Morgan Stanley to sell buffered PLUS on S&P GSCI Agriculture index

By E. Janene Geiss

Philadelphia, May 22 - Morgan Stanley plans to price 0% buffered Performance Leveraged Upside Securities due June 30, 2011 linked to the S&P GSCI Agriculture Index - Excess Return, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any gain in the index, up to a maximum payout of 132% to 136% per note.

Investors will receive par if the index falls by up to 10% and will be exposed to losses beyond 10%. Investors will receive at least a $100 minimum payment at maturity per note.

The notes are expected to price and settle in June.

Morgan Stanley & Co. Inc. is the agent.

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