Genesis Energy L P SEC Filings

HSBC Holdings plc (HSBC) filed a Form 6-K disclosing daily activity under the US$3 bn share buy-back programme launched on 6 May 2025.

• 2 July 2025 purchase: 3,219 ordinary shares bought and immediately cancelled on UK venues at a volume-weighted average price of £8.8417 (high £8.8600, low £8.8180).
• Cumulative progress: 198,057,239 shares repurchased so far, for total consideration of approx. US$2.311 bn.
• Capital structure impact: Post-cancellation issued share capital falls to 17,477,810,898 shares with full voting rights; no treasury shares are held.
• Governance & compliance: Purchases executed by Morgan Stanley & Co. International plc in accordance with UK Market Abuse Regulation and Companies Act 2006. A detailed trade-by-trade report is available via the RNS link.

The cumulative buy-back represents roughly 1.1% of the outstanding shares, providing a modest boost to earnings per share and signalling management’s continuing capital return strategy.

Genesis Energy, L.P. (GEL) – Form 4 insider transaction

Director James E. Davison, Jr. reported activity dated 1 July 2025 involving a modest number of Class A common units and related phantom-unit awards.

• Derivative exercise (Code M): 2,584 phantom units were converted into 2,584 Class A common units and immediately paid out in cash at an average price of $16.54 per unit, representing both an acquisition and a disposition to the issuer.
• New award (Code A): 2,388 additional phantom units (with tandem distribution-equivalent rights) were granted; these vest and cash-settle on 1 July 2026.
• Post-transaction holdings: Davison directly owns 3,883,045 Class A units and 11,093 phantom units. Indirect interests through family trusts total 1,527,239 Class A units, for which beneficial ownership is disclaimed beyond any pecuniary interest.

The reported share movement (2,584 units) is immaterial relative to Davison’s 3.9 million-unit direct stake and therefore unlikely to signal a meaningful change in insider sentiment. The grant of new phantom units appears to be routine director compensation rather than a strategic transaction.

Form 4 snapshot: On 06/30/2025, Pfizer Inc. (PFE) Chairman & CEO Albert Bourla was credited with 25 Phantom Stock Units at a reference price of $24.24 under the company’s Non-funded Deferred Compensation and Supplemental Savings Plan (SSP). Each unit mirrors one share of Pfizer common stock but will be settled in cash after the executive’s separation from service and can be reallocated to other plan investments at any time.

After this routine accrual, Bourla’s total phantom-unit balance stands at 718,220 units. The filing discloses no open-market purchases or sales of Pfizer common stock, and there is no change to his direct share ownership.

Given the immaterial size of the grant (25 units) and its deferred-compensation nature, the transaction is considered administrative and non-market-moving. Investors should view the disclosure as a standard update required by Section 16 rather than a signal of management’s near-term view on Pfizer’s share price.

Genesis Energy, L.P. (GEL) — Form 4 insider activity (filed 07/02/2025)

• Director Jack T. Taylor converted 2,714 phantom units into Class A common units on 07/01/2025 (transaction code M) and immediately disposed of the same number of units at $16.54 per unit (code D).
• Post-transaction direct ownership declines to 32,865 Class A units, down from 35,579 units.
• Taylor now beneficially owns 11,555 phantom units; this includes a new award of 2,575 phantom units that will vest and be paid in cash on 07/01/2026. The award accrues distribution-equivalent rights during the vesting period.
• The cash settlement price for both the conversion and future vesting is based on the 20-day average closing price prior to the vesting date.

No other executives are listed and the filing does not reference a Rule 10b5-1 trading plan.

Morgan Stanley Finance LLC (MSFL) is offering $1.064 million of three-year Contingent Income Securities due July 6, 2028 that are fully and unconditionally guaranteed by Morgan Stanley (NYSE: MS). The notes are unsecured and principal is at risk. Performance is linked to the worst performing of three major U.S. equity benchmarks—the S&P 500, Nasdaq-100 and Russell 2000.

Key economic terms

• Issue price: $1,000 per note; estimated value: $976.60 (97.66% of par).
• Contingent coupon: 8.00% per annum, paid quarterly only if the closing level of all indices is ≥ 70% of the initial level on the relevant observation date.
• Coupon & downside thresholds: 70% of initial level for each index (SPX 4,343.465; NDX 15,875.307; RTY 1,522.525).
• Payment at maturity (7/06/28): • 100% of principal if all final index levels are ≥ their downside thresholds; • otherwise, principal is reduced 1-for-1 with the percentage decline of the worst performing index, potentially to $0.
• No participation in index upside; investors receive coupons plus return of principal only under benign market scenarios.
• No listing; secondary liquidity depends solely on MS&Co. making a market, likely at a discount to par.
• Sold exclusively through fee-based advisory accounts; agent’s fee $7.50 per note plus up to $6.25 structuring fee for selected dealers.

Risk highlights

• Principal loss if any index falls more than 30% from its initial level at maturity.
• Coupons are not cumulative; missing one observation eliminates that period’s interest.
• “Worst-of” structure materially increases probability of missed coupons and principal loss versus single-index structures.
• Credit exposure to Morgan Stanley; notes are senior unsecured obligations of MSFL, guaranteed by Morgan Stanley.
• Estimated value below issue price reflects structuring/hedging costs and issuer’s internal funding rate.

The product targets investors seeking enhanced income relative to traditional fixed-income in exchange for equity-market risk, contingent income uncertainty, limited liquidity and lack of upside participation.