wskazany w Specyfikacji Parametrów Ekonomicznych Subskrypcji dzień,
w którym rejestrowana lub ustalana jest wartość Indeksu zgodnie z zasadami
określonymi w tej specyfikacji;
The Rebalancing Indices will be rebalanced on each quarterly Observation Date by resetting investors’ notional exposure to each Rebalancing Index to again reflect its respective Rebalancing Weight, but at a level arrived at by taking into account the combined performance of the Rebalancing Indices over the previous three months, adjusted by their respective Adjustment Factors. Investors’ notional exposure to AGG will not be adjusted on any quarterly Observation Date.
On any Observation Date, the Final Valuation Date, Investor Redemption Valuation Date or the Redemption Trigger Valuation Date (each, a “ Valuation Date ”), the Notional Exposure for each of the Rebalancing Indices is calculated as follows:
· If the Reference Level for the relevant Rebalancing Index on such Valuation Date is greater than zero, (a) (i) the sum of the Notional Exposure for each of the Rebalancing Indices on the immediately preceding Observation Date* plus (ii) the sum of the Additional Amount for each of the Rebalancing Indices on such Valuation Date, multiplied by (b) the Rebalancing Weight of the applicable Rebalancing Index, divided by (c) the sum of the Rebalancing Weights of all the Rebalancing Indices for which the respective Reference Level on such Valuation Date is greater than zero.
· If the Reference Level for the relevant Rebalancing Index on such Valuation Date is equal to zero, $0.
Market Linked Auto-Callable Notes due January 28, 2033, with 5-Year Initial Non-Call Period
With Early Redemption and the Payment of Contingent Monthly Coupons Based on the Worst Performing of the Russell 2000® Index and the EURO STOXX 50® Index
The notes offered are senior unsecured obligations of Morgan Stanley and have the terms described in the accompanying product supplement, index supplement and prospectus, as supplemented or modified by this document. Unlike ordinary debt securities, the notes do not provide for the regular payment of interest. Instead, the notes will pay a contingent monthly coupon but only if the index closing value of each of the Russell 2000® Index and the EURO STOXX 50® Index is at or above its respective barrier level on the related observation date. If the index closing value of either underlying index is less than the barrier level for such index on any observation date, we will pay no interest for the related monthly period. Starting on the fifth anniversary of the original issue date, the notes will be automatically redeemed if the index closing value of each underlying index is greater than or equal to its respective initial index value on any quarterly redemption determination date, beginning on the third scheduled business day preceding January 30, 2018. At maturity, if the notes have not previously been redeemed, you will receive an amount equal to the stated principal amount for each note you hold plus the contingent monthly coupon with respect to the final observation date, if any. Investors will not participate in any appreciation of either underlying index and should be willing to hold their notes for the entire 20-year term. These long-dated notes are for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of receiving no monthly interest over the 20-year term if either underlying index closes below the barrier level for such index on the monthly observation dates, with no possibility of being called out of the notes until after the initial 5-year non-call period. Because the payment of contingent monthly coupons is based on the worst performing of the underlying indices, the fact that the notes are linked to two underlying indices does not provide any asset diversification benefits and instead means that a decline in the level beyond the relevant barrier level of either underlying index will result in no contingent monthly coupons, even if the other underlying closes at or above its barrier level. The issuer will not pay a contingent monthly coupon on any contingent coupon payment date if the closing value of either underlying index is below the barrier level for such index on the related observation date. The issuer will not redeem the notes early on any early redemption date if the closing value of either underlying index is below the initial index value for such index on the related redemption determination date. The notes are senior notes issued as part of Morgan Stanley’s Series F Global Medium-Term Notes program. All payments on the notes, including the repayment of principal, are subject to the credit risk of Morgan Stanley.
| Jacek Kloskowski|
Local time: 12:41
Specializes in field
Native speaker of: Polish, English
PRO pts in category: 39