Morgan Stanley lowers cap of upcoming trigger PLUS linked to corn

By Angela McDaniels

Tacoma, Wash., July 5 - Morgan Stanley lowered the maximum payout at maturity of its upcoming 0% trigger Performance Leveraged Upside Securities due Aug. 30, 2012 linked to the price of corn, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any increase in the price of corn, subject to a maximum payout of $1,240 to $1,280 per $1,000 principal amount. When the offering was first announced on June 24, the cap was expected to be $1,300 to $1,340.

Investors will receive par if the price of corn falls by 10% or less and will be fully exposed to the decline if it falls by more than 10%.

The notes (Cusip: 617482VL5) will price July 25 and settle July 28.

Morgan Stanley & Co. LLC is the agent.

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