Morgan Stanley offers 0% PLUS due February 2011 tied to S&P 500 index

By E. Janene Geiss

Philadelphia, Jan. 7 - Morgan Stanley plans to price 0% Performance Leveraged Upside Securities due Feb. 14, 2011 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 triple any gain in the index, up to a maximum payout of 114% to 116%. The exact cap will be set at pricing.

Investors are fully exposed to any index decline.

The notes are expected to price and settle in January.

Morgan Stanley & Co. is the agent.

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