Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC priced $455,000 of Contingent Income Memory Auto-Callable Securities due October 19, 2028, linked to the worst performing of Oracle (ORCL) and Palantir (PLTR), and fully guaranteed by Morgan Stanley. These principal-at-risk notes pay a 20.00% annual contingent coupon only when each stock closes at or above its coupon barrier on the observation date.
Initial levels were ORCL $313.00 and PLTR $178.12. Coupon barrier and downside threshold levels are 60% of initial (ORCL $187.80; PLTR $106.872). The notes may auto-redeem if each stock is at or above 90% of initial (call thresholds: ORCL $281.70; PLTR $160.308) on a redemption determination date, starting April 16, 2026. If not called and each final level is at or above its downside threshold, investors receive principal plus any due coupons; otherwise, repayment is reduced 1% for every 1% decline of the worst underlier, and may be zero.
Issue price is $1,000 per security, with $27.50 in selling commissions and estimated value of $948.10 per security. Total proceeds to the issuer were $442,487.50. The securities are unsecured, not listed, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) offering of Contingent Income Memory Auto-Callable Securities due October 19, 2028, linked to the worst of AAPL, GOOGL and MSFT. The deal totals $1,203,000 in aggregate principal, at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a 9.85% annual contingent coupon only if each stock closes on/above its coupon barrier on an observation date. Coupon barriers are 65% of initial levels: AAPL $160.843, GOOGL $163.449, MSFT $332.547. The notes auto-call if each underlier is at/above 95% of its initial level (AAPL $235.078, GOOGL $238.887, MSFT $486.030) on specified redemption determination dates starting April 16, 2026.
If not called, at maturity investors receive principal only if each final level is at/above its downside threshold (same as the 65% barriers). Otherwise, repayment falls 1% for each 1% decline of the worst performer, potentially to zero. The estimated value is $950.10 per security; per-security proceeds to the issuer are $972.50 (total $1,169,917.50), with $27.50 in selling commissions. All payments are subject to Morgan Stanley’s credit risk; the notes are not listed.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities linked to Norwegian Cruise Line Holdings Ltd. ordinary shares, due October 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent quarterly coupon at 11.80% per annum (about $29.50 per $1,000 per quarter) only if the determination closing price is at or above the downside threshold of $11.225, which is 50% of the $22.45 initial share price.
The securities feature a 1-year initial non-call period and may be auto-called quarterly beginning October 2026 if the determination closing price is at least the initial share price, paying the stated principal plus the related coupon and any previously unpaid contingent coupons. If not called, and the final share price is at or above the downside threshold, investors receive principal plus the final and any unpaid contingent coupons; if below, repayment is reduced 1-to-1 with the stock’s decline and could be zero.
Issue price is $1,000 per security; estimated value on the pricing date is $969.10. Aggregate principal amount is $2,225,000. Commissions total $15 per security plus a $5 structuring fee. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-call feature due October 18, 2029, linked to the worst performer of the EURO STOXX 50, S&P 500, and Utilities Select Sector SPDR Fund. The notes are unsecured, pay no interest, and may return less than principal, including zero.
The issue price is $1,000 per security with an aggregate principal amount of $17,950,000; the estimated value on the pricing date is $993.40 per security. The first determination date is October 19, 2026. If on any determination date each underlier is at or above its call threshold (100% of initial), the notes auto-redeem for a fixed cash amount: $1,113, $1,226 or $1,339 per security for the first, second, or third determination dates, respectively.
If not called and, at maturity, each underlier is at or above its downside threshold (70% of initial), investors receive $1,452 per security. If any underlier is below its downside threshold at maturity, the payout equals $1,000 multiplied by the worst underlier’s performance factor, resulting in a 1-for-1 loss beyond the threshold. The securities are sold to fee-based advisory accounts, are not listed, and MS&Co. will not receive a sales commission.
Morgan Stanley Finance LLC priced $1,009,000 of Contingent Income Auto‑Callable Securities due October 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal‑at‑risk notes pay a contingent coupon at 10.65% per annum only if the Nasdaq‑100 Technology Sector Index, S&P 500 Index and Russell 2000 Index each close at or above their coupon barrier on the observation date.
The notes auto‑redeem if, on a redemption determination date starting April 16, 2026, all three indices are at or above their call thresholds (100% of initial). If not redeemed, repayment of principal at maturity requires each index to be at or above its downside threshold (70% of initial); otherwise, investors lose 1% of principal for every 1% decline in the worst‑performing index, potentially to zero.
Issue price is $1,000 per security; the estimated value on the pricing date is $978.90. Agent fees are $7.50 per security, with total proceeds to the issuer of $1,001,432.50. All payments are subject to Morgan Stanley’s credit risk, and the notes will not be listed on an exchange.
Morgan Stanley Finance LLC is offering fixed to floating rate callable notes due October 21, 2040, fully and unconditionally guaranteed by Morgan Stanley, in an aggregate principal amount of $11,000,000 at $1,000 per note.
The notes pay 9.00% per annum from the original issue date to October 21, 2026, then a variable rate equal to 9.00% × N/ACT for each day the 10-Year CMT is within 0.00% to 5.00%; no interest accrues on days outside that range. Interest is paid quarterly. The notes are callable quarterly at par plus accrued interest beginning October 21, 2026, if a risk neutral valuation model indicates redemption is economically rational for the issuer.
