New Issue: Morgan Stanley prices $1.04 million contingent income autocallables on index, ETFs

Chicago, Oct. 28 – Morgan Stanley Finance LLC priced $1.04 million of contingent income autocallable securities due Aug. 30, 2023 linked to the worst performing of the Russell 2000 index, SPDR S&P Regional Banking ETF and Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 12.25%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.

The securities will be called automatically starting May 31 at par if the level of each underlier is greater than or equal to its initial price on any monthly call determination date.

At maturity the payout will be par unless the worst performing asset closes below its 60% downside threshold level in which case investors will be fully exposed to the decline of the worst performing asset.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income autocallable securities
Underlying assets:	Russell 2000 index, SPDR S&P Regional Banking ETF and Energy Select Sector SPDR fund
Amount:	$1,041,000
Maturity:	Aug. 30, 2023
Coupon:	12.25% annual rate, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
Price:	Par
Payout at maturity:	Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing asset
Call:	Automatically starting May 31 at par if the level of each underlier is greater than or equal to its initial price on any monthly call determination date
Initial levels:	$73.84 for banking ETF, 2,040.929 for Russell, $68.88 for energy
Downside thresholds:	$44.304 for banking ETF, 1,224.557 for Russell, $41.328 for energy, 60% of initial levels
Coupon barriers:	$51.688 for banking ETF, 1,428.650 for Russell, $48.216 for energy, 70% of initial levels
Pricing date:	Feb. 25
Settlement date:	March 2
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61773QCL1

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