[424B2] MORGAN STANLEY Prospectus Supplement
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.
Morgan Stanley Finance LLC ha lanciato termini preliminari per titoli a reddito fisso auto-callable legati a Palantir Technologies Inc. (Class A), completamente e non condizionatamente garantiti da Morgan Stanley. Ogni nota ha un importo nominale dichiarato di $1,000, un prezzo di emissione di $1,000, e paga una cedola fissa del 13,75% annuo, con pagamenti mensili. Le note possono essere rimborsate automaticamente se l’attività sottostante è pari o superiore alla soglia di richiamo (100% del livello iniziale) in date di determinazione specifiche, pagando capitale più la cedola per quel periodo. Le note sono principali a rischio e sono obbligazioni non garantite soggette al rischio di credito dell’emittente e del garante.
Se non chiamate, le note scadono il 26 aprile 2027. Alla scadenza, se il livello finale è pari o superiore alla soglia di ribasso (50% del livello iniziale), gli investitori ricevono l’importo nominale dichiarato più la cedola finale; se inferiore, il rimborso è ridotto dell’1% per ogni 1% di calo dell’attività sottostante, potenzialmente a zero, anche se la cedola finale viene comunque pagata. Il valore stimato al prezzo è di circa $966,20 per titolo. Date chiave: strike/pricing 21 ottobre 2025, emissione originale 24 ottobre 2025, prima data di determinazione dei rimborsi 21 gennaio 2026. Le note non saranno quotate su alcuna piazza.
Morgan Stanley Finance LLC lanzó términos preliminares para valores de renta fija auto-callables vinculados a Palantir Technologies Inc. (Clase A), totalmente y sin condiciones garantizados por Morgan Stanley. Cada nota tiene un monto nominal declarado de $1,000, un precio de emisión de $1,000, y paga un cupón fijo del 13,75% anual, con pagos mensuales. Las notas pueden ser canjearse automáticamente si el subyacente está en o por encima del umbral de llamada (100% del nivel inicial) en fechas de determinación especificadas, pagando principal más el cupón de ese periodo. Las notas son riesgos de principal y son obligaciones no aseguradas sujetas al riesgo de crédito del emisor y del garante.
Si no se llaman, las notas maduran el 26 de abril de 2027. Al vencimiento, si el nivel final está en o por encima del umbral de descenso (50% del nivel inicial), los inversores reciben el monto nominal declarado más el cupón final; si está por debajo, el reembolso se reduce 1% por cada 1% de caída del subyacente, potencialmente a cero, aunque el cupón final todavía se paga. El valor estimado en la fecha de fijación es aproximadamente $966.20 por valor. Fechas clave: strike/pricing 21 de octubre de 2025, emisión original 24 de octubre de 2025, primera fecha de determinación de canje 21 de enero de 2026. Las notas no cotizarán en ninguna bolsa.
Morgan Stanley Finance LLC은 Palantir Technologies Inc. (Class A)에 연결된 고정수익 자동상환 가능 증권에 대한 예비 조건을 발표했으며, Morgan Stanley가 전액 및 무조건 보증합니다. 각 채권은 $1,000의 명시 원금액, 발행가 $1,000, 연 13.75%의 고정 쿠폰을 지급하며 월간 지급됩니다. 해당 기초자산이 지정된 결정일에 상향 임계값(초기 레벨의 100%)에 도달하거나 그 이상인 경우 자동상환될 수 있으며, 그 기간의 원금 + 쿠폰을 지급합니다. 이 노트는 원금 위험이며 발행자 및 보증인의 신용 위험에 노출된 무담보 의무입니다.
호출되지 않으면, 만기일은 2027년 4월 26일입니다. 만기 시 최종 레벨이 하락 임계값(초기 레벨의 50%) 이상이면 투자자는 명시된 원금과 최종 쿠폰을 받으며, 아래에 있으면 기초자산의 하락율이 1% 떨어질 때마다 상환이 1%씩 감소하며 최종 쿠폰은 여전히 지급될 수 있습니다. 가격일의 추정 가치는 대략 $966.20 per security입니다. 주요 날짜: strike/pricing 2025년 10월 21일, 최초 발행 2025년 10월 24일, 최초 상환 결정일 2026년 1월 21일. 노트는 거래소에 상장되지 않음.
Morgan Stanley Finance LLC a lancé des termes préliminaires pour des titres à revenu fixe auto-appelants reliés à Palantir Technologies Inc. (Class A), entièrement et sans condition garantis par Morgan Stanley. Chaque Note a un montant nominal déclaré de $1,000, un prix d’émission de $1,000, et paie un coupon fixe de 13,75% par an, avec des paiements mensuels. Les notes peuvent être rachetées automatiquement si l’actif sous-jacent est égal ou supérieur au seuil d’appel (100% du niveau initial) à des dates de détermination spécifiées, en payant le principal plus le coupon pour cette période. Les notes sont des principal risqué et constituent des obligations non garanties soumises au risque de crédit de l’émetteur et du garant.