The estimated value on the pricing date is $915 per note. Sales commissions are $30 per note and a structuring fee is $5 per note, resulting in $10,615,000 in proceeds to the issuer. Payments are subject to the issuer’s credit risk, the notes are unsecured, and they will not be listed on any exchange. Investors may receive little or no interest during the floating period if 10CMT falls outside the stated range.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, priced a primary offering of Trigger PLUS linked to the EURO STOXX 50 Index with an aggregate principal amount of $11,497,000, maturing on November 5, 2031. The notes are issued at $1,000 per note, pay no interest, are not listed, and expose investors to principal loss subject to a 65% trigger.
At maturity, holders receive $1,000 plus leveraged upside based on a 173.48% leverage factor if the index finishes above the initial level of 5,652.01; $1,000 if the final level is between the initial level and the trigger level of 3,673.807; or a proportional loss if below the trigger. The issuer’s estimated value is $934.20 per note on the pricing date. Commissions are $30 per note plus a $5 structuring fee, with proceeds to the issuer of $11,094,605 for general corporate purposes and related hedging. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, offered Contingent Income Memory Auto‑Callable Securities due October 19, 2028 with an aggregate principal amount of $430,000 at $1,000 per security. These principal‑at‑risk notes pay a contingent coupon at 11.05% per annum only if both underliers—Meta Platforms Class A (META) and CrowdStrike Class A (CRWD)—close on or above their coupon barrier on each observation date.
The notes may be automatically redeemed starting April 16, 2026 if each underlier is at or above its call threshold (90% of its initial level); investors then receive par plus the coupon and any previously unpaid coupons. If not redeemed, at maturity investors receive par only if each underlier is at or above its downside threshold (60% of its initial level). Otherwise, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero.
Initial levels were $712.07 for META and $482.23 for CRWD; call thresholds are $640.863 and $434.007; coupon/downside thresholds are $427.242 and $289.338, respectively. The estimated value on the pricing date was $950.80 per security. Agent commissions were $27.50 per security, with proceeds to the issuer of $972.50 per security. The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed.
Morgan Stanley Finance LLC priced an offering of Enhanced Buffered Jump Securities, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $8,510,000 at $1,000 per security. The notes pay no interest, are subject to principal risk, and mature on December 21, 2026. They are linked to the worst performing of the Russell 2000, S&P 500, and Utilities Select Sector SPDR Fund.
At maturity, if each underlier’s final level is at or above its buffer level (79% of its initial level), investors receive principal plus a fixed upside payment of $100 per security (10%). If any underlier finishes below its buffer level, repayment is reduced by 1.2658% for every 1% decline of the worst performer beyond the 21% buffer, and could be zero.
The estimated value on the pricing date is $981.60 per security. The securities will not be listed. Sales occur through fee‑based advisory accounts; per‑security economics show $0.60 in agent fees and $999.40 proceeds to the issuer, totaling $8,504,894. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Buffered Jump Securities with an auto-call tied to the S&P 500 Equal Weight Index. The deal totals $469,000 in aggregate principal at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal-at-risk.
The securities auto-redeem on October 27, 2026 for $1,080 per security if the index on October 22, 2026 is at or above the call threshold (7,583.72, 100% of the initial level). If held to maturity on October 21, 2027, payoff depends on the index: upside adds a 105% participation, principal is buffered to 90% of the initial level, and losses accrue 1-for-1 beyond the 10% buffer, subject to a minimum payment of 10% of principal. Estimated value is $972 per security; selling concessions are $17.50 per security, with total proceeds to the issuer of $460,792.50. All payments are subject to the issuer’s and guarantor’s credit risk, and the notes will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities due April 21, 2027, linked to the worst performer of the S&P 500 Index, Netflix common stock, and the Invesco QQQ Trust. The notes are principal-at-risk and unsecured.
The deal size is $1,770,000 at $1,000 per security, with an estimated value of $978.20 on the pricing date. A 14.40% annual contingent coupon is payable only if each underlier closes at or above its coupon barrier (70% of initial) on observation dates; missed coupons may be paid later if barriers are met. The notes auto-call at par plus the coupon (and any unpaid coupons) if each underlier is at or above its 100% call threshold on any call date, starting April 16, 2026.
If not called, at maturity investors receive par only if each underlier is at or above its 70% downside threshold; otherwise, repayment is reduced 1% for each 1% decline of the worst performer and could be zero. Proceeds to the issuer total $1,758,495 after $11,505 in fees. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced principal-at-risk Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Russell 2000 Index and the EURO STOXX 50 Index.
The offering totals $1,592,000 in aggregate principal amount at $1,000 per security, with agent commissions of $28.50 per security and proceeds to the issuer of $1,546,628. The estimated value on the pricing date is $952.80 per security.
The notes auto-redeem if each underlier closes at or above its call threshold (100% of initial) on a determination date, for early redemption payments that map to ~11.25% per annum. If held to maturity and both final levels are at or above their call thresholds, the payment is $1,562.50 per security. If either underlier is below its call threshold but both are at or above the downside thresholds (75% of initial), repayment is principal only. If either finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst performer, potentially to zero.
All payments are subject to the credit risk of MSFL and Morgan Stanley. The securities will not be listed on any exchange.
Morgan Stanley Finance LLC priced Dual Directional Buffered Jump Securities totaling $1,015,000, linked to the S&P 500 Futures Excess Return Index, due October 21, 2030 and fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays no interest and returns at maturity the greater of the index gain or a fixed $450 upside payment per security if the final level is at or above the initial level.
