PROSPECTUS Dated January 24, 1997 Pricing Supplement No. 21 to
PROSPECTUS SUPPLEMENT Registration Statement No. 333-18005
Dated January 24, 1997 March 13, 1997
Rule 424(b)(3)
Morgan Stanley Group Inc.
MEDIUM-TERM NOTES, SERIES C
Senior Floating Rate Notes
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The Medium-Term Notes, Series C (Senior Floating Rate Notes)
described in this Pricing Supplement (the "Notes") will mature on the Maturity
Date and will not be redeemable at the option of Morgan Stanley Group Inc.
prior to the Maturity Date. The Notes are further described under
"Description of Notes--Floating Rate Notes" in the accompanying Prospectus
Supplement.
Principal Amount: $16,677,000
Maturity Date: May 1, 2001
Settlement Date (Original Issue Date): March 20, 1997
Interest Accrual Date: March 20, 1997
Issue Price: 100%
Specified Currency: U.S. Dollars
Base Rate: LIBOR
Index Maturity: 3 Months
Spread (Plus or Minus): Plus .10%
Index Currency: U.S. Dollars
Reporting Service: Telerate (Page 3750)
Interest Payment Dates: Each February 1, May 1, August 1 and November 1,
commencing May 1, 1997
Interest Payment Period: Quarterly
Initial Interest Rate: To be determined 2 London Banking Days prior to the
date of issuance based on interpolated LIBOR for
the period
Initial Interest Reset Date: May 1, 1997
Interest Reset Dates: Same as Interest Payment Dates
Interest Reset Period: Quarterly
Interest Determination Dates: Two London Banking Days prior to each
Interest Reset Date
Minimum Denomination: $1,000
Book Entry Note or Certificated Note: Book Entry Note
Senior Note or Subordinated Note: Senior Note
Calculation Agent: The Chase Manhattan Bank
CUSIP: 61745EJZ5
Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.
MORGAN STANLEY & CO.
Incorporated
