Nikkei-225 put warrants debut

Morgan Stanley yesterday launched 163 million put warrants on the Nikkei-225 Index at an issue price of 36.97 cents, bringing the total issue to $60 million. They were the first Nikkei-225 warrants to be listed on the Hong Kong stock exchange. The US-style warrants, which will mature on September 11, 1998, carry a strike price of 17,000 yen (about HK$1,044). They carry an all-in premium of 11.8 per cent and a gearing of 5.2 times.