New Issue: Morgan Stanley prices $5.217 million 0% notes linked to four currencies

By Angela McDaniels

Seattle, Oct. 26 - Morgan Stanley priced a $5.217 million issue of 0% notes due Nov. 3, 2008 linked to basket containing equal weights of the Australian dollar, Canadian dollar, euro and pound, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be based upon the performance of each currency against the dollar.

Investors will receive par plus 150% of any positive return on the basket. The payout will be at least par.

Issuer:	Morgan Stanley
Issue:	Currency-linked notes
Underlying basket:	Australian dollar, Canadian dollar, euro, pound, equally weighted
Amount:	$5.217 million
Maturity:	Nov. 3, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any gain on the basket; floor of par
Initial exchange rates:	0.75705 dollars per Australian dollar, 1.12915 dollars per Canadian dollar, 1.25465 dollars per euro, 1.87185 dollars per pound
Pricing date:	Oct. 26
Settlement date:	Nov. 3
Agent:	Morgan Stanley & Co. Inc.
Agent fees:	150 basis points

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