[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities due July 16, 2030. The notes are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (ticker SPUMP40).
Key commercial terms:
- Contingent coupon: at least 9.0% per annum, paid monthly, with a memory feature if the index closes ≥70% of its initial level on the relevant observation date.
- Automatic early redemption: monthly, starting after the first year, if the index closes at or above 90% of its initial level; investors then receive 100% principal plus accrued coupon.
- Downside exposure: a 15% buffer protects principal for index declines up to 15%. Below that, investors lose 1% of principal for each percentage point decline beyond the buffer, with a maximum loss of 85%.
- Estimated value: approximately $906 versus the $1,000 issue price, reflecting structuring and hedging costs.
- No listing; secondary liquidity will be limited and prices may be volatile.
Primary risks highlighted include (i) no participation in any index appreciation, (ii) reliance on Morgan Stanley鈥檚 credit, (iii) potential early redemption that caps income stream, (iv) the index鈥檚 limited operating history and 4% decrement drag, (v) uncertain U.S. tax treatment, and (vi) model-based valuation that may differ from secondary market pricing.
Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, offre i SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con scadenza il 16 luglio 2030. Le obbligazioni sono collegate all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
Principali condizioni commerciali:
- Coupon condizionato: almeno il 9,0% annuo, pagato mensilmente, con funzione memoria se l'indice chiude a ≥70% del livello iniziale nella data di osservazione rilevante.
- Rimborso anticipato automatico: mensile, a partire dal secondo anno, se l'indice chiude a o sopra il 90% del livello iniziale; in tal caso gli investitori ricevono il 100% del capitale pi霉 il coupon maturato.
- Esposizione al ribasso: un buffer del 15% protegge il capitale per cali dell'indice fino al 15%. Oltre tale soglia, gli investitori perdono l'1% del capitale per ogni punto percentuale di calo oltre il buffer, con una perdita massima dell'85%.
- Valore stimato: circa 906 $ rispetto al prezzo di emissione di 1.000 $, riflettendo costi di strutturazione e copertura.
- Non quotati; la liquidit脿 secondaria sar脿 limitata e i prezzi potrebbero essere volatili.
I principali rischi evidenziati includono (i) nessuna partecipazione all'apprezzamento dell'indice, (ii) dipendenza dal credito di Morgan Stanley, (iii) possibile rimborso anticipato che limita il flusso di reddito, (iv) la storia operativa limitata dell'indice e il decremento del 4%, (v) incertezza sul trattamento fiscale negli USA, e (vi) valutazione basata su modelli che pu貌 differire dai prezzi di mercato secondari.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, ofrece los SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con vencimiento el 16 de julio de 2030. Los bonos est谩n vinculados al 铆ndice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
T茅rminos comerciales clave:
- Cupones contingentes: al menos un 9,0% anual, pagados mensualmente, con funci贸n memoria si el 铆ndice cierra en ≥70% de su nivel inicial en la fecha de observaci贸n correspondiente.
- Redenci贸n anticipada autom谩tica: mensual, a partir del segundo a帽o, si el 铆ndice cierra en o por encima del 90% de su nivel inicial; los inversores reciben entonces el 100% del principal m谩s el cup贸n acumulado.
- Exposici贸n a la baja: un amortiguador del 15% protege el capital para ca铆das del 铆ndice de hasta el 15%. Por debajo de eso, los inversores pierden un 1% del capital por cada punto porcentual de ca铆da m谩s all谩 del amortiguador, con una p茅rdida m谩xima del 85%.
- Valor estimado: aproximadamente $906 frente al precio de emisi贸n de $1,000, reflejando costos de estructuraci贸n y cobertura.
- No cotizados; la liquidez secundaria ser谩 limitada y los precios pueden ser vol谩tiles.
Los principales riesgos destacados incluyen (i) no participar en la apreciaci贸n del 铆ndice, (ii) dependencia del cr茅dito de Morgan Stanley, (iii) posible redenci贸n anticipada que limita el flujo de ingresos, (iv) el historial operativo limitado del 铆ndice y la reducci贸n del 4%, (v) tratamiento fiscal incierto en EE.UU., y (vi) valoraci贸n basada en modelos que puede diferir de los precios del mercado secundario.