If the final level is below the initial but at or above the 20% buffer, investors receive a positive return equal to the absolute index decline (up to 20%). If the final level falls below the buffer, principal is reduced 1% for each 1% drop beyond the buffer, with a minimum payment of 20% of principal. The initial level is 543.95 and the buffer level is 435.16.
The issue price is $1,000 per security; the estimated value on the pricing date is $969.70. Agent fees are $7.50 per security, for total proceeds to the issuer of $1,007,387.50. The notes will not be listed and are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley is offering four tranches of Global Medium‑Term Notes, Series I. The offerings include: floating rate senior notes due 2029 with principal of $400,000,000 (SOFR compounded daily + 0.920%); fixed/floating rate senior notes due 2029 with principal of $2,100,000,000 (fixed 4.133% to October 18, 2028, then SOFR + 0.913%); fixed/floating rate senior notes due 2031 with principal of $2,500,000,000 (fixed 4.356% to October 22, 2030, then SOFR + 1.074%); and fixed/floating rate senior notes due 2036 with principal of $3,000,000,000 (fixed 4.892% to October 22, 2035, then SOFR + 1.314%). Issue price is 100% of principal; minimum denominations are $1,000.
The notes feature optional redemptions: par calls on specified dates before maturity and make‑whole calls before the floating periods, as detailed for each series. The sale to managers closed at net prices implying underwriting commissions of 0.250% (2029 tranches), 0.350% (2031) and 0.450% (2036). Interest during floating periods uses daily compounded SOFR with a rate cut‑off near maturity. The notes are unsecured senior obligations and are not bank deposits or FDIC insured.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) offering of market-linked, auto-callable principal-at-risk securities totaling $4,109,000 (face amount $1,000 per security), fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon of 18.70% per annum, if earned, and may be automatically called after an initial three-month non-call period when each underlying meets its call condition.
The notes are linked to the lowest performing of NVIDIA (NVDA), Meta (META), Alphabet (GOOGL) and Broadcom (AVGO). Monthly coupons are paid only if the lowest performer closes at or above its coupon threshold (60% of starting price). At maturity on October 19, 2028, if any underlying is below its downside threshold (60%), repayment is reduced 1:1 with that stock’s decline, which can result in substantial loss of principal.
The notes are not listed and carry the issuer’s credit risk. The current estimated value is $954.40 per security. Commissions are up to $23.25 per security; proceeds to the issuer are $976.75 per security (total $4,013,465.75).
Morgan Stanley Finance LLC priced Market Linked Securities tied to the lowest performer of Arista Networks (ANET) and Gilead Sciences (GILD), due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes offer a contingent coupon at 18.25% per annum, paid quarterly if the lowest-performing stock on each calculation day is at or above its coupon threshold price (65% of its starting price). Missed coupons feature a memory if a later observation meets the threshold.
The notes are auto‑callable beginning in January 2026 if both stocks are at or above their starting prices, returning the $1,000 face amount plus the applicable coupon(s). If not called, maturity repayment depends on the lowest performer: at or above its 65% downside threshold pays $1,000; below that, repayment falls in proportion to the decline, with risk of losing more than 35%—up to all—of principal.
The estimated value is $948.60 per $1,000 note. Pricing per note: $1,000 price to public; up to $23.25 in agent commissions; proceeds to issuer $976.75. Aggregate: $2,080,000 offered, $48,360 commissions, $2,031,640 proceeds. The securities will not be listed and are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC issued $275,000 of Contingent Income Memory Auto‑Callable Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer of CrowdStrike (CRWD) and Bank of America (BAC) and are principal-at-risk, unsecured obligations.
The securities pay a 14.80% per annum contingent coupon only if each underlier closes at or above its coupon barrier on an observation date. Barriers and thresholds: CRWD barrier/downside $289.338 (60% of $482.23); BAC barrier/downside $30.264 (60% of $50.44). Auto‑call occurs if both are at or above the call thresholds (90% of initial): CRWD $434.007, BAC $45.396, first assessed April 16, 2026.
If held to maturity and either underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. Price to public: $1,000 per security; estimated value $979.40; no sales commissions; proceeds to issuer $275,000. The notes will not be listed and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. The aggregate principal amount is $1,692,000 at an issue price of $1,000 per security, with an estimated value on the pricing date of $941.60 per security. The notes mature on October 21, 2030, and principal is at risk.
The securities pay a contingent coupon at 17.10% per annum on scheduled dates only if the underlier’s closing level is at or above the coupon barrier of 2,084.74 (70% of initial). They auto-call at par plus the coupon if the underlier is at or above the call threshold of 2,978.20 (100% of initial) on any redemption determination date (first on January 16, 2026). If not called, at maturity investors receive par if the final level is at or above the downside threshold of 1,489.10 (50% of initial); otherwise the payout is linearly reduced by the underlier’s decline. The underlier includes a 4.0% per annum decrement and volatility targeting up to 400% exposure. Proceeds to the issuer are $1,687,770 with $4,230 in agent fees; all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of $3,000,000 Contingent Income Memory Auto-Callable Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays a 10.45% per annum contingent coupon only if the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector Index are each at or above their coupon barriers on observation dates.
