New Issue: Morgan Stanley prices $1.25 million contingent income autocallables on indexes, ETF

New York, May 25 – Morgan Stanley Finance LLC priced $1.25 million of contingent income autocallable securities due May 8, 2026 linked to the S&P 500 index, the Nasdaq-100 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 15.5%, paid monthly, if each underlier closes at or above its 60% coupon barrier on the related monthly observation date.

The securities will be called automatically at par if the closing level of each underlier is greater than or equal to its initial level on any monthly call determination date starting Nov. 9, 2023.

At maturity, the payout will be par unless the worst performing asset finishes below its 50% 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:	S&P 500 index, Nasdaq-100 index and SPDR S&P Regional Banking ETF
Amount:	$1.25 million
Maturity:	May 8, 2026
Coupon:	15.5%, paid monthly, if each underlier closes at or above its 60% coupon barrier on the related monthly observation date
Price:	Par
Payout at maturity:	Par unless the worst performing asset finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing asset
Call:	Automatically at par if the closing level of each underlier is greater than or equal to its initial level on any monthly call determination date starting Nov. 9, 2023
Initial levels:	$38.35 for SPDR S&P Regional Banking ETF, 13,259.13 for Nasdaq-100, 4,136.25 for S&P 500
Downside thresholds:	$19.175 for SPDR S&P Regional Banking ETF, 6,629.565 for Nasdaq-100, 2,068.125 for S&P 500, 50% of initial level
Coupon barriers:	$23.01 for SPDR S&P Regional Banking ETF, 7,955.478 for Nasdaq-100, 2,481.75 for S&P 500, 60% of initial levels
Strike date:	May 5
Pricing date:	May 9
Settlement date:	May 12
Agent:	Morgan Stanley & Co. LLC
Fees:	0.1%
Cusip:	61774XL50

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