Morgan Stanley Finance LLC電� Morgan Stanley臧� 鞝勳暋 氤挫頃橂┌, SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities毳� 2030雲� 7鞗� 16鞚� 毵岅赴鞚茧 鞝滉车頃╇媹雼�. 鞚� 毂勱秾鞚� S&P 氙戈淡 欤检嫕 氇韰� 40% VT 4% 臧愳唽 歆�靾�(韹办护 SPUMP40)鞐� 鞐半彊霅橃柎 鞛堨姷雼堧嫟.
欤检殧 靸侅梾 臁瓣贝:
- 臁瓣贝攵� 炜犿彴: 鞐� 斓滌唽 9.0%, 毵れ洈 歆�旮夒悩氅�, 甏�彀办澕鞐� 歆�靾橁皜 齑堦赴 靾橃鞚� 70% 鞚挫儊鞚� 瓴届毎 氅旊毽� 旮半姤鞚� 鞝侅毄霅╇媹雼�.
- 鞛愲彊 臁瓣赴 靸來櫂: 觳� 頃� 鞚错泟 毵れ洈, 歆�靾橁皜 齑堦赴 靾橃鞚� 90% 鞚挫儊鞙茧 毵堦皭頃橂┐ 臁瓣赴 靸來櫂霅橂┌, 韴瀽鞛愲姅 鞗愱笀 100%鞕� 雸勳爜 炜犿彴鞚� 氚涭姷雼堧嫟.
- 頃橂澖 鞙勴棙 雲胳稖: 15% 氩勴嵓臧� 歆�靾� 頃橂澖 鞁� 鞗愱笀鞚� 15%旯岇 氤错樃頃╇媹雼�. 鞚措炒雼� 雿� 頃橂澖頃橂┐ 氩勴嵓毳� 齑堦臣頃橂姅 頃橂澖韽� 1%毵堧嫟 鞗愱笀 1% 靻愳嫟鞚� 氚滌儩頃橂┌, 斓滊寑 靻愳嫟鞚� 85%鞛呺媹雼�.
- 於旍爼 臧�旃�: 甑“頇� 氚� 項れ 牍勳毄鞚� 氚橃榿頃� 氚滍枆臧� 1,000雼煬 雽�牍� 鞎� 906雼煬鞛呺媹雼�.
- 靸侅灔 鞐嗢潓; 2彀� 鞙犽彊靹膘潃 鞝滍暅鞝侅澊氅� 臧�瓴� 氤�霃欖劚鞚� 韥� 靾� 鞛堨姷雼堧嫟.
欤检殧 鞙勴棙鞙茧電� (i) 歆�靾� 靸侅姽鞐� 雽�頃� 彀胳棳 鞐嗢潓, (ii) Morgan Stanley 鞁犾毄 鞚橃〈, (iii) 臁瓣赴 靸來櫂 臧�電レ劚鞙茧 鞚疙暅 靾橃澋 鞝滍暅, (iv) 歆�靾橃潣 鞝滍暅霅� 鞖挫榿 鞐偓 氚� 4% 臧愳唽 須臣, (v) 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚, (vi) 氇嵏 旮半皹 韽夑皜臧� 2彀� 鞁滌灔 臧�瓴╆臣 雼るゼ 靾� 鞛堨潓鞚� 韽暔霅╇媹雼�.
Morgan Stanley Finance LLC, enti猫rement garanti par Morgan Stanley, propose les SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities arrivant 脿 茅ch茅ance le 16 juillet 2030. Les titres sont li茅s 脿 l'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (symbole SPUMP40).
Principaux termes commerciaux :
- Coupon conditionnel : au moins 9,0% par an, vers茅 mensuellement, avec une fonction m茅moire si l'indice cl么ture 脿 ≥70% de son niveau initial 脿 la date d'observation pertinente.
