We advised Morgan Stanley on its SEC-registered global offering of fixed-to-floating-rate notes

Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of C$1 billion aggregate principal amount of fixed-to-floating-rate senior notes due 2027. The notes, which are denominated in Canadian dollars, were settled through CDS Clearing and Depository Services Inc. and offered in Canada to qualified purchasers on a private-placement basis. During the floating interest rate period, the notes are linked to Canadian Dollar Offered Rate (CDOR), the inter-bank bid rate for Canadian dollar bankers’ acceptances.

The Davis Polk corporate team included partner Christopher S. Schell and counsel Michael Steinberg. The tax team included partner Po Sit, counsel David S. Fisher and associate Lucy Mo. 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.

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