The notes auto-call at par plus the contingent coupon (and any unpaid coupons) if all three indices are at or above their call thresholds (100% of initial) on specified redemption determination dates. If not called, at maturity investors receive par only if each index is at or above its downside threshold (65% of initial); otherwise, payment is reduced 1% for every 1% decline of the worst-performing index, which could result in zero.
Issue price is $1,000 per security; estimated value on the pricing date is $981.50. Agent fees are $4 per note; total proceeds to the issuer are $2,988,000. The securities will not be listed and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC priced a $1,269,000 offering of Callable Contingent Income Memory Securities linked to the worst performing of the EURO STOXX 50, Nasdaq-100 Technology Sector Index, and Russell 2000. The notes pay a contingent 8.50% annual coupon only if all three indices are at or above their coupon barrier (75% of initial) on each observation date. The aggregate proceeds to the issuer are $1,269,000; the issue price is $1,000 per security.
The notes are callable on designated dates beginning October 21, 2026 if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. If held to maturity on April 23, 2030, investors receive principal only if each index is at or above its downside threshold (60% of initial); otherwise, repayment is reduced 1% for each 1% decline in the worst performer and could be zero. The securities are fully and unconditionally guaranteed by Morgan Stanley, are not listed, and carry an estimated value of $960.70 per security. Selected dealers may receive up to $6.25 per security as a structuring fee; no sales commission is paid to the agent.
Morgan Stanley Finance LLC priced $1.811 million Dual Directional Buffered Jump Securities linked to Meta Platforms, Inc. (Class A), fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and mature on October 21, 2027. They are auto-callable on October 20, 2026 if META’s closing level is at or above the $712.07 call threshold (100% of the initial level), redeeming for an early redemption payment of $1,160.50 per $1,000 note.
If held to maturity and the final level is above the initial $712.07, holders receive principal plus 150% of the positive return. If the final level is at or below the initial but at or above the buffer level $605.260 (≈15% buffer), holders receive principal plus the absolute decline times a 100% absolute return rate, effectively capped at a 15% positive return. Below the buffer, losses match the decline beyond 15%, subject to a minimum payment at maturity of 15% of principal. Issue price is $1,000 per note; the estimated value on the pricing date is $982.20. Notes will not be listed; sold in fee-based accounts with no sales commission. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto‑Callable Securities due October 19, 2028, tied to the worst performer of KRE (SPDR S&P Regional Banking ETF), the Nasdaq‑100 Index and the Russell 2000 Index, for an aggregate principal amount of $456,000.
The notes pay a 9.15% annual contingent coupon only if, on each observation date, every underlier is at or above its coupon barrier (75% of initial). They are auto‑callable on scheduled dates starting April 16, 2026 if each underlier is at or above its call threshold (100% of initial), returning principal plus that period’s coupon. If not called, holders receive principal at maturity only if each final underlier level is at or above its downside threshold (60% of initial); otherwise, repayment is reduced 1% for every 1% decline of the worst performer, which could result in a zero return.
The issue price is $1,000 per security; estimated value on the pricing date is $941.20 per security. Selling commissions are $25 per security, with total proceeds of $444,600 to the issuer. The securities are unsecured, subject to issuer and guarantor credit risk, and will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,421,000 of principal-at-risk, auto-callable market-linked securities tied to the lower performance of NVIDIA (NVDA) and Meta Platforms Class A (META). The price is $1,000 per security; agents’ commissions are $23.25 per security, for total proceeds to the issuer of $1,387,961.75. The current estimated value is $961.90 per security.
The notes pay a 13.00% per annum contingent monthly coupon only if, on each calculation day, the lower of NVDA or META closes at or above its coupon threshold (60% of starting price). Notes are auto-callable after an initial six‑month non‑call period if both stocks are at or above their starting prices, returning face amount plus the final coupon. If not called, at maturity on October 21, 2027 you receive $1,000 only if both are at or above their downside thresholds (50% of starting price); otherwise repayment is reduced 1‑for‑1 with the lowest performer, and you can lose more than 50%, up to all, of principal.
Starting prices: NVDA $181.81 and META $712.07; coupon thresholds are 60% and downside thresholds are 50% of those levels. The securities will not be listed, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), priced a Rule 424(b)(2) takedown of $1,600,000 aggregate principal amount of Dual Directional Buffered Jump Securities linked to the Nasdaq-100 Index, due October 19, 2027. The notes are principal-at-risk, pay no interest, and are not exchange-listed.
The issue price is $1,000 per security, with placement fees up to $15 per security and proceeds to the issuer of $985 per security (total proceeds $1,576,000). The estimated value on the pricing date is $983.40 per security.
The notes auto-call on October 27, 2026 if the Nasdaq-100 closing level is at or above the call threshold 24,579.32 (100% of the initial level) for an early redemption payment of $1,070 per security on October 30, 2026. If held to maturity and the final level is at or above the call threshold, investors receive the stated principal plus an upside payment of $140. If the final level is below the call threshold but at or above the buffer level 18,434.49 (75% of initial), the payoff adds the absolute decline times a 100% participation rate, effectively capped at a 25% positive return. Below the buffer, losses apply at a 1.3333 downside factor beyond the 25% buffer. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Contingent Income Memory Auto‑Callable Securities linked to Shopify Inc. Class A shares, in an aggregate principal amount of $472,000, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays a contingent coupon at 11.80% per annum only if the underlier closes at or above the coupon barrier $81.935 on the observation date; missed coupons may be paid later if the barrier is met.
