New Issue: Morgan Stanley prices $4 million absolute return barrier notes linked to iShares MSCI EM

By Jennifer Chiou

New York, Sept. 24 - Morgan Stanley priced a $4 million issue of 0% protected absolute return barrier notes due March 20, 2009 linked to the iShares MSCI Emerging Markets index fund, according to an FWP filing with the Securities and Exchange Commission.

If the fund's share price remains within 25% of its initial level throughout the life of the notes, the payout at maturity will be par of $10.00 plus the absolute value of the share price return, capped at par plus 25%. Otherwise, the payout will be par.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Protected absolute return barrier notes
Underlying fund:	iShares MSCI Emerging Markets index fund
Amount:	$4 million
Maturity:	March 20, 2009
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus absolute value of the share price return if the share price stays within the price range during the life of the notes, capped at 125% of par; otherwise, par
Initial price:	$145.00
Price range:	$108.75 to $181.25, inclusive
Pricing date:	Sept. 21
Settlement date:	Sept. 28
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.75%

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