Si elles ne sont pas appelées, les notes arrivent à échéance le 26 avril 2027. À l’échéance, si le niveau final est égal ou supérieur au seuil de baisse (50% du niveau initial), les investisseurs reçoivent le montant nominal déclaré plus le coupon final ; s’ils sont en dessous, le remboursement est réduit de 1% pour chaque 1% de déclin de l’actif sous-jacent, potentiellement jusqu’à zéro, bien que le coupon final soit quand même payé. La valeur estimée à la date de tarification est d’environ $966,20 par valeur. Dates clés : strike/pricing 21 octobre 2025, emission initiale 24 octobre 2025, première date de détermination de rachat 21 janvier 2026. Les notes ne seront pas cotées sur aucune bourse.
Morgan Stanley Finance LLC hat preliminare Bedingungen für festverzinsliche Auto-Aufruf-Securities im Zusammenhang mit Palantir Technologies Inc. (Klasse A) veröffentlicht, die vollständig und bedingungslos von Morgan Stanley garantiert werden. Jede Anleihe hat einen festgelegten Nennbetrag von $1,000, einen Ausgabepreis von $1,000 und zahlt eine feste Verzinsung von 13,75% pro Jahr, mit monatlichen Zahlungen. Die Note kann automatisch zurückgereicht werden, wenn der Basiswert am oder über der Rückrufschwelle (100% des Anfangsniveaus) an festgelegten Bestimmungstagen liegt oder liegt, wobei Kapital plus Zins für diesen Zeitraum gezahlt wird. Die Notes sind Kapitalsrisiko und unbesicherte Verpflichtungen, die dem Kreditrisiko des Emittenten und des Garantiegebers unterliegen.
Wenn sie nicht gerufen werden, laufen die Notes am 26. April 2027 aus. Bei Fälligkeit, wenn das Endniveau mindestens der Abwärtschwelle (50% des Anfangsniveaus) entspricht, erhalten Investoren den angegebenen Nennwert zuück plus dem Endkupon; liegt es darunter, wird die Rückzahlung um 1% pro 1% Verfall des Basiswerts reduziert, potenziell bis auf Null, obwohl der Endkupon weiterhin gezahlt wird. Der geschätzte Wert zum Preisfestlegungstermin beträgt ca. $966,20 pro Wertpapier. Wichtige Termine: Strike/Pricing 21. Oktober 2025, Origination 24. Oktober 2025, erste Bestimmungsdatum für Rückzahlung 21. Januar 2026. Die Notes werden an keiner Boerse notiert.
Morgan Stanley Finance LLC أطلقت شروطاً أولية لسندات دخل ثابت قابلة للاستدعاء تلقائياً مرتبطة بـ Palantir Technologies Inc. (Class A)، مضمونة بالكامل ودون قيد أو شرط من قبل Morgan Stanley. كل سند لديه مبلغ اسمي مذكور قدره $1,000، وسعر إصدار $1,000، ويدفع كوبوناً ثابتاً بمعدل 13.75% سنوياً، مع دفعات شهرية. قد يتم استدعاء السندات تلقائياً إذا كان الأساس المالي عند أو فوق عتبة الدعوة (100% من المستوى الأولي) في تواريخ تحديد محددة، مع دفع principal بالإضافة إلى الكوبون لتلك الفترة. الأسهم تحمل مخاطر رأس المال وتُعتبر التزامات غير مضمونة خاضعة لمخاطر ائتمان المصدر والضامن.
إذا لم يُدع، تنتهي صلاحية السندات في 26 أبريل 2027. عند النضج، إذا كان المستوى النهائي عند أو فوق عتبة الجانب السفلي (50% من المستوى الأولي)، يتلقى المستثمرون المبلغ الاسمي المذكور بالإضافة إلى الكوبون النهائي؛ إذا كان أقل من ذلك، يُخفض الدفع بمقدار 1% لكل انخفاض بنسبة 1% في الأساس، قد يصل إلى الصفر، رغم أن الكوبون النهائي لا يزال يُدفع. القيمة المقدرة عند تاريخ التسعير تقارب $966.20 لكل أداة. تواريخ رئيسية: Strike/Pricing 21 أكتوبر 2025، الإصدار الأصلي 24 أكتوبر 2025، أول تاريخ لتحديد الاسترداد 21 يناير 2026. لن يتم إدراجها في أي بورصة.