- Remboursement anticip茅 automatique : mensuel, 脿 partir de la deuxi猫me ann茅e, si l'indice cl么ture 脿 ou au-dessus de 90% de son niveau initial ; les investisseurs re莽oivent alors 100% du capital plus le coupon accumul茅.
- Exposition 脿 la baisse : un buffer de 15% prot猫ge le capital pour des baisses de l'indice jusqu'脿 15%. En dessous, les investisseurs perdent 1% du capital pour chaque point de pourcentage de baisse au-del脿 du buffer, avec une perte maximale de 85%.
- Valeur estim茅e : environ 906 $ par rapport au prix d'茅mission de 1 000 $, refl茅tant les co没ts de structuration et de couverture.
- Non cot茅 ; la liquidit茅 secondaire sera limit茅e et les prix peuvent 锚tre volatils.
Les principaux risques soulign茅s incluent (i) aucune participation 脿 l'appr茅ciation de l'indice, (ii) d茅pendance 脿 la solvabilit茅 de Morgan Stanley, (iii) possibilit茅 de remboursement anticip茅 limitant le flux de revenus, (iv) l'historique op茅rationnel limit茅 de l'indice et le decrement de 4%, (v) traitement fiscal incertain aux 脡tats-Unis, et (vi) valorisation bas茅e sur un mod猫le pouvant diff茅rer des prix du march茅 secondaire.
Morgan Stanley Finance LLC, vollst盲ndig von Morgan Stanley garantiert, bietet die SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities mit F盲lligkeit am 16. Juli 2030 an. Die Notes sind an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index (Ticker SPUMP40) gekoppelt.
Wesentliche kommerzielle Bedingungen:
- Kontingenter Kupon: mindestens 9,0% j盲hrlich, monatlich zahlbar, mit Memory-Funktion, wenn der Index am relevanten Beobachtungstag bei mindestens 70% seines Anfangsniveaus schlie脽t.
- Automatische vorzeitige R眉ckzahlung: monatlich ab dem zweiten Jahr, wenn der Index bei mindestens 90% des Anfangsniveaus schlie脽t; Anleger erhalten dann 100% des Kapitals plus aufgelaufene Kupons.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Ein 15% Puffer sch眉tzt das Kapital bei Indexr眉ckg盲ngen bis zu 15%. Darunter verlieren Anleger 1% des Kapitals f眉r jeden Prozentpunkt R眉ckgang 眉ber den Puffer hinaus, maximal 85% Verlust.
- Gesch盲tzter Wert: ca. 906 $ gegen眉ber dem Ausgabepreis von 1.000 $, was Strukturierungs- und Absicherungskosten widerspiegelt.
- Keine B枚rsennotierung; die sekund盲re Liquidit盲t ist begrenzt und die Preise k枚nnen volatil sein.
Die wichtigsten hervorgehobenen Risiken umfassen (i) keine Teilnahme an einer Indexsteigerung, (ii) Abh盲ngigkeit von der Kreditw眉rdigkeit von Morgan Stanley, (iii) m枚gliche vorzeitige R眉ckzahlung, die den Einkommensstrom begrenzt, (iv) die begrenzte Historie des Index und den 4% Decrement, (v) unsichere US-Steuerbehandlung und (vi) modellbasierte Bewertung, die von Sekund盲rmarktpreisen abweichen kann.
- At least 9% annual contingent coupon with memory feature provides attractive income potential.
- 15% downside buffer offers limited principal protection against moderate market declines.
- Monthly auto-call feature at 90% of initial level can return capital early with accrued coupon.
- Guarantee from Morgan Stanley parent may enhance perceived credit strength versus standalone issuers.
- Estimated value of $906 vs. $1,000 issue price signals an immediate economic drag of roughly 9.4%.
- No upside participation; maximum redemption is par, capping total return to coupons received.
- Credit risk: payments depend on Morgan Stanley鈥檚 ability to pay, not on collateral.
- Illiquidity risk: securities will not be exchange-listed; secondary trading may be limited.
- Underlying index is new (incepted 2022) and employs a 4% decrement, increasing model and performance uncertainty.