The notes are auto‑callable at $163.87 (100% of the initial level) on scheduled determination dates starting January 9, 2026. If not called, at maturity on October 12, 2028 investors receive principal only if the final level is at or above the downside threshold $81.935; otherwise, the loss matches the underlier’s decline, potentially to zero. The estimated value is $957.70 per security, reflecting issuance, structuring and hedging costs.
Issue price is $1,000 per security; agent commissions $22.50 per security, with total proceeds to the issuer of $461,380. The notes are not listed and are subject to MSFL/Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 13.75% annual contingent coupon only if, on each observation date, the VanEck Semiconductor ETF (SMH), Nasdaq-100 Technology Sector Index (NDXT) and Russell 2000 Index (RTY) each close at or above their coupon barrier levels. The notes may be redeemed early, in whole, on specified dates if a risk neutral valuation model indicates it is economically rational for the issuer.
At maturity, if not called and each underlier is at or above its downside threshold (60% of its initial level), investors receive the $1,000 principal per note (plus any final coupon). If any underlier is below its threshold, repayment is reduced 1% for each 1% decline of the worst performer, down to zero. The offering size is $847,000 at $1,000 per note; estimated value on the pricing date is $979.90 per note. Proceeds to the issuer total $844,882.50. All payments are subject to issuer and guarantor credit risk, and the securities will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities due October 19, 2028, with an aggregate principal amount of $3,066,000 at $1,000 per security. The notes pay a contingent coupon at 24.50% per annum only if, on each observation date, the closing level of all three underliers—Oracle (ORCL), Meta Platforms (META) and NVIDIA (NVDA)—is at or above the coupon barrier set at 70% of the initial level (ORCL $219.10; META $498.449; NVDA $127.267). The notes may be automatically redeemed starting January 16, 2026 if each underlier is at or above its call threshold (100% of initial: ORCL $313.00; META $712.07; NVDA $181.81), paying principal plus the due and any previously unpaid contingent coupons.
If not called, at maturity investors receive principal only if each underlier is at or above its downside threshold (the same 70% levels). Otherwise, the payout is reduced 1% for every 1% decline of the worst-performing underlier, and could be zero. The offering’s estimated value is $960.50 per $1,000 security, reflecting issuance and hedging costs and the issuer’s internal funding rate. Agent commissions total $61,320 ($20 per security), with proceeds to the issuer of $3,004,680. All payments are subject to Morgan Stanley’s credit risk; the securities will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, priced Contingent Income Auto-Callable Securities linked to Starbucks common stock. The notes offer a contingent coupon at an annual rate of 14.25% when the stock closes at or above the coupon barrier on observation dates, and may be auto‑called if the stock closes at or above the call threshold on designated redemption determination dates.
Key terms include: initial level $78.46; coupon barrier and downside threshold $54.922 (70% of initial); call threshold 100% of initial. Maturity is October 13, 2028, with first potential auto‑call on April 10, 2026. The securities are principal at risk; if the final level is below the downside threshold, investors lose 1% of principal for each 1% decline, and could lose all principal. The deal size is $1,300,000 at $1,000 per note; estimated value on pricing date is $976.40. Proceeds to the issuer are $996.50 per note; the notes will not be listed and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of $250,000 principal amount of Callable Contingent Income Securities due October 21, 2027, linked to Robinhood Markets, Inc. Class A common stock. The notes are fully and unconditionally guaranteed by Morgan Stanley.
Each security is issued at $1,000, with agent commissions of $17.50 per security plus a $1.00 structuring fee. Proceeds to the issuer total $245,375, and the estimated value on the pricing date is $959.00 per security.
The notes pay a contingent coupon at 27.70% per annum only if HOOD’s closing level is at or above the coupon barrier of $84.122 (approximately 64% of the $131.44 initial level) on each observation date. If not called earlier, repayment of principal at maturity requires the final level to be at or above the downside threshold of $84.122; otherwise, investors lose 1% of principal for every 1% decline. Early redemption can occur on set dates beginning October 21, 2026 if a risk‑neutral valuation model indicates it is economically rational for the issuer. The securities are unsecured, not listed, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable Market Linked Securities linked to the lowest performer of NVIDIA, Broadcom, Alphabet and Amazon, due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at 14.60% per annum (with memory) only if, on each monthly calculation day, the lowest-performing stock closes at or above its 50% coupon threshold.
The price to the public is $1,000 per security (minimum 1 security). The filing shows totals of $5,206,000 sold, agent commissions of $121,039.50 (up to $23.25 per security), and issuer proceeds of $5,084,960.50. The current estimated value is $950.80 per security, reflecting issuance and hedging costs and an internal funding rate.
After a ~3‑month non‑call period (beginning January 2026), the notes are automatically called if each stock is at or above its starting price, paying face value plus any due and unpaid coupons. If not called, principal is protected only if every stock’s ending price is at or above its downside threshold (50% of start); otherwise repayment equals $1,000 times the lowest performer’s ratio. The notes will not be listed.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) structured note offering of Contingent Income Memory Auto-Callable Securities, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $10,170,000 and a $1,000 stated principal per security.
The notes pay a contingent coupon at 18.65% per annum on scheduled dates only if each of Apple, Amazon, Microsoft and NVIDIA is at or above its coupon barrier on the related observation date. Automatic early redemption occurs if all are at or above their call thresholds, returning principal plus any due and previously unpaid coupons.
