New Issue: Morgan Stanley sells $4.12 million market-linked contingent income notes on credit stocks

By William Gullotti

Buffalo, N.Y., April 21 – Morgan Stanley Finance LLC priced $4.12 million of market-linked contingent income notes due April 21, 2027 linked to the stock performance of Citigroup Inc., Discover Financial Services and Mastercard Inc., according to a 424B2 filed with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will pay a contingent annual coupon of 4.5% if each stock closes at or above its initial level on the corresponding date. If any stock closes below its initial level on the observation date, investors will instead receive a 1% coupon.

The payout at maturity will be par plus the relevant coupon.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Issue:	Market-linked contingent income notes
Guarantor:	Morgan Stanley
Underlying stocks:	Citigroup Inc., Discover Financial Services, Mastercard Inc.
Amount:	$4,115,000
Maturity:	April 21, 2027
Coupon:	4.5% payable annually if each stock closes at or above initial level on relevant review date; if any stock closes below its initial level on the review date, the coupon will be 1%
Price:	Par
Payout at maturity:	Par plus the relevant coupon
Initial levels:	$52.31 for Citigroup, $116.43 for Discover, $356.80 for Mastercard
Pricing date:	April 18
Settlement date:	April 21
Agent:	Morgan Stanley & Co. LLC
Fees:	4%
Cusip:	61773QXE4

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