Morgan Stanley plans to price 10%-12% ELKS linked to Bank of America

By E. Janene Geiss

Philadelphia, May 12 - Morgan Stanley plans to price Equity LinKed Securities due Nov. 23, 2010 based on the common stock of Bank of America Corp., according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 10% to 12% per year, payable monthly. The exact rate will be set at pricing.

The payout at maturity will be par unless Bank of America stock falls by 20% or more during the life of the notes, in which case investors will receive a number of Bank of America shares equal to par of $10 divided by the initial share price or, at the issuer's option, the equivalent value in cash.

The ELKS will price on May 24 and settle on May 27.

Morgan Stanley & Co. Inc. is the underwriter.

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