Morgan Stanley $3 billion subordinated notes offering
Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $3 billion aggregate principal amount of fixed-to-floating-rate subordinated notes due 2036. During the floating interest rate period, the notes bear interest by reference to the Secured Overnight Financing Rate, or SOFR, compounded daily over each quarterly interest payment period. This is the first offering of subordinated notes based on SOFR by a U.S. G-SIB.
The Davis Polk corporate team included partner Christopher S. Schell, counsel Vidal Vanhoof and associate Timothy J. DiPrisco. The tax team included partner Po Sit, counsel David S. Fisher and associate April Filtz. Partner Gregory S. Rowland, counsel Sarah E. Kim and associate Sijia Cai provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.