New Issue: Morgan Stanley sells $450,000 accelerated return notes on the Dow

By Marisa Wong

Morgantown, W.Va., May 16 – Morgan Stanley Finance LLC priced $450,000 of 0% accelerated return securities due April 30, 2024 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is positive, the payout at maturity will be par plus 124.5% of the index return. Investors will receive par if the index finishes flat or falls by 20% or less and will lose 1% for each 1% decline beyond 20%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Accelerated return securities
Underlying index:	Dow Jones industrial average
Amount:	$450,000
Maturity:	April 30, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.245 times any index gain; par if index finishes flat or falls by 20% or less; otherwise, 1% loss for every 1% index decline beyond 20%
Initial level:	26,462.08
Pricing date:	April 25
Settlement date:	April 30
Agent:	Morgan Stanley & Co. LLC
Fees:	2.75%
Cusip:	61768D5W1

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