Morgan Stanley announces Emerging Markets Domestic Debt Fund

By Laura Lutz

Des Moines, April 30 - Morgan Stanley Investment Management launched the Morgan Stanley Emerging Markets Domestic Debt Fund, Inc., which it describes as the first U.S.-registered closed-end fund to invest principally in emerging markets sovereign debt denominated in the local currency of the issuer, according to a company news release.

The fund is distributed by the company's global wealth-management division.

It will primarily invest in sovereign debt obligations but may also invest in other debt obligations of non-governmental issuers in emerging markets.

The fund issued 63.75 million shares of its common stock at $20 each, for total proceeds of $1.275 billion. The shares trade on the New York Stock Exchange under the symbol "EDD."

The underwriters, led by Morgan Stanley & Co. and including A.G. Edwards, Oppenheimer & Co. and Raymond James as co-managers, have an over-allotment option for $191.25 million.

Morgan Stanley is a financial services company based in New York.

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