New Issue: Morgan Stanley sells $6.58 million commodity-linked partial principal at risk securities

By William Gullotti

Buffalo, N.Y., April 27 – Morgan Stanley Finance LLC priced $6.58 million of 0% commodity-linked partial principal at risk securities due Oct. 25, 2023 linked to the performance of an equally-weighted basket of eight commodities, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas futures, corn, soybeans, wheat, copper and zinc.

The payout at maturity will be par plus the basket return, subject to a maximum payout of par plus 25% and a minimum payout at 97.5% of par.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Commodity-linked partial principal at risk securities
Underlying assets:	West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper, zinc; equal weights
Amount:	$6,575,000
Maturity:	Oct. 25, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus basket return; capped at par plus 25%, floor at 97.5% of par
Initial prices:	$102.75 for WTI, $106.80 for Brent, $6.937 for natural gas, $8.1575 for corn, $17.4675 for soybeans, $10.88 for wheat, $10,215.00 for copper, $4,510.00 for zinc
Pricing date:	April 20
Settlement date:	April 25
Agent:	Morgan Stanley & Co. LLC
Fees:	1.25%
Cusip:	61773QUY3

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