Morgan Stanley (MS) has announced they will be selling a new issue of perpetual preferred stock.
The issue is non cumulative, but qualified for lower tax treatment.
MS has quite a bunch of preferreds already outstanding which can be seen here.
The preliminary prospectus can be found here.
Thanks to all who were on top of this new issue—if you prefer, EarlyBird
MSSXL at Etrade
at 25.65
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes shows it’s assigned MSSXV but switching tomorrow to MSSXL.
E*TRADE shows active trading (200k shares in the last 10 mins or so) for MSSXV in the $25.75-25.95 range, although as I’d expect it won’t allow me to place an extended-hours order.
Since it’s trading I assume they’ve set the coupon?
Yes Bur–6.5%
https://www.sec.gov/Archives/edgar/data/0000895421/000114036122027280/brhc10040131_fwp.htm
My Magic Eight Ball replied, “Really?!”