New Issue: Morgan Stanley prices $66.7 million protected absolute return barrier notes linked to S&P 500

By Susanna Moon

Chicago, March 25 - Morgan Stanley priced $66.7 million of zero-coupon principal protected absolute return barrier notes due Sept. 20, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index stays within 21% of the initial value at all times during the life of the notes, the payout at maturity will be par plus the absolute value of the index return, capped at $12.10 per $10.00 note.

Otherwise, investors will receive par.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Principal protected absolute return barrier notes
Underlying index:	S&P 500
Amount:	$66.7 million
Maturity:	Sept. 20, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index keeps within 21% of initial value, par plus absolute value of share price return, capped at 121% of par; otherwise, par
Initial index level:	1,288.14
Index range:	1,066.4052, or 79% of initial value, to 1,633.3548, or 121% of initial value
Pricing date:	March 24
Settlement date:	March 31
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.75%

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