New Issue: Morgan Stanley prices $33 million 8% Sparqs exchangeable for Nvidia

New York, Sept. 25 - Morgan Stanley priced $33 million of 8% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) mandatorily exchangeable for Nvidia Corp. common stock, according to a filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes
Underlying stock:	Nvidia Corp.
Amount:	$33.00 million
Maturity:	Oct. 30, 2004
Coupon:	8%, payable quarterly
Price:	Par of $20.00 (closing price of Nvidia stock on pricing date)
Exchange ratio:	1 (mandatory, at maturity)
Call:	March 30, 2004 onwards at price to give yield to call of 53%
Pricing date:	Sept. 18
Settlement:	Sept. 25
Underwriter:	Morgan Stanley
Listing:	"NVM" on American Stock Exchange

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