper, zinc; equal weights
Amount:	$550,000
Maturity:	June 27, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus basket return if basket return is positive, capped at par plus 30%; otherwise, par
Initial prices:	$107.62 for WTI, $113.12 for Brent, $6.22 for natural gas, $7.5025 for corn, $16.107 for soybeans, $9.2375 for wheat, $8,280.50 for copper, $3,540 for zinc
Pricing date:	June 24, 2022
Settlement date:	June 29, 2022
Agent:	Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61773QWG0

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