New Issue: Morgan Stanley prices $250,000 buffered PLUS linked to commodity basket

Chicago, Oct. 18 – Morgan Stanley Finance LLC priced $250,000 of 0% buffered PLUS due Oct. 22, 2025 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.

If the basket finishes positive, the payout at maturity will be par plus 200% of the basket return.

Investors will receive par if the basket declines up to 40% and lose 1% for every 1% decline beyond 40%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered PLUS
Underlying assets:	West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper, zinc; equal weights
Amount:	$250,000
Maturity:	Oct. 22, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If basket gains, par plus 200% of basket return; if basket declines no more than 40%, par; otherwise, 1% loss for every 1% decline of the basket beyond 40%
Initial prices:	$85.46 for WTI, $91.62 for Brent, $5.999 for natural gas, $6.835 for corn, $13.8525 for soybeans, $8.61 for wheat, $7,715 for copper, $2,905 for zinc
Buffer level:	60% of initial level
Pricing date:	Oct. 17, 2022
Settlement date:	Oct. 20, 2022
Agent:	Morgan Stanley & Co. LLC
Fees:	2.5%
Cusip:	61774FAJ1

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