Morgan Stanley to price 0% PLUS notes linked to S&P 500

By Jennifer Chiou

New York, Feb. 1 - Morgan Stanley plans to price an issue of 0% notes due March 20, 2008 in the Performance Leveraged Upside Securities (PLUS) structure linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus double any positive return on the basket. The payout will be capped at between $11.20 and $11.30 per PLUS, with the exact cap to be set at pricing. Investors will be fully exposed to any decline in the basket.

The securities will price and settle in February.

Morgan Stanley & Co. Inc. will be the agent.

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