PROSPECTUS Dated January 24, 1997 Pricing Supplement No. 22 to
PROSPECTUS SUPPLEMENT Registration Statement No. 333-18005
Dated January 24, 1997 March 19, 1997
Rule 424(b)(3)
Morgan Stanley Group Inc.
MEDIUM-TERM NOTES, SERIES C
Senior Fixed Rate Notes
The Fixed Rate Notes, as further described below and in the
Prospectus Supplement under "Description of Notes--
Fixed Rate Notes," will bear interest from the date of issuance until the
principal amount thereof is paid or made available for payment at the rate set
forth below.
The Fixed Rate Notes will be redeemable in whole, but not in
part, at the option of Morgan Stanley Group Inc. upon 30 to 35 calendar days
notice on any April 3 or October 3, commencing April 3, 1999.
Principal Amount: $10,000,000
Maturity Date: April 3, 2012
Settlement Date (Original Issue Date): April 3, 1997
Interest Accrual Date: April 3, 1997
Issue Price: 100%
Specified Currency: U.S. Dollars
Redemption Percentage: 100%
Redemption Dates: Redeemable in whole, but not in part, at the option of
Morgan Stanley Group Inc. upon 30 to 35 calendar days
notice on any April 3 or October 3, commencing April 3,
1999
Annual Redemption Percentage Reduction: N/A
Interest Rate: 7.75% per annum
Interest Payment Dates: Each April 3 and October 3, commencing October 3,
1997
Interest Payment Period: Semi-annually
Total Amount of OID: N/A
Original Yield to Maturity: N/A
Initial Accrual Period OID: N/A
Book Entry Note or Certificated Note: Book Entry Note
Senior Note or Subordinated Note: Senior Note
Trustee: The Chase Manhattan Bank
Minimum Denomination: $1,000
CUSIP: 61745EKA8
Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.
MORGAN STANLEY & CO.
Incorporated