Davis Polk advised Morgan Stanley in connection with its global offering of $5.25 billion aggregate principal amount of senior notes registered under the Securities Act of 1933, comprising $1 billion of fixed-rate notes due 2014, $1.5 billion of floating-rate notes due 2014 and $2.75 billion of fixed-rate notes due 2021. The lead manager for the underwriters was Morgan Stanley & Co. Incorporated.

The Davis Polk corporate team included partner Christopher S. Schell and associates Vijay Selvam and Stephen Lindholm. The tax team included partner Po Sit and associates Andrew A. Smith and Changsheng (Eric) Song (not yet admitted). Associate Catherine L. Martin provided 1940 Act advice. Eileen Malone and Eliot M. Beck were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.