New Issue: Morgan Stanley prices $1.32 million dual directional trigger notes tied to S&P 500

By Marisa Wong

Madison, Wis., March 29 - Morgan Stanley priced $1.32 million of 0% dual directional trigger securities due April 30, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the initial level, the payout at maturity will be par plus the index gain, up to a maximum payment of $1,250 per $1,000 note.

If the final index level is at or below the initial level but at or above the 75% trigger level, the payout will be par plus the absolute value of the index return.

If the index falls beyond the trigger level, investors will be fully exposed to the decline.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Dual directional trigger securities
Underlying index:	S&P 500
Amount:	$1,317,000
Maturity:	April 30, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If final level is above initial level, par plus index gain, capped at 25%; if index finishes at or below initial level but at or above trigger level, par plus absolute value of index return; otherwise, full exposure to the decline
Initial level:	1,412.52
Trigger level:	1,059.39, 75% of initial level
Pricing date:	March 27
Settlement date:	March 30
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	617482H72

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