New Issue: Morgan Stanley sells $250,000 dual directional buffered PLUS on Dow, S&P

By Sarah Lizee

Olympia, Wash., May 7 – Morgan Stanley Finance LLC priced $250,000 of 0% dual directional buffered Performance Leveraged Upside Securities due May 4, 2023 linked to the worse performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above its initial level, the payout at maturity will be par plus 110% of the gain of the lesser performing index.

If either index falls but neither falls by more than 15%, the payout will be par plus the absolute value of the return of the lesser performing index.

Otherwise, investors will be exposed to any decline in the lesser performing index beyond the 15% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional buffered Performance Leveraged Upside Securities
Underlying indexes:	Dow Jones industrial average, S&P 500
Amount:	$250,000
Maturity:	May 4, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 110% of the lesser-performing index return; if lesser-performing index falls by up to buffer level, par plus absolute value of the return of that index; otherwise, exposure to any decline of lesser-performing index beyond buffer
Initial levels:	24,345.72 for Dow and 2,912.43 for S&P
Buffer levels:	20,693.862 for Dow and 2,475.566 for S&P, or 85% of initial levels
Pricing date:	April 30
Settlement date:	May 5
Agent:	Morgan Stanley & Co. LLC
Fees:	0.5%
Cusip:	61770FE85

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