摩根士丹利金融公司（Morgan Stanley Finance LLC）发布了与Palantir Technologies Inc.（A 类）相关的固定收益自动赎回证券的初步条款，完全且无条件由摩根士丹利担保。每张票据的名义本金额为$1,000，发行价为$1,000，并以固定的年度利率13.75%支付，按月付息。若标的资产在指定的确定日达到或超过调用阈值（初始水平的100%），票据可能会自动赎回，届时支付本金加当期利息。票据具有本金风险，属于未担保的义务，受发行人及担保方的信用风险影响。
若未被调用，票据将在2027年4月26日到期。到期时，若最终水平在或高于下跌阈值（初始水平的50%），投资者将收到记载的本金金额加上最终利息；若低于阈值，按标的资产每下跌1%则偿还减少1%，可能降至为零，尽管最终利息仍然支付。定价日期的估值大约为$966.20/证券。关键日期：行权/定价2025年10月21日，首次发行2025年10月24日，首次赎回确定日2026年1月21日。票据将不会在任何交易所上市。
- None.
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Insights
High coupon with auto-call; principal at risk if PLTR falls >50%.
These notes combine a fixed coupon of
Capital is exposed to PLTR’s downside at maturity: below 50% of the initial level, repayment declines one-for-one with the underlier. Credit exposure to Morgan Stanley Finance LLC and the Morgan Stanley guarantee applies throughout. The preliminary
Key mechanics to watch are the
Morgan Stanley Finance LLC ha lanciato termini preliminari per titoli a reddito fisso auto-callable legati a Palantir Technologies Inc. (Class A), completamente e non condizionatamente garantiti da Morgan Stanley. Ogni nota ha un importo nominale dichiarato di $1,000, un prezzo di emissione di $1,000, e paga una cedola fissa del 13,75% annuo, con pagamenti mensili. Le note possono essere rimborsate automaticamente se l’attività sottostante è pari o superiore alla soglia di richiamo (100% del livello iniziale) in date di determinazione specifiche, pagando capitale più la cedola per quel periodo. Le note sono principali a rischio e sono obbligazioni non garantite soggette al rischio di credito dell’emittente e del garante.
Se non chiamate, le note scadono il 26 aprile 2027. Alla scadenza, se il livello finale è pari o superiore alla soglia di ribasso (50% del livello iniziale), gli investitori ricevono l’importo nominale dichiarato più la cedola finale; se inferiore, il rimborso è ridotto dell’1% per ogni 1% di calo dell’attività sottostante, potenzialmente a zero, anche se la cedola finale viene comunque pagata. Il valore stimato al prezzo è di circa $966,20 per titolo. Date chiave: strike/pricing 21 ottobre 2025, emissione originale 24 ottobre 2025, prima data di determinazione dei rimborsi 21 gennaio 2026. Le note non saranno quotate su alcuna piazza.
Morgan Stanley Finance LLC lanzó términos preliminares para valores de renta fija auto-callables vinculados a Palantir Technologies Inc. (Clase A), totalmente y sin condiciones garantizados por Morgan Stanley. Cada nota tiene un monto nominal declarado de $1,000, un precio de emisión de $1,000, y paga un cupón fijo del 13,75% anual, con pagos mensuales. Las notas pueden ser canjearse automáticamente si el subyacente está en o por encima del umbral de llamada (100% del nivel inicial) en fechas de determinación especificadas, pagando principal más el cupón de ese periodo. Las notas son riesgos de principal y son obligaciones no aseguradas sujetas al riesgo de crédito del emisor y del garante.
Si no se llaman, las notas maduran el 26 de abril de 2027. Al vencimiento, si el nivel final está en o por encima del umbral de descenso (50% del nivel inicial), los inversores reciben el monto nominal declarado más el cupón final; si está por debajo, el reembolso se reduce 1% por cada 1% de caída del subyacente, potencialmente a cero, aunque el cupón final todavía se paga. El valor estimado en la fecha de fijación es aproximadamente $966.20 por valor. Fechas clave: strike/pricing 21 de octubre de 2025, emisión original 24 de octubre de 2025, primera fecha de determinación de canje 21 de enero de 2026. Las notas no cotizarán en ninguna bolsa.
Morgan Stanley Finance LLC은 Palantir Technologies Inc. (Class A)에 연결된 고정수익 자동상환 가능 증권에 대한 예비 조건을 발표했으며, Morgan Stanley가 전액 및 무조건 보증합니다. 각 채권은 $1,000의 명시 원금액, 발행가 $1,000, 연 13.75%의 고정 쿠폰을 지급하며 월간 지급됩니다. 해당 기초자산이 지정된 결정일에 상향 임계값(초기 레벨의 100%)에 도달하거나 그 이상인 경우 자동상환될 수 있으며, 그 기간의 원금 + 쿠폰을 지급합니다. 이 노트는 원금 위험이며 발행자 및 보증인의 신용 위험에 노출된 무담보 의무입니다.
