Morgan Stanley to price 90% capital-protected notes linked to Dow Jones - AIG Commodity index

By E. Janene Geiss

Philadelphia, March 26 - Morgan Stanley plans to price zero-coupon 90% capital-protected notes due April 30, 2012 linked to the Dow Jones - AIG Commodity index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any gain on the index, up to a maximum return of par plus 78% to 82%. The exact cap will be set at pricing.

Investors will be exposed to losses of up to 10%. The payout will be at least $900 per $1,000 principal amount.

The notes are expected to price and settle in April.

Morgan Stanley & Co. Inc. will be the agent.

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