New Issue: Morgan Stanley sells $280,000 buffered PLUS on Dow, Russell

By Kiku Steinfeld

Chicago, Nov. 20 – Morgan Stanley Finance LLC priced $280,000 of 0% buffered Performance Leveraged Upside Securities due Oct. 31, 2024 linked to the worse performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above its initial level, the payout at maturity will be par plus 1.28 times the gain of the lesser performing index.

If either index falls but neither falls by more than 25%, the payout will be par.

Otherwise, investors will be exposed to any decline in the lesser performing index beyond the 25% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered Performance Leveraged Upside Securities
Underlying indexes:	Dow Jones industrial average and Russell 2000
Amount:	$280,000
Maturity:	Oct. 31, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 1.28 times the lesser-performing index return; if lesser-performing index falls by up to 25%, par; otherwise, exposure to any decline of lesser-performing index beyond 25% buffer
Initial levels:	27,090.72 for Dow, 1,571.933 for Russell
Buffer levels:	20,318.04 for Dow, 1,178.950 for Russell, 75% of initial levels
Pricing date:	Oct. 28
Settlement date:	Oct. 31
Agent:	Morgan Stanley & Co. LLC
Fees:	4.25%
Cusip:	61769HXN0

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