Morgan Stanley plans issue of 0% notes linked to Tokyo Stock Price

By Jennifer Chiou

New York, June 9 - Morgan Stanley plans to price an issue of 0% global medium-term series F performance-enhanced notes due June 30, 2008 linked to the Tokyo Stock Price index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any positive return on the index multiplied by a participation rate, expected to be between 123% and 125%. If the final index value is less than the initial level but greater than the trigger level, expected to be 70% of the initial value, investors will receive par.

If the final index level is below the trigger level, investors will participate fully in any loss multiplied by an index performance factor.

Morgan Stanley will be the underwriter.

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