Bond Morgan Stanley Financial 0% ( US61769HXD24 ) in USD

Issuer Morgan Stanley Financial
Market price 100 %  ▼ 
Country  United States
ISIN code  US61769HXD24 ( in USD )
Interest rate 0%
Maturity 31/10/2024 - Bond has expired



Prospectus brochure of the bond Morgan Stanley Finance US61769HXD24 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 1 815 000 USD
Cusip 61769HXD2
Standard & Poor's ( S&P ) rating N/A
Moody's rating NR
Detailed description Morgan Stanley is a leading global financial services firm offering investment banking, securities, wealth management, and investment management services to corporations, governments, and individuals.

The Bond issued by Morgan Stanley Financial ( United States ) , in USD, with the ISIN code US61769HXD24, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/10/2024

The Bond issued by Morgan Stanley Financial ( United States ) , in USD, with the ISIN code US61769HXD24, was rated NR by Moody's credit rating agency.







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424B2 1 dp114869_424b2-ps2599.htm FORM 424B2
CALCULATION OF REGISTRATION FEE


Maximum Aggregate

Amount of Registration
Title of Each Class of Securities Offered
Offering Price
Fee
Buffered Performance Leveraged Upside Securities due 2024

$1,815,000

$235.59

October 2019
Pricing Supplement No. 2,599
Registration Statement Nos. 333-221595; 333-221595-01
Dated October 28, 2019
Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC
STRUCTURED INVESTMENTS
Opportunities in International Equities
Buffered PLUS Based on the Value of the EURO STOXX 50® Index due October 31, 2024
Buffered Performance Leveraged Upside SecuritiesSM
Fully and Unconditionally Guaranteed by Morgan Stanley
Principal at Risk Securities
The Buffered PLUS are unsecured obligations of Morgan Stanley Finance LLC ("MSFL") and are fully and unconditionally guaranteed by
Morgan Stanley. The Buffered PLUS will pay no interest, provide a minimum payment at maturity of only 25% of the stated principal amount
and have the terms described in the accompanying product supplement for PLUS, index supplement and prospectus, as supplemented or
modified by this document. At maturity, if the underlying index has appreciated in value, investors will receive the stated principal amount of
their investment plus leveraged upside performance of the underlying index. If the underlying index has depreciated in value, but the
underlying index has not declined by more than the specified buffer amount, the Buffered PLUS will redeem for par. However, if the underlying
index has declined by more than the buffer amount, investors will lose 1% for every 1% decline beyond the specified buffer amount, subject to
the minimum payment at maturity of 25% of the stated principal amount. Investors may lose up to 75% of the stated principal amount of the
Buffered PLUS. These long-dated Buffered PLUS are for investors who seek an equity index-based return and who are willing to risk their
principal and forgo current income in exchange for the leverage and buffer features that in each case apply to a limited range of performance of
the underlying index. The Buffered PLUS 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
Buffered PLUS 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.
FINAL TERMS
Issuer:
Morgan Stanley Finance LLC
Guarantor:
Morgan Stanley
Maturity date:
October 31, 2024
Underlying index:
EURO STOXX 50® Index
Aggregate principal amount:
$1,815,000
Payment at maturity per Buffered
If the final index value is greater than the initial index value:
PLUS:
$1,000 + leveraged upside payment
If the final index value is less than or equal to the initial index value but has decreased from the initial
index value by an amount less than or equal to the buffer amount of 25%:
$1,000
If the final index value is less than the initial index value and has decreased from the initial index value
by an amount greater than the buffer amount of 25%:
($1,000 x the index performance factor) + $250
Under these circumstances, the payment at maturity will be less than the stated principal amount of
$1,000. However, under no circumstances will the Buffered PLUS pay less than $250 per Buffered
PLUS at maturity.
Leveraged upside payment:
$1,000 × leverage factor × index percent increase
Index percent increase:
(final index value ­ initial index value) / initial index value
Initial index value:
3,625.69, which is the index closing value on the pricing date
Final index value:
The index closing value on the valuation date
Valuation date:
October 28, 2024, subject to postponement for non-index business days and certain market disruption
events
Leverage factor:
200%
Buffer amount:
25%. As a result of the buffer amount of 25%, the value at or above which the underlying index must
close on the valuation date so that investors do not suffer a loss on their initial investment in the
Buffered PLUS is 2,719.268, which is approximately 75% of the initial index value.
Minimum payment at maturity:
$250 per Buffered PLUS (25% of the stated principal amount)
Index performance factor:
Final index value divided by the initial index value
Stated principal amount:
$1,000 per Buffered PLUS
Issue price:
$1,000 per Buffered PLUS (see "Commissions and issue price" below)
Pricing date:
October 28, 2019
Original issue date:
October 31, 2019 (3 business days after the pricing date)
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CUSIP:
61769HXD2
ISIN:
US61769HXD24
Listing:
The Buffered PLUS will not be listed on any securities exchange.
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."
Estimated value on the pricing
$953.20 per Buffered PLUS. See "Investment Summary" beginning on page 2.
date:
Commissions and issue price:
Price to public
Agent's commissions (1)
Proceeds to us(2)
Per Buffered PLUS
$1,000
$33
$967
Total
$1,815,000
$59,895
$1,755,105
(1) Selected dealers and their financial advisors wil col ectively receive from the agent, MS & Co., a fixed sales commission of $33 for each Buffered PLUS
they sel . 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 for PLUS.
(2) See "Use of proceeds and hedging" on page 14.
The Buffered PLUS involve risks not associated with an investment in ordinary debt securities. See "Risk
Factors" beginning on page 6.
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, index supplement and prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The Buffered PLUS 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, index supplement and prospectus, each of which can
be accessed via the hyperlinks below. Please also see "Additional Terms of the Buffered PLUS" and "Additional Information About
the Buffered PLUS" at the end of this document.
As used in this document, "we," "us" and "our" refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the
context requires.
Product Supplement for PLUS dated November 16, 2017 Index Supplement dated November 16, 2017
Prospectus dated November 16, 2017


