Published on 8/18/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $878,050 call warrants linked to four stocks
Chicago, Aug. 18 – Morgan Stanley Finance LLC priced 3,400 call warrants linked to an equally weighted basket of the common stocks of APA Corp., Comstock Resources, Inc., Chord Energy Corp. and Murphy Oil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notional amount is $1,000 per warrant. The issue price is $258.25 per warrant for a total premium amount of $878,050.
The expiration date is July 15, 2024, and the cash settlement date is July 18, 2024.
The warrants will be automatically exercised on the expiration date if the basket finishes above the initial basket level, and the cash settlement amount will be the notional amount multiplied by the basket return, subject to a maximum cash settlement amount of $850 per warrant.
If the basket finishes at or below the initial basket level, the warrants will expire worthless and the cash settlement amount will be zero.
The warrants are guaranteed by Morgan Stanley.
Stifel Nicolaus & Co. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Call warrants
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| Underlying basket: | APA Corp., Comstock Resources, Inc., Chord Energy Corp. and Murphy Oil Corp., equally weighted
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| Warrants: | 3,400
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| Notional amount: | $1,000 each, or $3,400,000 total
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| Price: | $258.25 per warrant, or $878,050 total
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| Maturity: | July 15, 2024
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| Cash settlement date: | July 18, 2024
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| Payout: | If basket finishes above initial basket level, notional amount multiplied by basket return, subject to maximum cash settlement amount of $850 per warrant; otherwise, nothing
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| Initial share prices: | $31.58 for APA, $12.09 for Comstock, $107.49 for Chord, $27.00 for Murphy Oil
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| Pricing date: | July 21, 2022
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| Settlement date: | July 26, 2022
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| Agents: | Stifel Nicolaus & Co. and Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61774B705
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