New Issue: Morgan Stanley prices $450,000 commodity-linked notes on basket

Chicago, March 7 – Morgan Stanley Finance LLC priced $450,000 of 0% commodity-linked notes due May 16, 2025 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 if the basket return is positive. Otherwise, investors will receive 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 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:	$450,000
Maturity:	May 16, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus basket return if basket return is positive; otherwise, par
Initial prices:	$110.49 for WTI, $111.55 for Brent, $7.663 for natural gas, $7.8125 for corn, $16.465 for soybeans, $11.775 for wheat, $9,064 for copper, $3,500 for zinc
Pricing date:	May 13, 2022
Settlement date:	May 18, 2022
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	61773QVJ5

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