New Issue: Morgan Stanley prices $3.5 million return enhanced notes linked to palladium

By Angela McDaniels

Tacoma, Wash., June 7 - Morgan Stanley priced $3.5 million of 0% return enhanced notes due June 17, 2014 linked to palladium, according to a 424B2 filing with the Securities and Exchange Commission.

If the final palladium price is greater than the initial palladium price, the payout at maturity will be par plus 208% of the increase, subject to a maximum return of 31.2%. If the final palladium price is less than the initial palladium price, investors will be fully exposed to the decline.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Return enhanced notes
Underlying commodity:	Palladium
Amount:	$3.5 million
Maturity:	June 17, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If final palladium price is greater than initial palladium price, par plus 208% of increase, subject to maximum return of 31.2%; if final palladium price is less than initial palladium price, full exposure to decline
Initial palladium price:	$754
Pricing date:	June 5
Settlement date:	June 10
Agent:	Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61762GAA2

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