New Issue: Morgan Stanley sells $35 million 20% reverse exchangeables linked to AT&T

By E. Janene Geiss

Philadelphia, Jan. 24 - Morgan Stanley priced $35,000,061.60 of 20% reverse exchangeable notes due Jan. 31, 2008 linked to AT&T Inc. stock, according to a FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if AT&T stock exceeds the exchange price of $41.7228, 117.1% of the initial value. Otherwise, the payout will be 0.85397 shares of AT&T stock per $35.63 principal amount.

Issuer:	Morgan Stanley
Issue:	Reverse exchangeable notes
Underlying stock:	AT&T Inc.
Amount:	$35,000,061.60
Maturity:	Jan. 31, 2008
Coupon:	20%, payable monthly
Price:	Par of $35.63
Payout at maturity:	Par in cash if AT&T stock exceeds the exchange price of $41.7228; otherwise 0.85397 shares of AT&T stock
Exchange price:	$41.7228 (117.1% of initial value)
Exchange ratio:	0.85397
Pricing date:	Jan. 23
Settlement date:	Jan. 30
Agent:	Morgan Stanley
Agent fee:	0.10%

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