New Issue: Morgan Stanley prices $8.1 million 10% fixed income securities on ETFs

By Wendy Van Sickle

Columbus, Ohio, Oct. 31 – Morgan Stanley Finance LLC sold $8.1 million of 10% fixed income securities due Oct. 28, 2025 tied to the worst performing of the SPDR S&P 500 ETF trust, the Invesco QQQ trust, series 1 and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If each underlier finishes at or above its 75% downside threshold, the payout at maturity will be par plus the fixed coupon.

Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Fixed income securities
Underlying assets:	SPDR S&P 500 ETF trust, Invesco QQQ trust, series 1, iShares Russell 2000 ETF
Amount:	$8,098,000
Maturity:	Oct. 28, 2025
Coupon:	10% per year, payable monthly
Price:	Par
Payout at maturity:	Par plus final coupon if each underlier finishes at or above downside threshold; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
Call option:	None
Initial levels:	$420.46 for SPDR S&P, $165.03 for Russell, $355.67 for QQQ
Downside threshold levels:	$315.345 for SPDR S&P, $123.773 for Russell, $266.753 for QQQ; 75% of initial levels
Pricing date:	Oct. 24
Settlement date:	Oct. 27
Agent:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61775MQF6

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