New Issue: Morgan Stanley prices $35 million 9.5% Sparqs exchangeable for Sunoco

By Angela McDaniels

Seattle, March 27 - Morgan Stanley priced $35,000,004 of 9.5% Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) due April 20, 2007 that are mandatorily exchangeable for Sunoco Inc. stock, according to a FWP filing with the Securities and Exchange Commission.

Issuer:	Morgan Stanley
Issue:	Sparqs (Stock Participation Accreting Redemption Quarterly-pay Securities) senior medium-term notes, series F
Underlying stock:	Sunoco Inc.
Amount:	$35,000,004
Maturity:	April 20, 2007
Coupon:	9.5%, payable quarterly
Price:	Par of $19.6875 (equal to one-quarter of closing price of Sunoco stock on pricing date)
Exchange ratio:	0.25, mandatory at maturity
Callable:	Beginning Oct. 20, 2006
Yield to call:	20%
Pricing date:	March 24
Settlement date:	March 31
Listing:	"SSK" on American Stock Exchange
Underwriter:	Morgan Stanley & Co. Inc.

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