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Morgan Stanley Finance LLC
Buffered PLUS Based on the Value of the EURO STOXX 50® Index due October 31, 2024
Buffered Performance Leveraged Upside SecuritiesSM
Principal at Risk Securities

Investment Summary
Buffered Performance Leveraged Upside Securities

Principal at Risk Securities

The Buffered PLUS Based on the Value of the EURO STOXX 50® Index due October 31, 2024 (the "Buffered PLUS") can be
used:
§ As an alternative to direct exposure to the underlying index that enhances returns for any potential positive performance of
the underlying index
§ To enhance returns and potentialy outperform the underlying index in a bulish scenario, with no limitation on the
appreciation potential
§ To achieve similar levels of upside exposure to the underlying index as a direct investment, while using fewer dolars by
taking advantage of the leverage factor
§ To obtain a buffer against a specified level of negative performance in the underlying index

Maturity:
5 years
Leverage factor:
200%
Maximum payment
None
at maturity:
Buffer amount:
25%, with 1-to-1 downside exposure below the buffer
Minimum payment
$250 per Buffered PLUS (25% of the stated principal amount). Investors may lose up to 75% of
at maturity:
the stated principal amount of the Buffered PLUS.
Coupon:
None

The original issue price of each Buffered PLUS is $1,000. This price includes costs associated with issuing, sel ing, structuring
and hedging the Buffered PLUS, which are borne by you, and, consequently, the estimated value of the Buffered PLUS on the
pricing date is less than $1,000. We estimate that the value of each Buffered PLUS on the pricing date is $953.20.

What goes into the estimated value on the pricing date?

In valuing the Buffered PLUS on the pricing date, we take into account that the Buffered PLUS comprise both a debt component
and a performance-based component linked to the underlying index. The estimated value of the Buffered PLUS is determined
using our own pricing and valuation models, market inputs and assumptions relating to the underlying index, instruments based
on the underlying index, volatility and other factors including current and expected interest rates, as wel 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 Buffered PLUS?

In determining the economic terms of the Buffered PLUS, including the leverage factor, the buffer amount and the minimum
payment at maturity, 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, sel ing, 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 Buffered PLUS 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 Buffered PLUS?

