New Issue: Morgan Stanley prices $20.4 million 10% Sparqs exchangeable for Apple

By Jennifer Chiou

New York, Nov. 27 - Morgan Stanley priced $20,429,928 of 10% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Dec. 20, 2007 that are mandatorily exchangeable for Apple Computer, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) senior medium-term notes, series F
Underlying stock:	Apple Computer, Inc.
Amount:	$20,429,928.20
Maturity:	Dec. 20, 2007
Coupon:	10%, payable quarterly
Price:	Par of $18.062 (equal to one-fifth of the closing price of Apple stock on pricing date)
Exchange ratio:	0.2 (mandatory, at maturity)
Call:	June 1, 2007 onwards at price to give yield to call of 19%
Pricing date:	Nov. 22
Settlement date:	Nov. 30
Underwriter:	Morgan Stanley
Listing:	"APE" on American Stock Exchange

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