By E. Janene Geiss
Philadelphia, March 19 - Morgan Stanley lowered the agent's commission on an issue of $2 million 0% Performance Leveraged Upside Securities (PLUS) due March 31, 2010 linked to the Financial Select Sector SPDR Fund, according to an FWP filing with the Securities and Exchange Commission.
The commission earned will be 1%, instead of the 1.85% initially announced.
If the final index level is at least the initial level, the payout at maturity will be par plus 200% of any index gain, capped at a maximum payout of 173% of par.
Otherwise, the payout will be par times the index performance.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Performance Leveraged Upside Securities (PLUS)
|
| Underlying index: | Financial Select Sector SPDR Fund
|
| Amount: | $2 million |
|
| Maturity: | March 31, 2010
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 200% any index gain, capped at 173% of par; full exposure to any index decline
|
| Initial share price: | $24.00
|
| Pricing date: | March 14
|
| Settlement date: | March 24
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1%
|
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