By Marisa Wong
Madison, Wis., Jan. 10 - Morgan Stanley increased the maximum amount of 0% Market Vectors-Chinese renminbi/dollar exchange-traded notes due March 31, 2020 based on the performance of the S&P Chinese Renminbi Total Return Index to $100 million, according to a 424B2 filing with the Securities and Exchange Commission.
The issuer initially priced a maximum amount of $50 million of the ETNs on March 14, 2008. The $50 million of additional ETNs is expected to settle on Jan. 11. As of Jan. 6, Morgan Stanley has sold about $70 million of the ETNs.
The index is intended to be an investable alternative to the spot exchange rate between the dollar and the Chinese renminbi and tracks the value of rolling three-month non-deliverable currency forward contracts.
The payout at maturity will be par of $40 multiplied by the index return, less an investor fee of 0.55% times the proportion of days elapsed.
Investors will share in any losses.
The notes are listed on NYSE Arca, Inc. under the symbol, "CNY."
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Market Vectors-Chinese renminbi/dollar ETNs
|
| Underlying index: | S&P Chinese Renminbi Total Return Index
|
| Amount: | $100 million, increased form $50 million
|
| Maturity: | March 31, 2020
|
| Coupon: | 0%
|
| Price: | Variable
|
| Payout at maturity: | Par plus the index return less an investor fee of 0.55% times the proportion of days elapsed
|
| Initial share price: | $40.00
|
| Pricing date: | March 14, 2008 for initial $50 million, Jan. 6 for additional $50 million
|
| Settlement date: | March 20, 2008 for initial ETNs, Jan. 11 for additional ETNs
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 0%
|
| Listing: | NYSE Arca: CNY
|
| Cusip: | 61747W257
|
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