Published on 11/6/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $288,750 put warrants on three ETFs
Chicago, Nov. 6 – Morgan Stanley Finance LLC priced $288,750 of put warrants due Oct. 24, 2023 linked to the worst performing of the iShares MSCI Emerging Markets ETF, the iShares MSCI EAFE ETF and the SPDR Euro Stoxx 50 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The put warrants are guaranteed by Morgan Stanley.
The notional amount is $1,000 per warrant. The premium amount and original issue price is $82.50 per warrant. The aggregate premium amount for the 3,500 warrants is $288,750.
If the final share level of each ETF is less than the strike level, the warrants will be automatically exercised. The payout per warrant will be $1,000 multiplied by the bearish share return of the least performing ETF, capped at $350 per warrant.
If the final share level is greater than or equal to the strike level, the warrants will expire worthless and the cash settlement amount will be zero.
Morgan Stanley & Co. LLC and Stifel Nicolaus & Co. are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Put warrants
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| Underlying ETFs: | iShares MSCI Emerging Markets ETF, the iShares MSCI EAFE ETF and the SPDR Euro Stoxx 50 ETF
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| Warrants: | 3,500
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| Notional amount per warrant: | $1,000
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| Total notional amount: | $288,750
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| Price per warrant: | $82.50
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| Expiration date: | Oct. 19, 2023
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| Maturity: | Oct. 24, 2023
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| Payout: | If final share price of each ETF is less than strike level, $1,000 multiplied by bearish share return, subject to maximum payout of $350 per warrant; if final share price is greater than or equal to strike level, warrants will expire worthless and cash settlement amount will be zero
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| Initial price: | $34.21 for EM, $56.01 for EAFE, $31.30 for Stoxx
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| Pricing date: | Oct. 18, 2022
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| Settlement date: | Oct. 21, 2022
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| Agents: | Morgan Stanley & Co. LLC and Stifel Nicolaus & Co.
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| Fees: | 3.03%
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| Cusip: | 61774E782
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