By E. Janene Geiss
Philadelphia, April 15 - Morgan Stanley priced $2.13 million of reverse convertible securities (RevCons) due Oct. 16, 2008 linked to shares of the Amex Gold Bugs Index, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 6% for an annualized rate of 12%. Interest is payable monthly.
If the index falls below the trigger level - 75% of the initial level - during the life of the notes and finishes below its initial level, the payout will be par times the index performance.
Otherwise, the payout will be par.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Reverse convertible securities (RevCons)
|
| Underlying index: | Amex Gold Bugs Index
|
| Amount: | $2.13 million
|
| Maturity: | Oct. 16, 2008
|
| Coupon: | 12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless the index falls below the 75% trigger level and closes below initial level, then the payout will be par times the index performance
|
| Initial index value: | 443.31
|
| Trigger level: | 332.4825, 75% of initial index level
|
| Pricing date: | April 11
|
| Settlement date: | April 16
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1.5%
|
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