- Potential loss up to 85% if index declines beyond the 15% buffer at maturity.
Insights
TL;DR: High coupon and 15% buffer attractive, but limited upside, credit risk and 9% value discount temper appeal.
The 9% memory coupon, monthly observations and 90% call threshold make these notes competitive for income-seeking investors willing to accept equity risk. The 15% buffer is standard for five-year notes and shields against moderate market pullbacks. However, upside is capped at par, so total return relies entirely on coupons. The estimated value of $906 indicates roughly 9.4% in fees and hedging costs at issuance, an immediate economic drag. With no exchange listing, exit liquidity and pricing transparency are limited. Because the underlying SPUMP40 index is new, uses leverage and a 4% decrement, historical analysis is thin, adding model risk. Overall, risk-reward skews neutral: appealing carry, but notable structural and credit risks.
TL;DR: Novel index, credit exposure and illiquidity elevate downside; buffer only partial protection.
Investors face Morgan Stanley senior unsecured credit risk for up to five years. If spreads widen, secondary prices could fall irrespective of index moves. The 15% buffer still allows an 85% loss in severe markets, and coupons stop if the index breaches the 70% barrier. Monthly auto-call at 90% may shorten duration, reinvestment risk arises if markets recover early. The index鈥檚 leverage and decrement methodology introduce tracking uncertainty versus traditional benchmarks, while its inception date of March 2022 limits stress-tested data. Given these factors, the instrument is suitable only for investors with a strong credit view on Morgan Stanley and comfort with structured-note liquidity constraints.
Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, offre i SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con scadenza il 16 luglio 2030. Le obbligazioni sono collegate all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
Principali condizioni commerciali:
- Coupon condizionato: almeno il 9,0% annuo, pagato mensilmente, con funzione memoria se l'indice chiude a ≥70% del livello iniziale nella data di osservazione rilevante.
- Rimborso anticipato automatico: mensile, a partire dal secondo anno, se l'indice chiude a o sopra il 90% del livello iniziale; in tal caso gli investitori ricevono il 100% del capitale pi霉 il coupon maturato.
- Esposizione al ribasso: un buffer del 15% protegge il capitale per cali dell'indice fino al 15%. Oltre tale soglia, gli investitori perdono l'1% del capitale per ogni punto percentuale di calo oltre il buffer, con una perdita massima dell'85%.
- Valore stimato: circa 906 $ rispetto al prezzo di emissione di 1.000 $, riflettendo costi di strutturazione e copertura.
- Non quotati; la liquidit脿 secondaria sar脿 limitata e i prezzi potrebbero essere volatili.
I principali rischi evidenziati includono (i) nessuna partecipazione all'apprezzamento dell'indice, (ii) dipendenza dal credito di Morgan Stanley, (iii) possibile rimborso anticipato che limita il flusso di reddito, (iv) la storia operativa limitata dell'indice e il decremento del 4%, (v) incertezza sul trattamento fiscale negli USA, e (vi) valutazione basata su modelli che pu貌 differire dai prezzi di mercato secondari.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, ofrece los SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con vencimiento el 16 de julio de 2030. Los bonos est谩n vinculados al 铆ndice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
T茅rminos comerciales clave:
- Cupones contingentes: al menos un 9,0% anual, pagados mensualmente, con funci贸n memoria si el 铆ndice cierra en ≥70% de su nivel inicial en la fecha de observaci贸n correspondiente.
- Redenci贸n anticipada autom谩tica: mensual, a partir del segundo a帽o, si el 铆ndice cierra en o por encima del 90% de su nivel inicial; los inversores reciben entonces el 100% del principal m谩s el cup贸n acumulado.
- Exposici贸n a la baja: un amortiguador del 15% protege el capital para ca铆das del 铆ndice de hasta el 15%. Por debajo de eso, los inversores pierden un 1% del capital por cada punto porcentual de ca铆da m谩s all谩 del amortiguador, con una p茅rdida m谩xima del 85%.
- Valor estimado: aproximadamente $906 frente al precio de emisi贸n de $1,000, reflejando costos de estructuraci贸n y cobertura.