If not redeemed, maturity payment depends on the worst performer: principal is repaid only if each final level is at or above its downside threshold; otherwise, the payoff declines 1% for every 1% drop of the worst underlier, and can be zero. Initial levels equal their strike-date closes (AAPL $247.45; AMZN $214.47; MSFT $511.61; NVDA $181.81). The estimated value is $980 per security. Proceeds to the issuer were $10,098,810 after fees. The notes are unsecured, subject to Morgan Stanley credit risk, and will not be listed.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due October 19, 2028, linked to the worst performing of Rubrik Class A (RBRK) and Apple (AAPL), and fully and unconditionally guaranteed by Morgan Stanley.
The notes carry a 21.00% annual contingent coupon paid only if both underliers are at or above their coupon barriers on observation dates. Barriers are set at 70% of initial levels: RBRK $55.048 and AAPL $173.215. An auto-call can occur on scheduled dates starting April 16, 2026 if both underliers are at or above their call thresholds (100% of initial: RBRK $78.64, AAPL $247.45), paying principal plus the due and any previously unpaid contingent coupons.
If not called, maturity pays principal only if both underliers are at or above their downside thresholds (70% of initial). Otherwise, investors lose 1% per 1% decline of the worst underlier; the payout can be zero. The aggregate principal amount is $863,000 at $1,000 per note; estimated value is $926.80 per note. Agent commission is $40 per note with proceeds to issuer of $960 per note ($828,480 total). The securities are unlisted and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced $1,504,000 of Callable Contingent Income Securities due September 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes offer a 10.30% annual contingent coupon paid only if each underlier—SPDR S&P Regional Banking ETF (KRE), S&P 500 Index (SPX) and Nasdaq‑100 Technology Sector Index (NDXT)—closes at or above its coupon barrier on the observation date.
The notes may be redeemed early, in whole, on scheduled redemption dates if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. If held to maturity and each underlier finishes at or above its downside threshold (60% of initial levels), investors receive principal plus any final coupon; otherwise, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. Issue price is $1,000 per note; agent commissions are $18.75 per note, with proceeds to the issuer of $981.25 per note ($1,475,800 total). The estimated value on the pricing date is $955.70 per note. The securities are unsecured, subject to issuer credit risk, and will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,600,000 of Contingent Income Auto-Callable Securities linked to Meta Platforms, Inc. (Class A), maturing on April 9, 2027. Each note has a $1,000 denomination and pays a 9.00% per annum contingent coupon only when Meta’s closing level is at or above the coupon barrier of $500.962 (70% of the initial level) on the applicable observation date.
The notes may be automatically redeemed on scheduled dates if Meta’s closing level is at or above the call threshold of $715.66 (100% of the initial level), returning the stated principal amount plus any contingent coupon for that period. If not called, and at maturity the final level is at or above the downside threshold of $429.396 (60%), investors receive principal back (plus the final coupon if payable). If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline from the initial level, up to a total loss.
The initial level is $715.66 (strike date: October 6, 2025). The estimated value on the pricing date is $969.00 per security. Issue price is $1,000, with $18.75 per-note sales commissions; total proceeds to the issuer are $1,570,000. The securities are unsecured, subject to MS/MSFL credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, amended a preliminary pricing supplement for Contingent Income Memory Auto-Callable Securities due October 31, 2030 linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index.
The notes offer a contingent coupon at an annual rate of 8.00%, payable only if the underlier closes at or above the coupon barrier set at 50% of the initial level on each observation date; missed coupons may be paid later if the barrier is met (“memory”). They are auto-callable if the underlier is at or above the call threshold of 90% of the initial level on scheduled redemption determination dates starting October 28, 2026.
If not called, at maturity investors receive principal only if the final level is at or above the 50% downside threshold; otherwise, losses match the underlier’s decline on a 1-for-1 basis and could result in zero repayment. Issue price is $1,000 per note; the estimated value on the pricing date is approximately $893.90 per security (or within $43.90 of that estimate). The notes will not be listed and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a $2,872,000 primary offering of Variable Income Auto-Callable Notes due August 30, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a variable coupon: a higher 10.00% annual rate when each underlier is at or above its coupon barrier on an observation date, or a lower 0.25% annual rate otherwise. Underliers are Palantir (PLTR), Hims & Hers (HIMS), Tesla (TSLA) and Affirm (AFRM), with coupon barriers set at 70% of initial levels and call thresholds at 80% of initial levels.
The notes may be automatically redeemed starting on the first redemption determination date of August 26, 2026 if all underliers meet the call thresholds, for principal plus the higher coupon. If not redeemed early, investors receive the stated principal amount at maturity, plus the applicable coupon for the final period. Issue price is $1,000 per note, with $43.50 in selling commissions per note and total proceeds to the issuer of $2,747,068. The estimated value on the pricing date is $942.50 per note. The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), is offering principal-at-risk Jump Securities with an auto-call feature linked to the Nasdaq-100 Index, due November 5, 2030. These unsecured notes do not pay interest and may redeem early if the index closes at or above the call threshold on the first determination date.
The notes are issued at $1,000 per security, with an estimated value of approximately $959.60 on the pricing date, reflecting issuing, selling, structuring and hedging costs. If auto-called on November 4, 2026, investors receive an early redemption payment of $1,085 on November 9, 2026. If held to maturity and the final index level exceeds the initial level, the payoff adds a 150% participation in the index’s gain. If the final level is at or below the initial but at or above the 80% downside threshold, repayment equals principal. Below the threshold, losses match the index decline, up to total loss.
