We advised Morgan Stanley on the offering

Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of £1 billion aggregate principal amount of fixed-to-floating-rate senior notes due 2032. During the floating rate period, the notes bear interest by reference to the Sterling Overnight Index Average rate, compounded daily over a backward-shifted observation period in respect of each quarterly interest payment period.

The Davis Polk corporate team included partner Christopher S. Schell, counsel Michael Steinberg and associates Yongming Wu and Chloe (Yongheng) Huang. The tax team included partner Lucy W. Farr, counsel David S. Fisher and associates Xiyuan (Spencer) Pan and Adam M. Ackerman. Partner Gregory S. Rowland and counsel Leon E. Salkin provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.

 

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