Morgan Stanley to price 10% Sparqs linked to Schlumberger

By E. Janene Geiss

Philadelphia, Oct. 26 - Morgan Stanley plans to price an offering of 10% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due Dec. 20, 2008 linked to the common stock of Schlumberger NV, according to an FWP filing with the Securities and Exchange Commission.

The securities will price at a par amount equal to the closing price of one Schlumberger share on the pricing date, which will be in November.

The payout at maturity will be one share of Schlumberger stock per Sparqs.

The securities will be callable beginning June 20, 2008. The yield to call will be set at pricing and is expected to be 17% to 19%.

Interest will be payable quarterly.

Morgan Stanley said it will apply to list the Sparqs on the American Stock Exchange under the symbol "MIS."

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

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