Morgan Stanley to sell floaters, fixed-to-floaters in four parts

By William Gullotti

Buffalo, N.Y., April 17 – Morgan Stanley intends to price a four-part offering of fixed-to-floating rate senior notes and senior floaters due 2028, 2030 and 2035, according to a 424B2 filing with the Securities and Exchange Commission.

The floating-rate notes will mature in April 2028 and will carry a SOFR-based coupon. The floaters may be called in whole, but not in part, on a date in April 2027. They will become callable in whole, or in part, at any time starting in March 2028.

The first series of fixed-to-floaters will also mature in April 2028, accruing interest at a fixed rate until April 2027 and at a floating rate based on SOFR after that. The 2028 fixed-to-floaters will have a make-whole call between October 2024 and April 2027 and a par call thereafter.

Interest on the second series of fixed-to-floaters, maturing in April 2030, will accrue at a fixed rate until April 2029 and at a SOFR-based floating rate after that. Similarly, the 2030 fixed-to-floaters will have a make-whole call between October 2024 and April 2029 and a par call thereafter.

The 2035 fixed-to-floaters will bear fixed-rate interest until April 2034 and floating interest based on SOFR after that. The final series of fixed-to-floaters will also have a make-whole call that starts in October 2024. The par call will start in April 2034.

Morgan Stanley & Co. LLC is the bookrunner for the global medium-term notes.

Morgan Stanley is a New York-based financial products and services company.

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