호출되지 않으면, 만기일은 2027년 4월 26일입니다. 만기 시 최종 레벨이 하락 임계값(초기 레벨의 50%) 이상이면 투자자는 명시된 원금과 최종 쿠폰을 받으며, 아래에 있으면 기초자산의 하락율이 1% 떨어질 때마다 상환이 1%씩 감소하며 최종 쿠폰은 여전히 지급될 수 있습니다. 가격일의 추정 가치는 대략 $966.20 per security입니다. 주요 날짜: strike/pricing 2025년 10월 21일, 최초 발행 2025년 10월 24일, 최초 상환 결정일 2026년 1월 21일. 노트는 거래소에 상장되지 않음.
Morgan Stanley Finance LLC a lancé des termes préliminaires pour des titres à revenu fixe auto-appelants reliés à Palantir Technologies Inc. (Class A), entièrement et sans condition garantis par Morgan Stanley. Chaque Note a un montant nominal déclaré de $1,000, un prix d’émission de $1,000, et paie un coupon fixe de 13,75% par an, avec des paiements mensuels. Les notes peuvent être rachetées automatiquement si l’actif sous-jacent est égal ou supérieur au seuil d’appel (100% du niveau initial) à des dates de détermination spécifiées, en payant le principal plus le coupon pour cette période. Les notes sont des principal risqué et constituent des obligations non garanties soumises au risque de crédit de l’émetteur et du garant.
Si elles ne sont pas appelées, les notes arrivent à échéance le 26 avril 2027. À l’échéance, si le niveau final est égal ou supérieur au seuil de baisse (50% du niveau initial), les investisseurs reçoivent le montant nominal déclaré plus le coupon final ; s’ils sont en dessous, le remboursement est réduit de 1% pour chaque 1% de déclin de l’actif sous-jacent, potentiellement jusqu’à zéro, bien que le coupon final soit quand même payé. La valeur estimée à la date de tarification est d’environ $966,20 par valeur. Dates clés : strike/pricing 21 octobre 2025, emission initiale 24 octobre 2025, première date de détermination de rachat 21 janvier 2026. Les notes ne seront pas cotées sur aucune bourse.
Morgan Stanley Finance LLC hat preliminare Bedingungen für festverzinsliche Auto-Aufruf-Securities im Zusammenhang mit Palantir Technologies Inc. (Klasse A) veröffentlicht, die vollständig und bedingungslos von Morgan Stanley garantiert werden. Jede Anleihe hat einen festgelegten Nennbetrag von $1,000, einen Ausgabepreis von $1,000 und zahlt eine feste Verzinsung von 13,75% pro Jahr, mit monatlichen Zahlungen. Die Note kann automatisch zurückgereicht werden, wenn der Basiswert am oder über der Rückrufschwelle (100% des Anfangsniveaus) an festgelegten Bestimmungstagen liegt oder liegt, wobei Kapital plus Zins für diesen Zeitraum gezahlt wird. Die Notes sind Kapitalsrisiko und unbesicherte Verpflichtungen, die dem Kreditrisiko des Emittenten und des Garantiegebers unterliegen.
Wenn sie nicht gerufen werden, laufen die Notes am 26. April 2027 aus. Bei Fälligkeit, wenn das Endniveau mindestens der Abwärtschwelle (50% des Anfangsniveaus) entspricht, erhalten Investoren den angegebenen Nennwert zuück plus dem Endkupon; liegt es darunter, wird die Rückzahlung um 1% pro 1% Verfall des Basiswerts reduziert, potenziell bis auf Null, obwohl der Endkupon weiterhin gezahlt wird. Der geschätzte Wert zum Preisfestlegungstermin beträgt ca. $966,20 pro Wertpapier. Wichtige Termine: Strike/Pricing 21. Oktober 2025, Origination 24. Oktober 2025, erste Bestimmungsdatum für Rückzahlung 21. Januar 2026. Die Notes werden an keiner Boerse notiert.
Preliminary Pricing Supplement No. 11,372
Registration Statement Nos. 333-275587; 333-275587-01
Dated October 15, 2025
Filed pursuant to Rule 424(b)(2)
Morgan Stanley Finance LLC
Structured Investments
Fixed Income Auto-Callable Securities due April 26, 2027
Based on the Performance of the Class A Common Stock of Palantir Technologies Inc.
Fully and Unconditionally Guaranteed by Morgan Stanley
Principal at Risk Securities
￭The securities are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities have the terms described in the accompanying product supplement and prospectus, as supplemented or modified by this document. The securities do not guarantee the repayment of principal.
￭Fixed coupon. The securities will pay a fixed coupon on each coupon payment date at the annual rate specified herein.
