New Issue: Morgan Stanley prices $2 million 12.1% worst-of fixed coupon RevCons on three stocks

By William Gullotti

Buffalo, N.Y., Dec. 6 – Morgan Stanley Finance LLC priced $2 million of 12.1% worst-of fixed coupon RevCons due Nov. 24, 2023 linked to the worst performing of the stocks of McDonald’s Corp., Johnson & Johnson and Peloton Interactive, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Interest is payable monthly.

If each stock finishes at or above the 50% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Worst-of fixed coupon RevCons
Underlying stocks:	McDonald’s Corp., Johnson & Johnson, Peloton Interactive, Inc.
Amount:	$2 million
Maturity:	Nov. 24, 2023
Coupon:	12.1%, payable monthly
Price:	Par
Payout at maturity:	If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level
Initial share prices:	$251.95 for McDonald’s, $162.89 for J&J, $47.14 for Peloton
Downside thresholds:	$125.975 for McDonald’s, $81.445 for J&J, $23.57 for Peloton; 50% of initial levels
Strike date:	Nov. 19
Pricing date:	Nov. 22
Settlement date:	Nov. 26
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.4%
Cusip:	61773HJQ3

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