Morgan Stanley To Sell New Preferred Issue

Morgan Stanley (MS) has filed to sell a new issue of preferred stock–non cumulative of course.

The issue will be the MS-O series and will pay qualified, non-cumulative dividends on the 15th of January, April, July and October.

MS has many outstanding preferred issues which can be seen here. Only 1 issue is redeemable at this time and it is a floating rate issue with a 4% minimum coupon.

The preliminary prospectus can be read here.

EarlyBird was on top of this one. Yield talk is in the 4.375% area

7 thoughts on “Morgan Stanley To Sell New Preferred Issue”

  1. In the prospectus they say:
    “We intend to use the net proceeds from the sale of the depositary shares representing interests in the Series O Preferred Stock for general corporate purposes, including, but not limited to, the repurchase or redemption of outstanding preferred stock and related depositary shares. See “Use of Proceeds” in the accompanying prospectus.”
    As MS-A is the only callable preferred of MS , should we expect it to be redeemed?

          1. MNSLV likely to trade below par as similar recently issued ones in late July such as JPM-M & COF-N did go below $25 the past week or so.

            I have been a frequent buyer of quality preferreds when issued or soon after – some just to flip for $0.40-$1 higher but lately have been pulling back on the low coupon IG issues such as this one

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