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Morgan Stanley to price 0% PLUS notes inversely linked to S&P 500
By Laura Lutz
Des Moines, Aug. 24 - Morgan Stanley plans to price an offering of Bear Market Performance Leveraged Upside Securities (PLUS) due Oct. 20, 2008 inversely linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The securities will price and settle in September.
The payout at maturity will be par of $10 plus four times the absolute value of any index decline, subject to a maximum return that is expected to be 34.5% to 38.5% and will be determined at pricing.
Investors will lose 1% for each 1% index gain, subject to a minimum payout of $2 per $10 PLUS.
Morgan Stanley said it will apply to list the securities on the American Stock Exchange under the symbol "RWA."
Morgan Stanley & Co. Inc. will be the agent.
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