New Issue: Morgan Stanley prices $65 million 0% notes linked to S&P 500

By Jennifer Chiou

New York, Jan. 25 - Morgan Stanley priced $65 million 0% notes due Feb. 20, 2007 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors receive par plus double any positive return on the index, with a maximum gain of 11.2%, or par minus any loss in the index.

Issuer:	Morgan Stanley
Issue:	PLUS (Performance Leveraged Upside Securities) senior medium-term series F notes
Underlying index:	S&P 500
Amount:	$65 million
Maturity:	Feb. 20, 2007
Coupon:	0%
Price:	Par of $10.00
Initial index level:	1,266.86
Payout at maturity:	If index return is positive, par plus double return on index, capped at 11.2% gain; full participation in any loss
Pricing date:	Jan. 24
Settlement date:	Jan. 31
Underwriter:	Morgan Stanley
Stock symbol:	AMEX: MZP

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