The American Stock Exchange opened trading today on Morgan Stanley’s 14% SPARQS Linked to Apple Inc.
Priced at $11.946 per unit with an initial offer size of 1,476,690 units, this equity trades under the ticker symbol ANY and has a maturity date of March 20, 2009.
The notes are issued by Morgan Stanley. The Amex specialist unit is Kellogg Capital Group.
If you would like to receive a copy of the prospectus for ANY, please visit the American Stock Exchange website at http://www.amex.com
More info about ANY here.
Source: The American Stock Exchange
A better link might have been:
http://www.secinfo.com/dsVQx.t4c.htm
Stock Participation Accreting Redemption Quarterly-Pay Securities – SPARQS
A callable note that pays interest to the holder, and upon maturity is exchanged for shares in the underlying company. These investment products are issued and underwritten by Morgan Stanley and provide investors with both interest payments and exposure to the stock market.
Thank you Macaday and G4Dualie for the info. I didn’t have a clue.
Um… translation, please?
Thanks G4 for the definition. I’ve been waiting to buy Appl. This seems like a good product. Is the downside that the payout is determined by the price of the stock in 2009 and it can’t be redeemed, if that is the correct term, before then?
sounds like 3 card monte
It sounds typical of a plan where lemmings end up not making the kind of money they should.
I recommend that you invest instead in SPARKS
Original Shiva…
Yes. If you mean “can’t be redeemed”, as in for cash.
I’m just spitballing here but, if you were sitting on a bunch of Apple shares (which haven’t done much lately) and you liquidated some of them to buy the notes from MS, theoretically the payout would be interest earned plus getting your shares back in ’09.
MS’s faith in Apple is obviously pretty strong and anyone who can afford to move money can use this instrument to make a little more money off their Apple investment. This is long-term stuff for true believers which any day-trader would gladly sell you.