New Issue: Morgan Stanley prices $19 million 8% Sparqs exchangeable for Deere

By Laura Lutz

Des Moines, April 25 - Morgan Stanley priced a $19,000,088 offering of 8% Stock Participation Accreting Redemption Quarterly-pay Securities (Sparqs) due May 20, 2008 mandatorily exchangeable for Deere & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, investors will receive one share of Deere stock per two Sparqs.

The Sparqs will be callable after Nov. 20, 2007 at a price to give a yield to call of 16%.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term series F notes
Underlying stock:	Deere & Co.
Amount:	$19,000,088.25
Maturity:	May 20, 2008
Coupon:	8%, payable quarterly
Price:	Par of $14.08875
Exchange ratio:	0.125 (mandatory, at maturity)
Call:	Nov. 20, 2007 onwards at price to give yield to call of 16%
Pricing date:	April 23
Settlement date:	April 30
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.625%

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