We advised Morgan Stanley on its SEC-registered global offering

Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $1.5 billion aggregate principal amount of fixed-rate reset subordinated notes due 2039. The interest rate will reset once during the term of the notes based on the constant maturity Treasury rate on the reset determination date.

The Davis Polk corporate team included partner Christopher S. Schell, counsel Michael Steinberg and associate Nicollette Farkas. The tax team included partner Lucy W. Farr, counsel David S. Fisher and associate Richard P. Wang. Partner Gregory S. Rowland and counsel Sarah E. Kim and Leon E. Salkin provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.