The securities are subject to the issuer’s and guarantor’s credit risk, will not be listed, and may have limited liquidity. Sales commissions are $20 per security, with up to $8 in structuring fees to selected dealers.
Morgan Stanley Finance LLC is offering Nasdaq‑100 Index-linked Jump Securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley. Each note is issued at $1,000 and is a principal-at-risk, unsecured obligation that pays no interest and is not listed on any exchange.
The notes may be automatically redeemed on November 9, 2026 if the Nasdaq‑100 closing level on November 4, 2026 is at or above 100% of its initial level, paying an early redemption amount of $1,115 per security. If held to maturity on November 5, 2030 and the final level exceeds the initial level, investors receive principal plus an upside payment based on a 150% participation rate. If the final level is at or below the initial level but at or above the 80% downside threshold, repayment is limited to principal. Below the threshold, repayment declines one-for-one with the index.
The estimated value on the pricing date is approximately $977.70 per security (within $55 of that estimate). MS&Co. serves as agent; selected dealers may receive up to $8 per security as a structuring fee. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), is offering S&P 500-linked Market-Linked Notes due May 3, 2030. The notes pay no interest and return principal at maturity, with potential upside if the index rises.
Each note is issued at $1,000. At maturity, investors receive $1,000 plus 100% of any index gain, capped at a maximum payment of $1,360 per note (136% of principal). If the final index level is at or below the initial level, the payment is $1,000. Key dates: strike/pricing on October 31, 2025, observation on April 30, 2030, maturity on May 3, 2030.
The estimated value on the pricing date is approximately $982.20 per note (within $45 of that estimate). The notes will not be listed. MS & Co. acts as agent; stated commissions are $0 per note, with a structuring fee of up to $8 per note. All payments are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering S&P 500-linked market‑linked notes that pay no interest and return principal at maturity. Each note is issued at $1,000 with 100% participation in upside, capped by a maximum payment of $1,390 per note. If the S&P 500 final level is at or below the initial level, holders receive only the stated principal amount.
Key dates: strike/pricing on October 31, 2025, original issue on November 5, 2025, observation on April 30, 2031, and maturity on May 5, 2031. The estimated value on the pricing date is approximately $951.40 per note (within $55 of that estimate). Sales commissions are $30 per note (with an additional structuring fee of up to $8.50), yielding $970 per note in proceeds to the issuer. The notes will not be listed on any exchange.
All payments are subject to issuer and guarantor credit risk. Returns are determined solely by the S&P 500 closing level on the observation date; interim moves do not affect payout. The notes are issued under MSFL’s Series A Global Medium‑Term Notes program.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Dual Directional Trigger PLUS, unsecured notes linked to the S&P 500 Futures Excess Return Index, due November 5, 2030. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if the final index level is above the initial level, the payoff adds 157% of the index gain. If the final level is at or below the initial level but at or above the downside threshold of 60% of the initial, investors receive the principal plus the absolute decline at a 100% participation rate, effectively capped at a 40% positive return. If the final level falls below the threshold, investors lose 1% of principal per 1% index decline, up to total loss.
The notes are fully and unconditionally guaranteed by Morgan Stanley, subject to issuer and guarantor credit risk, and will not be listed. The estimated value on the pricing date is approximately $970.40 per security (within $55 of that estimate). Selected dealers may receive up to $8.50 per security as a structuring fee; MS&Co. takes no sales commission.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS linked to the S&P 500 Futures Excess Return Index, maturing on November 5, 2031. These principal-at-risk notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the final index level is above the initial level, holders receive $1,000 plus a leveraged upside equal to 164% of the index gain. If the index is at or below the initial level but at or above the downside threshold, investors receive $1,000 plus a positive return equal to the absolute index decline at a 100% participation rate, effectively capped at a 40% gain. If the final level is below the downside threshold (set at 60% of the initial level), principal is reduced 1% for every 1% index decline, and the payout could be zero.
The issue price is $1,000 per note, the estimated value on the pricing date is approximately $935.20 per note (within $55.00 of that estimate), agent’s sales commission is $32.50 per note, and proceeds to the issuer are $967.50 per note. The observation date is October 31, 2031. The notes will not be listed and are subject to Morgan Stanley/MSFL credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable Jump Securities due October 24, 2030, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 issue price per security and an estimated value on the pricing date of approximately $900 per security.
The securities can be automatically redeemed on quarterly determination dates starting October 27, 2026 if the underlier closes at or above the call threshold level (84% of the initial level), paying an early redemption amount that corresponds to approximately 12.00% per annum (e.g., $1,120 on the first date, stepping to $1,590 by September 20, 2030). If not called, at maturity investors receive $1,600 per security if the final level is at or above the call threshold; the stated principal amount if the final level is at or above the downside threshold (50% of the initial level); otherwise, a loss matching the underlier’s decline, down to zero. Payments are unsecured and subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC filed a preliminary 424(b)(2) pricing supplement for Contingent Income Auto-Callable Securities due October 26, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performing of the Nasdaq‑100, Dow Jones Industrial Average and Russell 2000.
The notes pay a 7.50% annual contingent coupon only if, on each observation date, the closing level of each index is at or above its coupon barrier (70% of its initial level). They auto‑redeem at par plus the coupon if, on a redemption determination date (first on April 22, 2026), each index is at or above 100% of its initial level.
