Morgan Stanley to price knock-out notes linked to Telefonica stock

By Marisa Wong

Madison, Wis., Feb. 23 - Morgan Stanley plans to price 0% knock-out notes due Aug. 30, 2012 linked to the ordinary shares of Telefonica, SA, according to an FWP filing with the Securities and Exchange Commission.

If Telefonica stock closes below the initial share price by more than 25% on any day during the life of the notes, the payout at maturity will be par plus the stock return, which could be positive or negative. Otherwise, the payout will be par plus the greater of the stock return and 20.6%.

The notes (Cusip: 617482RU0) will price on Feb. 25 and settle on March 4.

Morgan Stanley & Co. Inc. and J.P. Morgan Securities LLC are the agents.

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