New Issue: Morgan Stanley prices $9.09 million autocallables linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 24 - Morgan Stanley priced $9.09 million of 0% market-linked autocallable notes due April 26, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes at or above 975 on an observation date, the notes will pay a contingent coupon at the rate of 7.9% per year for that quarter. Otherwise, no coupon will be paid that quarter. The observation dates are the third business day preceding each scheduled coupon payment date.

Beginning April 26, 2018 and ending Jan. 26, 2027, the notes will be called at par plus the contingent coupon if the index closes at or above its initial level on a quarterly observation date.

If the notes are not called, the payout at maturity will be par plus the final coupon, if any.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Market-linked autocallable notes
Underlying index:	S&P 500
Amount:	$9,094,000
Maturity:	April 26, 2027
Coupon:	If index closes at or above 975 on observation date, 7.9% per year for that quarter; otherwise, no coupon will be paid that quarter
Price:	Par
Payout at maturity:	Par plus final coupon, if any
Call:	Beginning April 26, 2018 and ending Jan. 26, 2027, automatically at par plus contingent coupon if index closes at or above initial level on any quarterly observation date
Initial index level:	1,378.53
Pricing date:	April 20
Settlement date:	April 25
Agent:	Morgan Stanley & Co. LLC
Fees:	3.5%
Cusip:	617482K45

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