The price at which MS & Co. purchases the Buffered PLUS in the secondary market, absent changes in market conditions,
including those related to the underlying index, 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 wel 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, sel ing, structuring and hedging the Buffered PLUS are not ful y deducted upon issuance, for a period of up to 6
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months fol owing the issue date, to the extent that MS & Co. may buy or sel the Buffered PLUS in the secondary market, absent
changes in market conditions, including those related to the underlying index, 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 wil also be reflected in your
brokerage account statements.

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Morgan Stanley Finance LLC
Buffered PLUS Based on the Value of the EURO STOXX 50® Index due October 31, 2024
Buffered Performance Leveraged Upside SecuritiesSM
Principal at Risk Securities

MS & Co. may, but is not obligated to, make a market in the Buffered PLUS, and, if it once chooses to make a market, may
cease doing so at any time.

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Morgan Stanley Finance LLC
Buffered PLUS Based on the Value of the EURO STOXX 50® Index due October 31, 2024
Buffered Performance Leveraged Upside SecuritiesSM
Principal at Risk Securities

Key Investment Rationale

The Buffered PLUS offer leveraged upside exposure to the underlying index, while providing limited protection against negative
performance of the underlying index. Once the underlying index has decreased in value by more than the specified buffer
amount, investors are exposed to the negative performance of the underlying index, subject to the minimum payment at maturity.
At maturity, if the underlying index has appreciated, investors wil receive the stated principal amount of their investment plus
leveraged upside performance of the underlying index. At maturity, if the underlying index has depreciated and (i) if the final
index value of the underlying index has not declined from the initial index value by more than the specified buffer amount, the
Buffered PLUS wil redeem for par, or (i ) if the final index value of the underlying index has declined by more than the buffer
amount, the investor wil lose 1% for every 1% decline beyond the specified buffer amount, subject to the minimum payment at
maturity. Investors may lose up to 75% of the stated principal amount of the Buffered PLUS.

Leveraged Performance
The Buffered PLUS offer investors an opportunity to capture enhanced returns for any positive
performance relative to a direct investment in the underlying index.

Upside Scenario
The underlying index increases in value, and, at maturity, the Buffered PLUS redeem for the stated
principal amount of $1,000 plus 200% of the index percent increase.

Par Scenario
The underlying index declines in value by no more than 25%, and, at maturity, the Buffered PLUS
redeem for the stated principal amount of $1,000.

Downside Scenario
The underlying index declines in value by more than 25%, and, at maturity, the Buffered PLUS
redeem for less than the stated principal amount by an amount that is proportionate to the
percentage decrease of the underlying index from the initial index value, plus the buffer amount of
25%. (Example: if the underlying index decreases in value by 45%, the Buffered PLUS wil redeem
for $800.00, or 80.00% of the stated principal amount.) The minimum payment at maturity is $250
per Buffered PLUS.
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Morgan Stanley Finance LLC
Buffered PLUS Based on the Value of the EURO STOXX 50® Index due October 31, 2024
Buffered Performance Leveraged Upside SecuritiesSM
Principal at Risk Securities

How the Buffered PLUS Work
Payoff Diagram

The payoff diagram below il ustrates the payment at maturity on the Buffered PLUS based on the fol owing terms:

Stated principal amount:
$1,000 per Buffered PLUS
Leverage factor:
200%
Buffer amount:
25%
Maximum payment at maturity:
None
Minimum payment at maturity:
$250 per Buffered PLUS


Buffered PLUS Payoff Diagram

How it works
§ Upside Scenario. If the final index value is greater than the initial index value, investors wil receive the $1,000 stated
principal amount plus 200% of the appreciation of the underlying index over the term of the Buffered PLUS.

§ If the underlying index appreciates 2%, the investor would receive a 4.00% return, or $1,040.00 per Buffered PLUS.
§ Par Scenario. If the final index value is less than or equal to the initial index value but has decreased from the initial index
value by an amount less than or equal to the buffer amount of 25%, investors wil receive the stated principal amount of
$1,000 per Buffered PLUS.

§ If the underlying index depreciates 5%, investors wil receive the $1,000 stated principal amount.
§ Downside Scenario. If the final index value is less than the initial index value and has decreased from the initial index value
by an amount greater than the buffer amount of 25%, investors wil receive an amount that is less than the stated principal
amount by an amount that is proportionate to the percentage decrease of the value of the underlying index from the initial
index value, plus the buffer amount of 25%. The minimum payment at maturity is $250 per Buffered PLUS.

