New Issue: Morgan Stanley sells $51 million capital-protected notes linked to S&P 500

By E. Janene Geiss

Philadelphia, Feb. 8 - Morgan Stanley priced a $51,138,500 million issue of 100% capital-protected notes due Dec. 30, 2008 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive par plus any gain on the index multiplied by a participation rate of 100%. Investors will receive at least par.

The notes were sold at 103.093% of par.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	100% capital-protected notes
Underlying asset:	S&P 500 index
Amount:	$51,138,400 million
Maturity:	Dec. 30, 2008
Coupon:	0%
Price:	103.093% of par (price is $1,318.00, par is $1,278.46)
Payout at maturity:	Par plus any gain on the index
Initial index level:	1,444.91
Pricing date:	Feb. 6
Settlement date:	Feb. 13
Agent:	Morgan Stanley & Co. Inc.
Fees:	0.15%

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