￭Automatic early redemption. The securities will be automatically redeemed if the closing level of the underlier is greater than or equal to the call threshold level on any redemption determination date for an early redemption payment equal to the stated principal amount plus the fixed coupon with respect to the related interest period. No further payments will be made on the securities once they have been automatically redeemed.
￭Payment at maturity. If the securities have not been automatically redeemed prior to maturity and the final level is greater than or equal to the downside threshold level, investors will receive, in addition to the fixed coupon with respect to the final interest period, the stated principal amount at maturity. If, however, the final level is less than the downside threshold level, although investors will still receive the fixed coupon with respect to the final interest period, investors will lose 1% for every 1% decline in the level of the underlier over the term of the securities. Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.
￭The securities are for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of losing a significant portion or all of their principal. You will not participate in any appreciation of the underlier. Investors in the securities must be willing to accept the risk of losing their entire initial investment. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program.
￭All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.
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TERMS |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Stated principal amount: |
$1,000 per security |
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Issue price: |
$1,000 per security (see “Commissions and issue price” below) |
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Aggregate principal amount: |
$ |
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Underlier: |
Palantir Technologies Inc. class A common stock (the “underlying stock”) |
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Strike date: |
October 21, 2025 |
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Pricing date: |
October 21, 2025 |
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Original issue date: |
October 24, 2025 |
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Observation date: |
April 21, 2027, subject to postponement for non-trading days and certain market disruption events |
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Maturity date: |
April 26, 2027 |
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Terms continued on the following page |
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Agent: |
Morgan Stanley & Co. LLC (“MS & Co.”), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See “Supplemental information regarding plan of distribution; conflicts of interest.” |
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Estimated value on the pricing date: |
Approximately $966.20 per security, or within $25.00 of that estimate. See “Estimated Value of the Securities” on page 4. |
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Commissions and issue price: |
Price to public |
Agent’s commissions and fees(1) |
Proceeds to us(2) |
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Per security |
$1,000 |
$ |
$ |
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Total |
$ |
$ |
$ |
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(1)Selected dealers and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $ for each security they sell. See “Supplemental information regarding plan of distribution; conflicts of interest.” For additional information, see “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
(2)See “Use of Proceeds and Hedging” in the accompanying product supplement.
The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 7.
The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.
You should read this document together with the related product supplement and prospectus, each of which can be accessed via the hyperlinks below. Please also see “Additional Terms of the Securities” and “Additional Information About the Securities” at the end of this document.
References to “we,” “us” and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.
Product Supplement for Principal at Risk Securities dated February 7, 2025 Prospectus dated April 12, 2024
Morgan Stanley Finance LLC
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
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Terms continued from the previous page |
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Automatic early redemption: |
The securities are not subject to automatic early redemption until the first redemption determination date. If, on any redemption determination date, the closing level of the underlier is greater than or equal to the call threshold level, the securities will be automatically redeemed for the early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been automatically redeemed. The securities will not be redeemed on any early redemption date if the closing level of the underlier is less than the call threshold level on the related redemption determination date. |
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Early redemption payment: |
The stated principal amount plus the fixed coupon with respect to the related interest period |
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Fixed coupon: |
Unless the securities have previously been automatically redeemed, a fixed coupon at an annual rate of 13.75% will be paid on the securities on each coupon payment date. |
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Downside threshold level: |
$ , which is 50% of the initial level |
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Call threshold level: |
$ , which is 100% of the initial level |
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Payment at maturity per security: |
If the securities have not been automatically redeemed prior to maturity, investors will receive, in addition to the fixed coupon with respect to the final interest period, a payment at maturity determined as follows: •If the final level is greater than or equal to the downside threshold level: stated principal amount •If the final level is less than the downside threshold level: stated principal amount × performance factor Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero. |
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Redemption determination dates: |
January 21, 2026, February 23, 2026, March 23, 2026, April 22, 2026, May 20, 2026, June 23, 2026, July 22, 2026, August 21, 2026, September 23, 2026, October 21, 2026, November 23, 2026, December 22, 2026, January 21, 2027, February 23, 2027 and March 23, 2027, subject to postponement for non-trading days and certain market disruption events. |
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First redemption determination date: |
January 21, 2026. Under no circumstances will the securities be redeemed prior to the first redemption determination date. |
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Early redemption dates: |
January 26, 2026, February 26, 2026, March 26, 2026, April 27, 2026, May 26, 2026, June 26, 2026, July 27, 2026, August 26, 2026, September 28, 2026, October 26, 2026, November 27, 2026, December 28, 2026, January 26, 2027, February 26, 2027 and March 29, 2027 |
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Coupon payment dates: |
Monthly, on the 26th calendar day of each month. If any coupon payment date is not a business day, the coupon payment with respect to such date will be made on the next succeeding business day and no adjustment will be made to the coupon payment made on that succeeding business day. The coupon payment with respect to the final interest period shall be made on the maturity date. The expected coupon payment dates are set forth under “Expected Coupon Payment Dates” below. |
