New Issue: Morgan Stanley prices $20.5 million 0% PLUS notes linked to Nikkei 225

By Jennifer Chiou

New York, May 24 - Morgan Stanley priced a $20.5 million 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, capped at $12.20. Investors will participate fully in any loss.

The notes will be listed on the American Stock Exchange under the symbol "NKD."

Issuer:	Morgan Stanley
Issue:	PLUS (Performance Leveraged Upside Securities) senior medium-term series F notes
Underlying index:	Nikkei 225
Amount:	$20.5 million
Maturity:	June 20, 2007
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus three times any positive return of the index, capped at $12.20 per PLUS; full participation in any loss
Initial index value:	15,907.20
Pricing date:	May 23
Settlement date:	May 31
Agent:	Morgan Stanley & Co. Inc.

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