New Issue: Morgan Stanley sells $409,000 leveraged market-linked notes on S&P

By Kiku Steinfeld

Chicago, Sept. 12 – Morgan Stanley Finance LLC priced $409,000 of 0% market-linked securities – leveraged upside participation and fixed percentage buffered downside due Feb. 15, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The payout at maturity will be par plus 112% of any index gain. If the index falls by up to 10%, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the index beyond 10%.

Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked securities – leveraged upside participation and fixed percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$409,000
Maturity:	Feb. 15, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 112% of any index gain; if the index falls by up to 10%, par; otherwise, investors will lose 1% for every 1% decline of the index beyond 10%
Initial index level:	4,090.46
Buffer level:	3,681.414, 90% of initial level
Pricing date:	March 1, 2023
Settlement date:	March 2, 2023
Agents:	Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
Fees:	3.62%
Cusip:	61774TXB3

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