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Initial level: |
$ , which is the closing level of the underlier on the strike date |
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Final level: |
The closing level of the underlier on the observation date |
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Closing level: |
“Closing level” and “adjustment factor” have the meanings set forth under “General Terms of the Securities—Some Definitions” in the accompanying product supplement. |
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Performance factor: |
final level / initial level |
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CUSIP: |
61779PZG3 |
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ISIN: |
US61779PZG35 |
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Listing: |
The securities will not be listed on any securities exchange. |
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Expected Coupon Payment Dates* |
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November 26, 2025 |
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December 26, 2025 |
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January 26, 2026 |
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February 26, 2026 |
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March 26, 2026 |
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April 27, 2026 |
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May 26, 2026 |
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June 26, 2026 |
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July 27, 2026 |
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August 26, 2026 |
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September 28, 2026 |
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October 26, 2026 |
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
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Expected Coupon Payment Dates* |
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November 27, 2026 |
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December 28, 2026 |
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January 26, 2027 |
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February 26, 2027 |
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March 29, 2027 |
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April 26, 2027 (maturity date) |
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*After giving effect to expected postponement due to non-business days |
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
Estimated Value of the Securities
The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000. Our estimate of the value of the securities as determined on the pricing date will be within the range specified on the cover hereof and will be set forth on the cover of the final pricing supplement.
What goes into the estimated value on the pricing date?
In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlier. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlier, instruments based on the underlier, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.
What determines the economic terms of the securities?
In determining the economic terms of the securities, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.
What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?
The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlier, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.
MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
Hypothetical Examples
The following hypothetical examples illustrate how to determine whether the securities will be automatically redeemed with respect to a redemption determination date and how to calculate the payment at maturity if the securities have not been automatically redeemed prior to maturity. The following examples are for illustrative purposes only. You will receive a fixed coupon on each coupon payment date at the annual rate specified on the cover of this document, regardless of the performance of the underlier. Whether the securities are automatically redeemed prior to maturity will be determined by reference to the closing level of the underlier on each redemption determination date. The payment at maturity will be determined by reference to the closing level of the underlier on the observation date. The actual initial level, call threshold level and downside threshold level will be determined on the strike date. All payments on the securities are subject to our credit risk. The numbers in the hypothetical examples below may have been rounded for ease of analysis. The below examples are based on the following terms:
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Stated principal amount: |
$1,000 per security |
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Hypothetical initial level: |
$100.00* |
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Hypothetical call threshold level: |
$100.00, which is 100% of the hypothetical initial level |
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Hypothetical downside threshold level: |
$50.00, which is 50% of the hypothetical initial level |
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Fixed coupon: |
13.75% per annum (corresponding to approximately $11.458 per interest period per security). The actual fixed coupon will be an amount determined by the calculation agent based on the number of days in the applicable payment period, calculated on a 30/360 day-count basis. The hypothetical fixed coupon of $11.458 is used in these examples for ease of analysis. |
*The hypothetical initial level of $100.00 for the underlier has been chosen for illustrative purposes only and does not represent the actual initial level of the underlier. Please see “Historical Information” below for historical data regarding the actual closing levels of the underlier.
How to determine whether the securities will be automatically redeemed with respect to a redemption determination date:
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Closing Level of the Underlier |
Early Redemption Payment |
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Hypothetical Redemption Determination Date #1 |
$35.00 (less than the call threshold level) |
N/A |
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Hypothetical Redemption Determination Date #2 |
$140.00 (greater than or equal to the call threshold level) |
$1,000 + $11.458 (the stated principal amount + the fixed coupon with respect to the related interest period) |
On hypothetical redemption determination date #1, because the closing level of the underlier is less than the call threshold level, the securities are not automatically redeemed on the related early redemption date.
On hypothetical redemption determination date #2, because the closing level of the underlier is greater than or equal to the call threshold level, the securities are automatically redeemed on the related early redemption date for an early redemption payment equal to the stated principal amount plus the fixed coupon with respect to the related interest period. No further payments are made on the securities once they have been automatically redeemed.
If the closing level of the underlier is less than the call threshold level on each redemption determination date, the securities will not be automatically redeemed prior to maturity.
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How to calculate the payment at maturity (if the securities have not been automatically redeemed):
The hypothetical examples below illustrate how to calculate the payment at maturity if the securities have not been automatically redeemed prior to maturity.
