New Issue: Morgan Stanley sells $4.15 million market-linked notes on commodity basket

By Wendy Van Sickle

Columbus, Ohio, June 14 – Morgan Stanley Finance LLC priced $4.15 million of 0% market-linked notes due Sept. 14, 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 1.75 times any basket gain. If the basket falls, investors will be exposed to the first 10% of losses, subject to a floor of 90% of par.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked notes
Underlying assets:	West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper, zinc; equal weights
Amount:	$4.15 million
Maturity:	Sept. 14, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.75 times any basket gain; exposure to up to 10% of basket losses with floor of 90% of par
Initial prices:	$121.51 for WTI, $123.07 for Brent, $8.963 for natural gas, $7.73 for corn, $17.69 for soybeans, $10.712 for wheat, $9,630.00 for copper, $3,792.00 for zinc
Pricing date:	June 9
Settlement date:	June 14
Agents:	Morgan Stanley & Co. LLC and UBS Financial Services Inc.
Fees:	1%
Cusip:	61773QWA3

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