New Issue: Morgan Stanley prices $9.96 million absolute return barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., July 28 - Morgan Stanley priced $9.96 million of zero-coupon protected absolute return barrier notes due July 27, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index remains within the index range throughout the life of the notes, the payout at maturity will be par of $10 plus the absolute value of the index return. Otherwise, it will be par.

The upper barrier of the index range is 131% of the initial level, and the lower barrier is 79% of the initial level.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Protected absolute return barrier notes
Underlying index:	S&P 500
Amount:	$9,956,440
Maturity:	July 27, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index remains within index range throughout life of notes, par plus absolute value of index return; otherwise, par
Initial index level:	979.26
Index range:	773.6154 to 1,282.8306; or 79% of initial level to 131% of initial level
Pricing date:	July 24
Settlement date:	July 31
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.75%

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