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§ For example, if the underlying index depreciates 55%, investors would lose 30.00% of their principal and receive only
$700 per Buffered PLUS at maturity, or 70.00% of the stated principal amount.

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Morgan Stanley Finance LLC
Buffered PLUS Based on the Value of the EURO STOXX 50® Index due October 31, 2024
Buffered Performance Leveraged Upside SecuritiesSM
Principal at Risk Securities

Risk Factors

The fol owing is a non-exhaustive list of certain key risk factors for investors in the Buffered PLUS. For further discussion of
these and other risks, you should read the section entitled "Risk Factors" in the accompanying product supplement for PLUS,
index supplement and prospectus. We also urge you to consult your investment, legal, tax, accounting and other advisers in
connection with your investment in the Buffered PLUS.
§ Buffered PLUS do not pay interest and provide a minimum payment at maturity of only 25% of your principal. The
terms of the Buffered PLUS differ from those of ordinary debt securities in that the Buffered PLUS do not pay interest, and
provide a minimum payment at maturity of only 25% of the stated principal amount of the Buffered PLUS, subject to our
credit risk. If the final index value is less than 75% of the initial index value, you wil receive for each Buffered PLUS that you
hold a payment at maturity that is less than the stated principal amount of each Buffered PLUS by an amount proportionate
to the decline in the closing value of the underlying index from the initial index value, plus $250 per Buffered PLUS.
Accordingly, investors may lose up to 75% of the stated principal amount of the Buffered PLUS.
§ The market price of the Buffered PLUS will be influenced by many unpredictable factors. Several factors, many of
which are beyond our control, wil influence the value of the Buffered PLUS in the secondary market and the price at which
MS & Co. may be wil ing to purchase or sel the Buffered PLUS in the secondary market, including the value, volatility
(frequency and magnitude of changes in value) and dividend yield of the underlying index, interest and yield rates in the
market, time remaining until the Buffered PLUS mature, geopolitical conditions and economic, financial, political, regulatory
or judicial events that affect the underlying index or equities markets general y and which may affect the final index value of
the underlying index and any actual or anticipated changes in our credit ratings or credit spreads. General y, the longer the
time remaining to maturity, the more the market price of the Buffered PLUS wil be affected by the other factors described
above. The value of the underlying index may be, and has recently been, volatile, and we can give you no assurance that the
volatility wil lessen. See "EURO STOXX 50® Index Overview" below. You may receive less, and possibly significantly less,
than the stated principal amount per Buffered PLUS if you try to sel your Buffered PLUS prior to maturity.
§ There are risks associated with investments in securities linked to the value of foreign equity securities. The
Buffered PLUS are linked to the value of foreign equity securities. Investments in securities linked to the value of foreign
equity securities involve risks associated with the securities markets in those countries, including risks of volatility in those
markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also, there
is general y less publicly available information about foreign companies than about U.S. companies that are subject to the
reporting requirements of the United States Securities and Exchange Commission, and foreign companies are subject to
accounting, auditing and financial reporting standards and requirements different from those applicable to U.S. reporting
companies. The prices of securities issued in foreign markets may be affected by political, economic, financial and social
factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency
exchange laws. Local securities markets may trade a smal number of securities and may be unable to respond effectively to
increases in trading volume, potential y making prompt liquidation of holdings difficult or impossible at times. Moreover, the
economies in such countries may differ favorably or unfavorably from the economy in the United States in such respects as
growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment
positions between countries.
§ The Buffered PLUS 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 Buffered PLUS. You are dependent on our ability to pay al
amounts due on the Buffered PLUS at maturity and therefore you are subject to our credit risk. If we default on our
obligations under the Buffered PLUS, your investment would be at risk and you could lose some or al of your investment. As
a result, the market value of the Buffered PLUS prior to maturity wil 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 Buffered PLUS.
§ 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 wil 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 wil be limited to those
available under the related guarantee by Morgan Stanley and that guarantee wil rank pari passu with al other unsecured,
unsubordinated obligations of Morgan Stanley. Holders wil 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.

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