Morgan Stanley to price absolute return barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 8 - Morgan Stanley plans to price zero-coupon 97% protected absolute return barrier notes due October 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index remains within 25% of its initial level throughout the life of the notes, the payout at maturity for each $10.00 note will be $9.70 plus the absolute value of the index return multiplied by the participation rate, which is expected to be 100% to 130%. The exact rate will be determined at pricing.

If the index does not remain within 25% of its initial level, the payout will be $9.70.

The notes will price and settle in April.

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

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