Morgan Stanley plans issue of 0% PLUS notes linked to Nikkei 225

By Angela McDaniels

Seattle, April 25 - Morgan Stanley plans to price an issue of 0% global medium-term series F notes due June 20, 2007 in the PLUS (Performance Leveraged Upside Securities) structure linked to the Nikkei 225 Index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus triple any positive return on the index. The payout will be capped at between $12.00 and $12.20, with the exact value to be set at pricing. Investors will participate fully in any loss.

Morgan Stanley will apply to list the notes on the American Stock Exchange under the symbol "NKD."

Morgan Stanley will be the underwriter.

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