We advised Morgan Stanley on its SEC-registered global offering

Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $8 billion aggregate principal amount of senior notes, consisting of $1 billion floating-rate notes due 2028, $1.5 billion fixed-to-floating-rate notes due 2028, $2.5 billion fixed-to-floating-rate notes due 2030 and $3 billion fixed-to-floating-rate notes due 2035. During each of the floating interest rate periods, the notes bear interest by reference to the Secured Overnight Financing Rate, or SOFR, compounded daily over each quarterly interest payment period.

The Davis Polk corporate team included partner Christopher S. Schell, counsel Michael Steinberg and associate Kirsten Flicker. The tax team included partner Lucy W. Farr, counsel David S. Fisher and Alon Gurfinkel and associate Alex Ang Gao. Partner Gregory S. Rowland and counsel Sarah E. Kim and Leon E. Salkin provided 1940 Act advice. Members of the Davis Polk team are based in the New York and London offices.