Morgan Stanley plans issue of 0% notes linked to PHLX Oil Service index

By Jennifer Chiou

New York, Jan. 31 - Morgan Stanley plans to price an offering of 0% global medium-term series F notes due March 20, 2007 in the PLUS (Performance Leveraged Upside Securities) structure linked to the PHLX Oil Service Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

The securities will be issued at par of $10.00.

The payout at maturity will be based on the performance of the index. Investors will receive par plus double any positive return on the index, with a maximum gain expected to be between 25% and 27%, or par minus any loss in the index.

Morgan Stanley will be the underwriter and will apply to list the securities under "MPQ" on the American Stock Exchange.

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