New Issue: Morgan Stanley prices $21.5 million 9% Sparqs exchangeable for Valero

New York, Oct. 28 - Morgan Stanley priced $21.5 million of 9% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) that are mandatorily exchangeable for Valero Energy Corp.'s common stock, according to a 424B3 filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
Underlying stock:	Valero Energy Corp.
Amount:	$21.5 million
Maturity:	Nov. 1, 2006
Coupon:	9%, payable quarterly
Price:	Par of $19.55 (equal to one-fifth of closing price of Valero stock on pricing date)
Exchange ratio:	0.2 (mandatory, at maturity)
Call:	May 1, 2006 onwards at price to give yield to call of 22%
Pricing date:	Oct. 24
Settlement date:	Oct. 31
Underwriter:	Morgan Stanley
Listing:	"VLR" on American Stock Exchange

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