Recently, there was an event of default in the underlying assets of some of the Pinnacle Notes. There was a notice sent out by Morgan Stanley saying that Pinnacle Notes Series 1 is likely to have a forced redemption as a result of this default.
Other Pinnacle Notes Series 2, 3, 5, 6 and 7 have also been negatively impacted.
The respective notices can be found on the Morgan Stanley Pinnacle Notes website.
As of 8th May 2009, the indicative price quoted by Morgan Stanley for the various Pinnacle Notes Series are as follows (based on face value of $100):
- Pinnacle Notes Series 1 – No quote available (likely 0)
- Pinnacle Notes Series 2 – $0.32 for Tranche A and $0.23 for Tranche B
- Pinnacle Notes Series 3 – $0.36 for Tranche A and $0.40 for Tranche B
- Pinnacle Notes Series 5 – $2.87 for Tranche A and $2.88 for Tranche B
- Pinnacle Notes Series 6 – $2.93 for Tranche A and $3 for Tranche B
- Pinnacle Notes Series 7 – $2.73 for Tranche A and $2.96 for Tranche B
- Pinnacle Notes Series 8 – $84.05 for Tranche A and $81.78 for Tranche B
- Pinnacle Notes Series 11 – $79.28 for Tranche A and $72.11 for Tranche B
- Pinnacle Notes Series 12 – $78.73 for Tranche A and $71.36 for Tranche B
- Pinnacle Notes Series 15 – $77.24
- Pinnacle Notes Series 16 – $74.12