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Final Level |
Payment at Maturity per Security (in addition to the fixed coupon of $11.458 with respect to the final interest period) |
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Example #1 |
$130.00 (greater than or equal to the downside threshold level) |
$1,000 |
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Example #2 |
$30.00 (less than the downside threshold level) |
$1,000 × performance factor = $1,000 × ($30.00 / $100.00) = $300.00 |
In example #1, the final level is greater than or equal to the downside threshold level. Therefore, investors receive at maturity, in addition to the fixed coupon with respect to the final interest period, the stated principal amount. Investors do not participate in any appreciation of the underlier.
In example #2, the final level is less than the downside threshold level. Therefore, investors receive at maturity, in addition to the fixed coupon with respect to the final interest period, a payment that reflects a loss of 1% of principal for each 1% decline in the level of the underlier.
If the securities have not been automatically redeemed prior to maturity and the final level is less than the downside threshold level, you will be exposed to the negative performance of the underlier at maturity, and your payment at maturity will be significantly less than the stated principal amount of the securities and could be zero.
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
Risk Factors
This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled “Risk Factors” in the accompanying product supplement and prospectus. We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.
Risks Relating to an Investment in the Securities
￭The securities do not guarantee the return of any principal. The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the repayment of any principal. If the securities have not been automatically redeemed prior to maturity and the final level is less than the downside threshold level, the payout at maturity will be, in addition to the fixed coupon with respect to the final interest period, an amount in cash that is significantly less than the stated principal amount of each security, and you will lose an amount proportionate to the full decline in the level of the underlier over the term of the securities. There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities.
￭Investors will not participate in any appreciation in the value of the underlier. Investors will not participate in any appreciation in the value of the underlier from the strike date to the observation date, and the return on the securities will be limited to the fixed coupons that are paid on the coupon payment dates until early redemption or maturity.
￭The securities are subject to early redemption risk. The term of your investment in the securities may be shortened due to the automatic early redemption feature of the securities. If the securities are automatically redeemed prior to maturity, you will receive no further payments on the securities, may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns. However, under no circumstances will the securities be redeemed prior to the first redemption determination date.
￭The market price of the securities may be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the value of the underlier at any time will affect the value of the securities more than any other single factor. Other factors that may influence the value of the securities include:
othe volatility (frequency and magnitude of changes in value) of the underlier;
ointerest and yield rates in the market;
odividend rates on the underlier;
ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlier or equity markets generally;
othe availability of comparable instruments;
othe occurrence of certain events affecting the underlier that may or may not require an adjustment to the adjustment factor;
othe time remaining until the securities mature; and
oany actual or anticipated changes in our credit ratings or credit spreads.
Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. For example, you may have to sell your securities at a substantial discount from the stated principal amount if, at the time of sale, the closing level of the underlier is at, below or not sufficiently above the downside threshold level, or if market interest rates rise.
You can review the historical closing levels of the underlier in the section of this document called “Historical Information.” You cannot predict the future performance of the underlier based on its historical performance. The value of the underlier may be, and has recently been, volatile, and we can give you no assurance that the volatility will lessen. There can be no assurance that the final level will be greater than or equal to the downside threshold level so that you do not suffer a significant loss on your initial investment in the securities.
￭The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. You are dependent on our ability to pay all amounts due on the securities, and, therefore, you are subject to our credit risk. The securities are not guaranteed by any other entity. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market’s view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.
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￭As a finance subsidiary, MSFL has no independent operations and will have no independent assets. As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.
￭The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.
The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.
However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.
￭The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also “The market price of the securities may be influenced by many unpredictable factors” above.
￭The securities will not be listed on any securities exchange and secondary trading may be limited. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. MS & Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.
￭As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
￭The U.S. federal income tax consequences of an investment in the securities are uncertain. There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the tax treatment of the securities are uncertain. Moreover, non-U.S. investors should note that persons having withholding responsibility in respect of the securities may withhold on any coupon paid to a non-U.S. investor, generally at a rate of 30%. We will not pay any additional amounts in respect of such withholding. You should review carefully the section entitled “United States Federal Income Tax Considerations” herein, in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities.
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
Risks Relating to the Underlier(s)
￭Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oWe have no affiliation with any underlying stock issuer.
oWe may engage in business with or involving any underlying stock issuer without regard to your interests.
oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.
Risks Relating to Conflicts of Interest
In engaging in certain activities described below and as discussed in more detail in the accompanying product supplement, our affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities.
￭The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities. As calculation agent, MS & Co. will make any determinations necessary to calculate any payment(s) on the securities. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, which may adversely affect your return on the securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.
￭Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
Historical Information
Palantir Technologies Inc. Overview
Bloomberg Ticker Symbol: PLTR
Palantir Technologies Inc. builds software platforms. The underlier is registered under the Securities Exchange Act of 1934, as amended. Information provided to or filed with the Securities and Exchange Commission by the underlying stock issuer pursuant to the Securities Exchange Act of 1934, as amended, can be located by reference to Securities and Exchange Commission file number 001-39540 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the underlying stock issuer may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete.
