New Issue: Morgan Stanley prices $700,000 buffered participation notes on two ETFs

By Sarah Lizee

Olympia, Wash., Jan. 15 – Morgan Stanley Finance LLC priced $700,000 of 0% buffered participation securities due Jan. 19, 2022 linked to the Xtrackers Harvest CSI 300 China A-Shares ETF and the iShares China Large-Cap ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If each underlying asset’s return is positive, the payout at maturity will be par plus the return of the lesser-performing underlying, capped at par plus 19%.

Investors will receive par if either underlying declines by up to 20% and will lose 1% for every 1% that the lesser-performing underlying declines beyond 20%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying assets:	Xtrackers Harvest CSI 300 China A-Shares ETF and iShares China Large-Cap ETF,
Amount:	$700,000
Maturity:	Jan. 19, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If each underlying asset finishes positive, par plus return of lesser-performing underlying, capped at par plus 19%; par if either underlying declines by up to 20%; 1% loss for every 1% drop that lesser-performing underlying declines beyond 20%
Initial levels:	$30.88 for Xtrackers, $45.28 for iShares China
Buffer levels:	$24.704 for Xtrackers, $36.224 for iShares China, 80% of initial levels
Pricing date:	Jan. 13
Settlement date:	Jan. 16
Agent:	Morgan Stanley & Co. LLC
Fees:	2.75%
Cusip:	61770FCU8

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