Morgan Stanley plans issue of PLUS notes linked to MSCI Emerging Markets Index Fund

By Angela McDaniels

Seattle, March 27 - Morgan Stanley plans to price an issue of 0% equity-linked securities in the Performance Leverage Upside Securities (PLUS) structure. The notes due May 20, 2007 are linked to shares of the iShares MSCI Emerging Markets Index Fund, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, investors receive par plus triple any positive return on the index. The payout will be capped at between 21.5% and 23.5%, with the exact cap to be determined at pricing.

Investors will participate fully in any loss.

Morgan Stanley & Co. Inc. will act as agent for the offering.

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