The closing level of the underlier on October 13, 2025 was $177.21. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.
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Underlier Daily Closing Levels September 30, 2020* to October 13, 2025 |
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*The underlying stock began trading on September 30, 2020 and therefore has limited historical performance.
This document relates only to the securities referenced hereby and does not relate to the underlier or other securities of the underlying stock issuer. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying stock issuer. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlying stock issuer could affect the value received with respect to the securities and therefore the value of the securities.
Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.
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Fixed Income Auto-Callable Securities Principal at Risk Securities |
Additional Terms of the Securities
Please read this information in conjunction with the terms on the cover of this document.
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Additional Terms: |
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If the terms described herein are inconsistent with those described in the accompanying product supplement or prospectus, the terms described herein shall control. |
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Denominations: |
$1,000 per security and integral multiples thereof |
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Day-count convention: |
Interest will be computed on the basis of a 360-day year of twelve 30-day months. |
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Interest period: |
The period from and including the original issue date (in the case of the first interest period) or the previous scheduled coupon payment date, as applicable, to but excluding the following scheduled coupon payment date, with no adjustment for any postponement thereof. |
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Underlying stock issuer: |
Palantir Technologies Inc. |
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Amortization period: |
The 4-month period following the issue date |
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Trustee: |
The Bank of New York Mellon |
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Calculation agent: |
Morgan Stanley & Co. LLC (“MS & Co.”) |
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Additional Information About the Securities
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Additional Information: |
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Minimum ticketing size: |
$1,000 / 1 security |
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United States federal income tax considerations: |
You should review carefully the section in the accompanying product supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when read in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product supplement, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security. Due to the lack of direct legal authority, there is substantial uncertainty regarding the U.S. federal income tax consequences of an investment in the securities. In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat a security for U.S. federal income tax purposes as a put option (the “Put Option”) written by you with respect to the underlier(s), secured by a cash deposit equal to the stated principal amount of the security (the “Deposit”), as described in the section entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Put Options and Deposits” in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, because this treatment of the securities and our counsel’s opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you. Under the treatment of a security as a Put Option and a Deposit, a portion of each coupon made with respect to the securities will be attributable to interest on the Deposit, and the remainder will represent premium attributable to your grant of the Put Option (“Put Premium”). Amounts treated as interest on the Deposit should be taxed as ordinary interest income, while the Put Premium should not be taken into account until retirement (including an early redemption) or an earlier taxable disposition. Pursuant to this treatment, set forth below are the portions of each coupon that we have determined should be treated as attributable to interest on the Deposit and to Put Premium: Coupon Rate per Annum(1) Interest on Deposit per Annum(1) Put Premium per Annum(1) % % % % % % (1) To be provided in the final pricing supplement We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In particular, there is a risk that a security could be characterized as a single debt instrument for U.S. federal income tax purposes, in which case the tax consequences of an investment in the securities could be different from those described herein and possibly adverse to certain investors. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. Non-U.S. Holders. Assuming the treatment of a security as a Put Option and a Deposit is respected, subject to the discussions below and in the section of the accompanying product supplement entitled “United States Federal Tax Considerations,” if you are a Non-U.S. Holder of the securities, under current law you generally should not be subject to U.S. federal withholding or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements. As discussed under “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated |
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thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the securities. While we currently do not intend to withhold on payments on the securities to Non-U.S. Holders (subject to compliance with the applicable certification requirements and the discussion in the section entitled “FATCA” in the accompanying product supplement), in light of the uncertain treatment of the securities other persons having withholding responsibility in respect of the securities may treat some or all of each coupon payment on a security as subject to withholding tax at a rate of 30%. Moreover, it is possible that in the future we may determine that we should withhold at a rate of 30% on coupon payments on the securities. We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction. |
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Additional considerations: |
Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly. |
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Supplemental information regarding plan of distribution; conflicts of interest: |
Selected dealers and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $ for each security they sell. MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities. MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts of Interest)” and “Use of Proceeds and Hedging” in the accompanying product supplement. |
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Where you can find more information: |
Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the product supplement if you so request by calling toll-free 1-(800)-584-6837. Terms used but not defined in this document are defined in the product supplement or in the prospectus. Each of the product supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document. |
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FAQ
What is MS’s (MS) new structured note and its coupon?
When do the Morgan Stanley notes price, issue, and mature?
How does the auto-call feature work on the MS PLTR-linked notes?
What happens at maturity if the notes are not called?
What is the estimated value of the MS notes versus issue price?
Are the notes listed or guaranteed?
What is the first redemption determination date for these MS notes?
