Morgan Stanley plans zero-coupon 97% protected absolute return barrier notes linked to S&P 500

By Jennifer Chiou

New York, Feb. 28 - Morgan Stanley plans to price zero-coupon 97% protected absolute return barrier notes due September 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index stays within a specified range of its initial value during the life of the notes, the payout at maturity will be par of 97% plus the absolute value of the index return times a leverage factor of between 100% and 130%.

Otherwise, the payout will be par.

The lower barrier of the range will be 75% of the initial level. The upper barrier will be 125% of the initial level.

The notes are expected to price and settle in March.

Morgan Stanley & Co. Inc. is the agent.

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