New Issue: Morgan Stanley sells $35.25 million capital-protected notes linked to commodity basket

By Jennifer Chiou

New York, Dec. 22 - Morgan Stanley priced a $35.25 million issue of 0% commodity-linked capital-protected notes due Sept. 29, 2010 linked to a basket of four commodities and a commodity index, according to a 424B2 filing with the Securities and Exchange Commission.

The underlying basket includes equal weights of the Goldman Sachs Commodity Agricultural Index - Excess Return, grade A copper, primary nickel, West Texas Intermediate light sweet crude oil and special high-grade zinc.

At maturity, investors will receive par plus any gain on the basket multiplied by a participation rate of 130%. Investors will receive at least par.

Morgan Stanley is the underwriter.

Issuer:	Morgan Stanley
Issue:	100% protected commodity-linked notes
Underlying assets:	Goldman Sachs Commodity Agricultural Index - Excess Return, grade A copper, primary nickel, West Texas Intermediate light sweet crude oil and special high-grade zinc, equally weighted
Amount:	$35.25 million
Maturity:	Sept. 29, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	If the basket increases, par plus 130% of the gain; otherwise par
Initial prices:	Goldman Sachs Commodity Agricultural Index - Excess Return at 66.28322, grade A copper at $6,431, primary nickel at $32,700, West Texas Intermediate light sweet crude oil at $62.66 and special high-grade zinc at $4,280
Pricing date:	Dec. 21
Settlement date:	Dec. 29
Agent:	Morgan Stanley & Co. Inc.
Fees:	2%

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