Morgan Stanley to issue 0% auto-callable securities linked to Goldman agricultural index

By Jennifer Chiou

New York, Feb. 1 - Morgan Stanley plans to price an issue of 0% auto-callable securities due Feb. 26, 2010 linked to the Goldman Sachs Commodity Agricultural Index - Excess Return, according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to settle in February.

If the closing value is greater than the initial value on either determination date, the securities will automatically be redeemed at $1,090 to $1,110 on the first determination date or $1,180 to $1,220 on the second determination date.

If the securities are not called, the payout at maturity will be $1,270 to $1,330 for any positive return on the index. Investors will participate in any loss beyond the 70% trigger level.

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

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