- No cotizados; la liquidez secundaria ser谩 limitada y los precios pueden ser vol谩tiles.
Los principales riesgos destacados incluyen (i) no participar en la apreciaci贸n del 铆ndice, (ii) dependencia del cr茅dito de Morgan Stanley, (iii) posible redenci贸n anticipada que limita el flujo de ingresos, (iv) el historial operativo limitado del 铆ndice y la reducci贸n del 4%, (v) tratamiento fiscal incierto en EE.UU., y (vi) valoraci贸n basada en modelos que puede diferir de los precios del mercado secundario.
Morgan Stanley Finance LLC電� Morgan Stanley臧� 鞝勳暋 氤挫頃橂┌, SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities毳� 2030雲� 7鞗� 16鞚� 毵岅赴鞚茧 鞝滉车頃╇媹雼�. 鞚� 毂勱秾鞚� S&P 氙戈淡 欤检嫕 氇韰� 40% VT 4% 臧愳唽 歆�靾�(韹办护 SPUMP40)鞐� 鞐半彊霅橃柎 鞛堨姷雼堧嫟.
欤检殧 靸侅梾 臁瓣贝:
- 臁瓣贝攵� 炜犿彴: 鞐� 斓滌唽 9.0%, 毵れ洈 歆�旮夒悩氅�, 甏�彀办澕鞐� 歆�靾橁皜 齑堦赴 靾橃鞚� 70% 鞚挫儊鞚� 瓴届毎 氅旊毽� 旮半姤鞚� 鞝侅毄霅╇媹雼�.
- 鞛愲彊 臁瓣赴 靸來櫂: 觳� 頃� 鞚错泟 毵れ洈, 歆�靾橁皜 齑堦赴 靾橃鞚� 90% 鞚挫儊鞙茧 毵堦皭頃橂┐ 臁瓣赴 靸來櫂霅橂┌, 韴瀽鞛愲姅 鞗愱笀 100%鞕� 雸勳爜 炜犿彴鞚� 氚涭姷雼堧嫟.
- 頃橂澖 鞙勴棙 雲胳稖: 15% 氩勴嵓臧� 歆�靾� 頃橂澖 鞁� 鞗愱笀鞚� 15%旯岇 氤错樃頃╇媹雼�. 鞚措炒雼� 雿� 頃橂澖頃橂┐ 氩勴嵓毳� 齑堦臣頃橂姅 頃橂澖韽� 1%毵堧嫟 鞗愱笀 1% 靻愳嫟鞚� 氚滌儩頃橂┌, 斓滊寑 靻愳嫟鞚� 85%鞛呺媹雼�.
- 於旍爼 臧�旃�: 甑“頇� 氚� 項れ 牍勳毄鞚� 氚橃榿頃� 氚滍枆臧� 1,000雼煬 雽�牍� 鞎� 906雼煬鞛呺媹雼�.
- 靸侅灔 鞐嗢潓; 2彀� 鞙犽彊靹膘潃 鞝滍暅鞝侅澊氅� 臧�瓴� 氤�霃欖劚鞚� 韥� 靾� 鞛堨姷雼堧嫟.
欤检殧 鞙勴棙鞙茧電� (i) 歆�靾� 靸侅姽鞐� 雽�頃� 彀胳棳 鞐嗢潓, (ii) Morgan Stanley 鞁犾毄 鞚橃〈, (iii) 臁瓣赴 靸來櫂 臧�電レ劚鞙茧 鞚疙暅 靾橃澋 鞝滍暅, (iv) 歆�靾橃潣 鞝滍暅霅� 鞖挫榿 鞐偓 氚� 4% 臧愳唽 須臣, (v) 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚, (vi) 氇嵏 旮半皹 韽夑皜臧� 2彀� 鞁滌灔 臧�瓴╆臣 雼るゼ 靾� 鞛堨潓鞚� 韽暔霅╇媹雼�.
