New Issue: Morgan Stanley sells $2.59 million 95% protected notes on four currencies

By Jennifer Chiou

New York, Dec. 28 - Morgan Stanley priced $2.59 million of zero-coupon 95% principal-protected notes due June 29, 2012 linked to the performance of a basket of equally weighted currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The underlying currencies are the Australian dollar, Brazilian real, Russian ruble and South African rand.

The payout at maturity will be $950 plus 1.25 times any gain in the basket.

Investors will receive at least 95% of par.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	95% principal-protected notes
Underlying currencies:	Australian dollar, Brazilian real, Russian ruble and South African rand, equally weighted and each against the U.S. dollar
Amount:	$2,588,000
Maturity:	June 29, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	95% of par plus 125% of any basket gain; floor of 95% of par
Initial spot rates:	0.881 for Australian dollar, 1.7763 for real, 30.4933 for Russian ruble and 7.633 for rand
Pricing date:	Dec. 23
Settlement date:	Dec. 29
Agent:	Morgan Stanley & Co. Inc.
Fees:	2.25%

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