Morgan Stanley to price protected absolute return barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 23 - Morgan Stanley plans to price zero-coupon protected absolute return barrier notes due May 20, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index remains within the index range throughout the life of the notes, the payout at maturity will be par of $10 plus the absolute value of the index return. Otherwise, the payout will be par.

The lower boundary of the index range is expected to be 67.5% to 72.5% of the initial index level, and the upper boundary is expected to be 145% to 147% of the initial level. Both will be set at pricing.

The notes will price and settle in May.

Morgan Stanley & Co. Inc. is the agent.

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