New Issue: Morgan Stanley sells $1.10 million market-linked notes on S&P 500

By Marisa Wong

Morgantown, W.Va., Jan. 4 – Morgan Stanley Finance LLC priced $1,099,000 of 0% market-linked notes due Dec. 31, 2025 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 any index gain, capped at 83.5%.

If the index falls, the payout will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked notes
Underlying index:	S&P 500
Amount:	$1,099,000
Maturity:	Dec. 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 83.5%; if the index falls, par
Initial level:	2,680.50
Pricing date:	Dec. 26
Settlement date:	Dec. 29
Agent:	Morgan Stanley & Co. LLC
Fees:	3.5%
Cusip:	61768CWE3

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