If not called, at maturity investors receive par only if the final level of each index is at or above its 70% downside threshold; otherwise, the payoff is reduced 1% for every 1% decline of the worst performer, which can result in a total loss. Issue price is $1,000 per security; the estimated value on the pricing date is approximately $965.50 per security. All payments are subject to issuer and guarantor credit risk. The securities will not be listed.
Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor due October 22, 2030, linked to the EURO STOXX 50 Index. These unsecured, principal-at-risk notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley. At maturity, investors receive $1,000 plus a leveraged upside payment if the index is above its initial level; par if the index is between the initial level and the 80% buffer level; and a loss of 1.25% for every 1% decline beyond the 20% buffer if the index finishes below the buffer.
Key terms include a leverage factor of at least 168.35% (set on the pricing date), downside factor 1.25, buffer amount 20%, strike/pricing date October 17, 2025, observation date October 17, 2030, and maturity October 22, 2030. Issue price is $1,000 per security; agent’s commissions are $30 per $1,000; the estimated value on the pricing date is approximately $954.10 per security (or within $40 of that estimate). Minimum ticket is $10,000 and the notes will not be listed. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due April 29, 2027, linked to the worst performer of the S&P 500 Index, Nasdaq-100 Technology Sector Index, and Russell 2000 Index. The notes are issued at $1,000 per security and pay a contingent coupon at 11.70% per annum only if each index closes at or above its coupon barrier on the observation date.
The issuer may redeem the notes on specified redemption dates, starting January 29, 2026, if a risk-neutral valuation model indicates early call is economically rational for the issuer; if called, investors receive the stated principal plus any due coupon. At maturity, if not redeemed and each index is at or above its 70% downside threshold, investors receive principal (and any final coupon). If any index finishes below its threshold, repayment is reduced 1% for each 1% decline of the worst index, which could result in a zero return of principal. The estimated value on the pricing date is approximately $983.90 per security (or within $35 of that estimate). The securities are unsecured, subject to Morgan Stanley credit risk, and will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered PLUS linked to the S&P 500 Index. These principal-at-risk notes pay no interest and mature on November 20, 2026. At maturity, you receive the $1,000 stated principal plus leveraged gains at a 150% rate if the index rises, capped at $1,117.50 per security. If the index is flat to down but no lower than the 10% buffer, you receive $1,000. Below the buffer, losses match the decline beyond 10%, subject to a minimum payment of 10% of principal.
The initial level is 6,644.31 (strike date October 14, 2025), with a buffer level of 5,979.879. The final level is the average of 10 dates in November 2026. The notes are unsecured obligations subject to MS/MSFL credit risk, will not be listed, and may have limited liquidity. The issue price is $1,000 per security; the estimated value on the pricing date is approximately $989.60 per security. The issuer uses an internal funding rate and includes issuing, selling, structuring and hedging costs in the price, which can reduce secondary market values.
Morgan Stanley Finance LLC announced a preliminary 424(b)(2) pricing supplement for Jump Securities with an auto-call feature due October 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the S&P 500 Index, Nasdaq-100 Technology Sector Index, and Russell 2000 Index, are principal at risk, and pay no interest.
The notes auto-redeem on October 28, 2026 if each index closes at or above its 100% call threshold, for an $1,150 payment per security. If held to maturity and each final level is above its initial, investors receive principal plus an upside payment equal to stated principal × 380% × the underlier percent change of the worst performer. If any index is at or below its initial but all are at or above the 70% downside threshold, only principal is returned. If any index finishes below 70% of its initial, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. The issue price is $1,000 per security; the estimated value on the pricing date is approximately $978.40. The notes will not be listed and are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC plans to offer Callable Contingent Income Securities due October 25, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a 12.00% annual contingent coupon only if, on each observation date, the closing level of all three underliers—the Real Estate Select Sector SPDR Fund (XLRE), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY)—is at or above a coupon barrier set at 70% of its initial level.
The notes may be redeemed early, in whole, starting April 23, 2026, if and only if a risk neutral valuation model indicates redemption is economically rational for the issuer compared to not redeeming. If held to maturity and each underlier’s final level is at or above its 70% downside threshold, investors receive the $1,000 stated principal (plus any final coupon if payable). If any underlier finishes below its threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero.
Issue price is $1,000 per security, with an estimated value of approximately $981 on the pricing date. The securities will not be listed. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC launched preliminary terms for fixed-income auto-callable securities linked to Palantir Technologies Inc. (Class A), fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, an issue price of $1,000, and pays a fixed coupon at 13.75% per annum, with monthly payments. The notes may be automatically redeemed if the underlier is at or above the call threshold (100% of the initial level) on specified determination dates, paying principal plus the coupon for that period. The notes are principal at risk and are unsecured obligations subject to the issuer’s and guarantor’s credit risk.
If not called, the notes mature on April 26, 2027. At maturity, if the final level is at or above the downside threshold (50% of the initial level), investors receive the stated principal amount plus the final coupon; if below, repayment is reduced 1% for each 1% decline in the underlier, potentially to zero, though the final coupon is still paid. The estimated value on the pricing date is approximately $966.20 per security. Key dates: strike/pricing October 21, 2025, original issue October 24, 2025, first redemption determination date January 21, 2026. The notes will not be listed on any exchange.