Morgan Stanley plans 0% call-protected units linked to Dow Jones Industrial Average

By Jennifer Chiou

New York, Nov. 21 - Morgan Stanley plans to price capital-protected units consisting of a 0% note due Dec. 30, 2011 and barrier call warrant linked to the Dow Jones Industrial Average, according to an FWP filing with the Securities and Exchange Commission.

The cash-settle call warrant will expire on Dec. 30, 2011.

Beginning 90 days after issue, holders will have the right to separate the units into their component parts.

The payout at maturity for each unit that has not been separated will be par of $10.00 plus the index performance if at all times the index is at or below the barrier level of 150% of the initial level.

If at any time the index increases above the barrier level, investors will receive the barrier cash settlement amount of $1.50 to $2.00.

The notes are expected to price and settle in December.

Morgan Stanley & Co. Inc. will be the agent.

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