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For Discerning Investors​
American Airlines Series
Credit Linked Note
This CLN represents an ideal solution for investors seeking predictable, high-yield returns with manageable risk exposure. The combination of American Airlines’ operational strength, Morgan Stanley’s institutional backing, and the enhanced yield structure creates a compelling risk-adjusted return profile in the current market environment. This Note delivers compelling value through consistent monthly cash flows backed by American Airlines’ strong operational fundamentals.
Investment Highlights
- Attractive Monthly Income: Secure 10.40% p.a. fixed coupons (0.867% monthly) for ten years
- Enhanced Yield Structure: Underlying bond yield of 6.2-6.3% plus ~4% alpha through CLN structure
- Total Return Potential: 10.90% p.a. YTM with capital doubling potential within seven years
- Daily Liquidity: Secondary market pricing with no lock-in periods or exit penalties
- Institutional Backing: Morgan Stanley Finance LLC (S&P: A-, Moody: A1, Fitch: A+)
Key Product Details
- Underlying: American Airlines Group Inc. (S&P: BB, Moody: B1, Fitch: BB)
- Maturity: January 5, 2036
- Currency: USD
- Minimum Investment: $20,000 (multiples of $1,000 thereafter)
- Capital Protection: 100% at maturity unless credit event occurs
American Airlines Fundamentals (Q2 2025)
- Revenue: $14.4 billion (+0.4% YoY growth)
- Total Assets: $63.67 billion
- Debt Reduction: $16.6 billion reduced from 2021 peaks, targeting additional $4 billion by 2027
- Liquidity: $12 billion available
- Operational Scale: 996 aircraft fleet, 6,800+ daily flights, 200+ million annual passengers
Tech Giants Edition
Growth Series Note
Following the overwhelming response and strong performance of our previous series, we’re launching another tranche of our Growth Series Note featuring three technology leaders: Google (GOOGL), Apple (AAPL), and Microsoft (MSFT). With BNP Paribas as both Issuer and Guarantor, this Note targets significant capital appreciation over a 34-month horizon while maintaining daily liquidity flexibility.
Investment Profile
Designed for investors seeking substantial returns over a 3-year timeframe who are comfortable with a medium-term holding period to achieve high-return objectives. This structure allows you to outperform traditional market exposure by capturing amplified gains from modest underlying appreciation: targeting ~2.8X growth potential even with expected 30% upside in the underlyings.
Key Product Details
- Underlying Assets: Alphabet Inc. (GOOGL), Apple Inc. (AAPL), Microsoft Corp. (MSFT)
- Structure: Worst-of performance with autocall feature
- Maturity: July 20, 2028 (34 months)
- Issue Price: 36.00% of notional
- Autocall Trigger: 130.00% of initial levels
- Maximum Gain: 177.78% over 34 months
- Issuer/Guarantor: BNP Paribas (S&P: A+, Moody: A1, Fitch: A+)
Return Scenarios
- Upside Scenario: If worst-performing stock exceeds 130% of initial level at maturity → 177.78% total return
- Downside Protection: Capital recovery formula based on worst-performing stock’s performance from initial levels
- Daily Liquidity: Secondary market pricing available for partial profit-taking throughout the term
Investment Rationale
This opportunity is ideal for investors who believe in the continued strength of leading technology companies but don’t expect extraordinary 150-200% market returns within 2-3 years. The structure provides amplified exposure to modest gains while maintaining institutional-grade backing and liquidity flexibility.
Risk Consideration
Returns are linked to the worst-performing stock among the three underlyings. Capital is at risk if the worst performer declines significantly from initial levels.
Enhanced Series
Step-Up Autocallable Recovery Note
Our enhanced Capital Appreciation Note linked to Apple, Alphabet, and JPMorgan Chase offers an improved step-up structure with higher monthly increments. This Note provides strategic participation in the recovery and growth potential of three market leaders, each demonstrating strong fundamentals and compelling upside prospects.
Underlying Asset Outlook
- Apple Inc.: Consistent innovation pipeline and robust financials with potential for 30%+ gains
- Alphabet (Class A): Strong earnings momentum, AI-driven growth initiatives, analyst targets near $215
- JPMorgan Chase: Solid fundamentals with projected 40%+ upside through end-2026
Key Product Details
- Structure: Enhanced Step-Up Autocallable with monthly observations
- Maturity: August 5, 2030 (5 years)
- Issue Price: 55.00% of notional
- Autocall Trigger: 108% of initial levels (8% gain required)
- Enhanced Step-Up: 0.8% monthly increase (vs. 0.7% in previous series)
- First Observation: 9 months from issue (May 2026)
- Issuer/Guarantor: BNP Paribas (S&P: A+, Moody: A1, Fitch: A+)
Enhanced Return Structure
This series offers accelerated returns with higher monthly step-ups:
- Year 1 Autocall: 16.36% return (if triggered in May 2026)
- Progressive Enhancement: 0.8% monthly increase in returns
- Maximum Return: 81.82% (capped at 100% of notional)
- Peak Performance: Reaches maximum return by February 2030
Current Market Positioning
| Stock | Initial Price | Autocall Target | Required Gain |
|---|---|---|---|
| AAPL | $202.92 | $219.15 | 8.00% |
| GOOGL | $194.67 | $210.24 | 8.00% |
| JPM | $291.37 | $314.68 | 8.00% |
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Historical Performance Analysis
Based on simulation of over 1,300 data points from the past decade, there is a 100% probability that the Note will autocall within 2 years and 7 months, delivering approximately 48% gains. The enhanced step-up structure provides superior returns compared to our previous series while maintaining the same low autocall threshold.
Investment Rationale
This enhanced Note is designed for investors seeking defined, double-digit gains with high probability of early redemption and improved return potential. The 8% autocall trigger remains accessible for three quality names, while the enhanced 0.8% monthly step-up provides superior compensation for extended holding periods.
Risk Consideration
Returns depend on the worst-performing stock among the three underlyings. At maturity, if the worst performer is below initial levels, capital recovery follows the formula: 55% – |worst performance|.
