New Issue: Morgan Stanley prices $250,000 buffered participation securities tied to Dow

By William Gullotti

Buffalo, N.Y., March 28 – Morgan Stanley Finance LLC priced $250,000 of 0% buffered participation securities due April 30, 2026 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The payout at maturity will be par plus any index gain capped at $1,320 per security.

Investors will receive par if the index declines by up to 20%.

Otherwise, investors will 1% for each 1% loss of the lesser-performing index beyond the buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying index:	Dow Jones industrial average
Amount:	$250,000
Maturity:	April 30, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at $1,320 per security; par if index falls by up to buffer; otherwise, 1% loss for each 1% decline of the lesser-performing index beyond the buffer
Initial index level:	33,984.93
Buffer level:	27,187.944; 80% of initial level
Pricing date:	April 27, 2021
Settlement date:	April 30, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	3.3%
Cusip:	61771VPC8

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