New Issue: Morgan Stanley sells $2.73 million 0% buffered PLUS notes linked to S&P 500

By Susanna Moon

Chicago, May 8 - Morgan Stanley priced $2.73 million of 0% buffered Performance Leveraged Upside Securities due Nov. 13, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, up to a maximum of $1,060 per note.

Investors will receive par if the index falls by up to 20% and will lose 1.25% for every 1% decline beyond 20%.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Buffered Performance Leveraged Upside Securities
Underlying index:	S&P 500 index
Amount:	$2,734,000
Maturity:	Nov. 13, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus twice any index gain, capped at 106% of par; par if index falls by 20% or less; 1.25% loss for every 1% decline beyond 20%
Initial index level:	907.39
Pricing date:	May 7
Settlement date:	May 14
Agent:	Morgan Stanley & Co. Inc.
Fees:	0.1%

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