New Issue: Morgan Stanley prices $2 million 10.4% worst-of fixed coupon RevCons on three stocks

By Wendy Van Sickle

Columbus, Ohio, Dec. 9 – Morgan Stanley Finance LLC priced $2 million of 10.4% worst-of fixed coupon RevCons due Dec. 7, 2023 linked to the worst performing of the stocks of Capital One Financial Corp., Walt Disney Co. and Yeti Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Interest is payable monthly.

If each stock finishes at or above the 60% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Worst-of fixed coupon RevCons
Underlying stocks:	Capital One Financial Corp., Walt Disney Co., Yeti Holdings, Inc.
Amount:	$2 million
Maturity:	Dec. 7, 2023
Coupon:	10.4%, payable monthly
Price:	Par
Payout at maturity:	If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level
Initial share prices:	$143.36 for Capital One, $147.20 for Disney, $88.93 for Yeti
Downside thresholds:	$86.016 for Capital One, $88.32 for Disney, $53.358 for Yeti; 60% of initial levels
Pricing date:	Dec. 3
Settlement date:	Dec. 8
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61773HWR1

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