Morgan Stanley Finance LLC, enti猫rement garanti par Morgan Stanley, propose les SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities arrivant 脿 茅ch茅ance le 16 juillet 2030. Les titres sont li茅s 脿 l'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (symbole SPUMP40).
Principaux termes commerciaux :
- Coupon conditionnel : au moins 9,0% par an, vers茅 mensuellement, avec une fonction m茅moire si l'indice cl么ture 脿 ≥70% de son niveau initial 脿 la date d'observation pertinente.
- Remboursement anticip茅 automatique : mensuel, 脿 partir de la deuxi猫me ann茅e, si l'indice cl么ture 脿 ou au-dessus de 90% de son niveau initial ; les investisseurs re莽oivent alors 100% du capital plus le coupon accumul茅.
- Exposition 脿 la baisse : un buffer de 15% prot猫ge le capital pour des baisses de l'indice jusqu'脿 15%. En dessous, les investisseurs perdent 1% du capital pour chaque point de pourcentage de baisse au-del脿 du buffer, avec une perte maximale de 85%.
- Valeur estim茅e : environ 906 $ par rapport au prix d'茅mission de 1 000 $, refl茅tant les co没ts de structuration et de couverture.
- Non cot茅 ; la liquidit茅 secondaire sera limit茅e et les prix peuvent 锚tre volatils.
Les principaux risques soulign茅s incluent (i) aucune participation 脿 l'appr茅ciation de l'indice, (ii) d茅pendance 脿 la solvabilit茅 de Morgan Stanley, (iii) possibilit茅 de remboursement anticip茅 limitant le flux de revenus, (iv) l'historique op茅rationnel limit茅 de l'indice et le decrement de 4%, (v) traitement fiscal incertain aux 脡tats-Unis, et (vi) valorisation bas茅e sur un mod猫le pouvant diff茅rer des prix du march茅 secondaire.
Morgan Stanley Finance LLC, vollst盲ndig von Morgan Stanley garantiert, bietet die SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities mit F盲lligkeit am 16. Juli 2030 an. Die Notes sind an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index (Ticker SPUMP40) gekoppelt.
Wesentliche kommerzielle Bedingungen:
- Kontingenter Kupon: mindestens 9,0% j盲hrlich, monatlich zahlbar, mit Memory-Funktion, wenn der Index am relevanten Beobachtungstag bei mindestens 70% seines Anfangsniveaus schlie脽t.
- Automatische vorzeitige R眉ckzahlung: monatlich ab dem zweiten Jahr, wenn der Index bei mindestens 90% des Anfangsniveaus schlie脽t; Anleger erhalten dann 100% des Kapitals plus aufgelaufene Kupons.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Ein 15% Puffer sch眉tzt das Kapital bei Indexr眉ckg盲ngen bis zu 15%. Darunter verlieren Anleger 1% des Kapitals f眉r jeden Prozentpunkt R眉ckgang 眉ber den Puffer hinaus, maximal 85% Verlust.
- Gesch盲tzter Wert: ca. 906 $ gegen眉ber dem Ausgabepreis von 1.000 $, was Strukturierungs- und Absicherungskosten widerspiegelt.
- Keine B枚rsennotierung; die sekund盲re Liquidit盲t ist begrenzt und die Preise k枚nnen volatil sein.
Die wichtigsten hervorgehobenen Risiken umfassen (i) keine Teilnahme an einer Indexsteigerung, (ii) Abh盲ngigkeit von der Kreditw眉rdigkeit von Morgan Stanley, (iii) m枚gliche vorzeitige R眉ckzahlung, die den Einkommensstrom begrenzt, (iv) die begrenzte Historie des Index und den 4% Decrement, (v) unsichere US-Steuerbehandlung und (vi) modellbasierte Bewertung, die von Sekund盲rmarktpreisen abweichen kann.
FAQ
What coupon rate do the Morgan Stanley SPUMP40 notes pay?
When can the securities be automatically redeemed?
How much principal protection does the 15% buffer provide?
What happens if the index is below the 70% coupon barrier on a payment date?
Why is the estimated value $906 per $1,000 note?
Do the notes trade on an exchange?
