New Issue: Morgan Stanley prices $27.75 million 9% Sparqs exchangeable for Yahoo!

By Jennifer Chiou

New York, Nov. 27 - Morgan Stanley priced $27.75 million of 9% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) mandatorily exchangeable for Yahoo! Inc. stock, according to an FWP with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) senior medium-term notes
Underlying stock:	Yahoo! Inc.
Amount:	$27.75 million
Maturity:	Dec. 20, 2007
Coupon:	9%, payable quarterly
Price:	Par of $14.245 (half of closing price of Yahoo! stock on pricing date)
Exchange ratio:	0.5 (mandatory, at maturity)
Call:	May 31 onwards at price to give yield to call of 19%
Pricing date:	Nov. 22
Settlement date:	Nov. 30
Underwriter:	Morgan Stanley
Listing:	"MYH" on American Stock Exchange

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