New Issue: Morgan Stanley prices $22.7 million 0% PLUS notes inversely linked to S&P 500

By Angela McDaniels

Seattle, March 26 - Morgan Stanley priced a $22.7 million offering of 0% Bear Market Performance Leverage Upside Securities (PLUS) due April 20, 2008 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 quadruple the absolute value of any decline in the index, subject to a maximum return of 43%. Investors will lose 1% for each 1% increase in the index level, up to a maximum loss of 50%.

Morgan Stanley & Co. Inc. is agent.

Issuer:	Morgan Stanley
Issue:	Bear Market Performance Leverage Upside Securities
Underlying index:	S&P 500
Amount:	$22.7 million
Maturity:	April 20, 2008
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus quadruple the absolute value of any index decline, capped at 43% return; 1% loss for each 1% index gain, capped at 50% loss
Initial index level:	1,436.11
Pricing date:	March 23
Settlement date:	March 30
Agent:	Morgan Stanley & Co. Inc.
Agent fees:	1.5%
Listing:	"RBL" on the American Stock Exchange

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