maturity, you will receive no more contingent quarterly coupon payments, may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns.
On the other hand, we will be less likely to redeem the securities when the determination closing price of either underlying stock is below its respective coupon threshold level and/or when the final share price of either underlying stock is expected to be below its respective downside threshold level, such that you will receive no contingent quarterly coupons and/or that you will suffer a significant loss on your initial investment in the securities at maturity. Therefore, if we do not redeem the securities, it is more likely that you will receive few or no contingent quarterly coupons and suffer a significant loss at maturity.
■Investors will not participate in any appreciation in the price of either underlying stock. Investors will not participate in any appreciation in the price of either underlying stock from its initial share price, and the return on the securities will be limited to the contingent quarterly coupon, if any, that is paid with respect to each observation date on which both determination closing prices are greater than or equal to their respective coupon threshold levels, if any.
■The market price will be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the level of interest rates available in the market and the prices of the underlying stocks on any day, including in relation to the respective coupon threshold levels and downside threshold levels, will affect the value of the securities more than any other factors. Other factors that may influence the value of the securities include:
othe trading price and volatility (frequency and magnitude of changes in value) of the underlying stocks,
owhether the determination closing price of either underlying stock has been below its respective coupon threshold level on any observation date,
odividend rates on the underlying stocks,
ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlying stocks and which may affect the prices of the underlying stocks,
othe time remaining until the securities mature,
ointerest and yield rates in the market,
othe availability of comparable instruments,
othe occurrence of certain events affecting an underlying stock that may or may not require an adjustment to an adjustment factor, and
oany actual or anticipated changes in our credit ratings or credit spreads.
Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. For example, you may have to sell your securities at a substantial discount from the stated principal amount of $1,000 per security if the price of either underlying stock at the time of sale is near or below its coupon threshold level, and especially if the price of either underlying stock at the time of sale is near or below its downside threshold level, or if market interest rates rise.
The price of either or both of the underlying stocks may be, and have recently been, volatile, and we can give you no assurance that the volatility will lessen. The PARA Stock began trading on December 5, 2019 and therefore has limited historical performance. The prices of either or both the underlying stocks may decrease and be below the respective coupon threshold level(s) on each observation date so that you will receive no return on your investment, or the price of either or both of the underlying stocks may decrease and close below the respective downside threshold level(s) on the final observation date so that you receive a payment at maturity that is less than 60% of the stated principal amount. There can be no assurance that the determination closing prices of both underlying stocks will be at or above their respective coupon threshold levels on any observation date so that you will receive a coupon payment on the securities for the applicable interest period or, with respect to the final observation date, that the closing prices of both underlying