| 作者 |
 [问题]购买Morgan Stanley 的债卷 （Note) |
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| 所跟贴 |
[问题]购买Morgan Stanley 的债卷 （Note) -- SunTurtle - (561 Byte) 2010-7-21 周三, 09:07 (1342 reads) |
emperorfan
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加入时间: 2010/02/05
文章: 2008
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作者：emperorfan 在 谈股论金 发贴, 来自【海归网】 http://www.haiguinet.com
Maybe u can buy a Jun2011 SPY 75 put to hedge,  since it only pays when sp higher than 750
The biggest risk is that it can be called away anytime after Jun2011
and the probability of SP lower than 750 could be earlier than you think, maybe 2011,
30-2yr is at least safe for 2 yrs, but it's not impossible after Jun2012,
https://files.haiguinet.com/newupload/1279683495_966207_16_10.pdf
Yield Risk
If there are no accrual days in any interest payment period during the floating interest rate period, we will not pay
any interest on the notes for that interest payment period and the market value of the notes may decrease
significantly. It is possible that the level of the CMS reference index will be less than the CMS reference index strike or
that the index closing value will be less than the index reference level for so many days during any monthly interest payment
period during the floating interest rate period, that the interest payment for that monthly interest payment period will be less
than the amount that would be paid on an ordinary debt security and may be zero. To the extent that the level of the CMS
reference index is less than the CMS reference index strike or that the index closing value is less than the index reference
level, during the floating interest rate period, the market value of the notes may decrease and you may receive substantially
less than 100% of the issue price if you wish to sell your notes at such time.
Early redemption risk. The issuer retains the option to redeem the notes after the stated period of time, with the stated
frequency and prior to the defined notice date(s). It is more likely that the issuer will redeem the notes prior to their stated
maturity date to the extent that the level of the CMS reference index and the index closing value during the floating interest
rate period results in an amount of interest payable that is greater than instruments of a comparable maturity and credit
rating trading in the market. If the notes are redeemed prior to their stated maturity date, investors may have to re-invest
proceeds in a lower rate environment.
Market Risk
The price at which the notes may be sold prior to maturity will depend on a number of factors and may be
substantially less than the amount for which they were originally purchased. Some of these factors include, but are
not limited to: (i) changes in the level of 30CMS and 2CMS, (ii) changes in the level of the index closing value, (iii) volatility
of 30CMS and 2CMS, (iv) volatility of the index, (v) changes in interest and yield rates, (vi) geopolitical conditions and
economic, financial, political and regulatory or judicial events that affect the securities underlying the index, or equity
markets generally, and that may affect the index, (vii) any actual or anticipated changes in our credit ratings or credit
spreads, and (viii) time remaining to maturity. Generally, the longer the time remaining to maturity and the more tailored the
exposure, the more the market price of the notes will be affected by the other factors described in the preceding sentence.
This can lead to significant adverse changes in the market price of securities like the notes. Primarily, if the level of the CMS
reference index is less than the CMS reference index strike or the index closing value is less than the index reference level,
during the floating interest rate period, the market value of the notes is expected to decrease and you may receive
substantially less than 100% of the issue price if you sell your notes at such time.
The inclusion of commissions and projected profit from hedging in the original issue price is likely to adversely
affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the price, if any,
at which MS & Co. is willing to purchase the notes at any time in secondary market transactions will likely be significantly
lower than the original issue price, since secondary market prices are likely to exclude commissions paid with respect to the
notes and the costs of hedging our obligations under the notes that will be included in the original issue price. The cost of
hedging includes the projected profit that our subsidiaries may realize in consideration for assuming the risks inherent in
managing the hedging transactions. These secondary market prices are also likely to be reduced by the costs of unwinding
the related hedging transactions. Due to the term of the notes and the tailored exposure provided by the notes, the cost of
entering into and unwinding the hedging transactions is expected to be significant. In addition, any secondary market prices
may differ from values determined by pricing models used by MS & Co., as a result of dealer discounts, mark-ups or other
transaction costs.
Liquidity Risk
The notes will not be listed on any securities exchange and secondary trading may be limited. The notes will not be
listed on any securities exchange. Therefore, there may be little or no secondary market for the notes. MS & Co. may, but
is not obligated to, make a market in the notes. Even if there is a secondary market, it may not provide enough liquidity to
allow you to trade or sell the notes easily. Because we do not expect that other broker-dealers will participate significantly in
the secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if
any, at which MS & Co. is willing to transact. If at any time MS & Co. were not to make a market in the notes, it is likely that
there would be no secondary market for the notes. Accordingly, you should be willing to hold your notes to maturity.
作者：emperorfan 在 谈股论金 发贴, 来自【海归网】 http://www.haiguinet.com
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