Morgan Stanley's index Lasers on S&P GSCI Grains to price in April

By Jennifer Chiou

New York, April 27 - Morgan Stanley now plans to price its planned offering of 0% index Leading Stockmarket Return Securities due October 2012 linked to the S&P GSCI Grains index-Excess Return in April, according to a 424B2 filing with the Securities and Exchange Commission.\par The notes (Cusip: 617482TU8) were anticipated to price in May and will still settle in May.

If the index finishes above 75% of its initial level during the life of the notes, the payout at maturity will be par plus the greater of any index gain and 12%. Otherwise, the payout will be par plus the index return with exposure to losses.

In either case, the payout will be capped at 31% to 33%.

Morgan Stanley & Co. Inc. is the agent.

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