Index on a 1-to-1 basis and will receive a payment at maturity that is less than 75% of the stated principal amount of the securitiesĪnd could be zero. If the final index value is less than the downside threshold level, investors will be exposed to the full decline in the underlying Will receive the stated principal amount and the contingent quarterly coupon with respect to the final observation date, or (ii) The securities will be as follows: (i) if the final index value is greater than or equal to the downside threshold level, investors However, if the securities are not automatically redeemed prior to maturity, the payment at maturity due on In addition, if the indexĬlosing value of the underlying index is greater than or equal to the initial index value on any quarterly redemption determinationĭate, the securities will be automatically redeemed for an amount per security equal to the stated principal amount and the contingent Than or equal to 75% of the initial index value, which we refer to as the downside threshold level. Quarterly coupon, but only with respect to each observation date on which the index closing value of the underlying index is greater Instead, the securities offer the opportunity for investors to earn a contingent The payment of interest or the repayment of principal. Contingent Income Auto-Callable Securities dueīased on the Performance of the EURO STOXX Banks ®įully and Unconditionally Guaranteed by MorganĬontingent Income Auto-Callable Securities do not guarantee
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