By Susanna Moon
Chicago, Nov. 20 – Morgan Stanley Finance LLC priced $2 million of 0% buffered Performance Leveraged Upside Securities due Nov. 16, 2022 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 155% of any gain of the worse performing index up to a maximum return of $16.20 per PLUS.
The payout will be par if either index falls by up to 12%.
Otherwise, investors will lose 1% for each 1% decline of the worse performing index beyond the buffer.
The final average index level will be the arithmetic average of the index closing level on each business day for the three-month period from Aug. 12, 2022 through Nov. 11, 2022.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Buffered Performance Leveraged Upside Securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $2 million
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| Maturity: | Nov. 16, 2022
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 155% of any gain of the worse performing index capped at 62%; if index falls by 12% or less, par; otherwise, 1% loss for each 1% decline of worse performing index beyond 12%
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| Initial levels: | 1,475.275 for Russell, 2,582.30 for S&P
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| Final averaging dates: | Arithmetic average of index closing level on each business day for three months from Aug. 12, 2022 through Nov. 11, 2022
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| Pricing date: | Nov. 10
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| Settlement date: | Nov. 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61768K265
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