New Issue: Morgan Stanley prices $13.6 million absolute return barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., March 26 - Morgan Stanley priced $13.6 million of zero-coupon protected absolute return barrier notes due March 20, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index remains within the index range throughout the life of the notes, the payout at maturity will be par of $10 plus the absolute value of the index return. Otherwise, the payout will be par.

The lower barrier of the index range is 70% of the initial level, and the upper barrier is 155% of the initial level.

The notes have been approved for listing on the NYSE Arca under the symbol "SNZ."

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Protected absolute return barrier notes
Underlying index:	S&P 500
Amount:	$13,602,300
Maturity:	March 20, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index remains within index range throughout life of notes, par plus absolute value of index return; otherwise, par
Initial index level:	806.12
Index range:	564.284 to 1,249.486, inclusive; 70% of initial level to 155% of initial level, inclusive
Pricing date:	March 24
Settlement date:	March 31
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.75%
Listing:	NYSE Arca: SNZ

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