New Issue: Morgan Stanley prices $250,000 commodity-linked notes on basket

Chicago, July 5 – Morgan Stanley Finance LLC priced $250,000 of 0% commodity-linked notes due Jan. 11, 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, corn, soybeans, wheat, copper and zinc.

The payout at maturity will be par plus 25% if the basket return is positive. Otherwise, investors will be fully exposed to the losses of the basket.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.

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 and zinc; equal weights
Amount:	$250,000
Maturity:	Jan. 11, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 25%, if basket return is positive; otherwise, full exposure to losses of basket
Initial prices:	$104.79 for WTI, $107.02 for Brent, $6.034 for natural gas, $6.3325 for corn, $15.1325 for soybeans, $8.915 for wheat, $7,790 for copper, $3,151 for zinc
Pricing date:	July 8, 2022
Settlement date:	July 13, 2022
Agent:	Morgan Stanley & Co. LLC
Placement agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, N
Fees:	1.25%
Cusip:	61773QWL9

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