Morgan Stanley to price buffered digital securities linked to S&P 500

By Angela McDaniels

Tacoma, Wash., March 10 - Morgan Stanley plans to price 0% buffered securities due September 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial level, the payout at maturity will be par of $10 plus a fixed return that is expected to be 13% to 16% and will be set at pricing.

If the index declines by 15% or less, investors will receive par plus the absolute value of the index return. If the index declines by more than 15%, the payout will be par minus the index decline plus 30%.

The securities will price and settle in March.

Morgan Stanley & Co. Inc. is the agent.

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