No Headlines Tuesday and Wednesday

7 thoughts on “No Headlines Tuesday and Wednesday”

1. Thought I would ask all a question this morning. In Today’s WSJ there is a column as to Morgan Stanley reducing their payments on 4 of their preferreds. Does anyone know anything about this or why they would do that? I own a bunch of their “P” preferred.

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   1. I see they declared their preferred dividends today
      haven’t looked to see if they are reduced yet

      NEW YORK–(BUSINESS WIRE)–Feb. 14, 2025–Morgan Stanley today declared a regular dividend on the outstanding shares of each of the following preferred stock issues:

      Floating Rate Non-Cumulative Preferred Stock, Series A – $328.97 per share (equivalent to $0.328974 per Depositary Share)

      10 Percent Non-Cumulative Non-Voting Perpetual Preferred Stock, Series C – $25.00 per share

      Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E – $445.31 per share (equivalent to $0.445313 per Depositary Share)

      Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series F – $429.69 per share (equivalent to $0.429688 per Depositary Share)

      Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I – $398.44 per share (equivalent to $0.398438 per Depositary Share)

      Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K – $365.63 per share (equivalent to $0.365625 per Depositary Share)

      4.875 Percent Non-Cumulative Preferred Stock, Series L – $304.69 per share (equivalent to $0.304688 per Depositary Share)

      Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M – $29.38 per share

      Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series N – $1,966.66 per share (equivalent to $19.666566 per Depositary Share)

      4.250 Percent Non-Cumulative Preferred Stock, Series O – $265.63 per share (equivalent to $0.265625 per Depositary Share)

      6.500 Percent Non-Cumulative Preferred Stock, Series P – $406.25 per share (equivalent to $0.406250 per Depositary Share)

      6.625 Percent Non-Cumulative Preferred Stock, Series Q – $414.06 per share (equivalent to $0.414063 per Depositary Share)
      The dividends for the Preferred Stock Series M and N are payable on March 17, 2025 to stockholders of record at the close of business on February 28, 2025.

      The dividends for the Preferred Stock Series A, C, E, F, I, K, L, O, P and Q are payable on April 15, 2025 to stockholders of record at the close of business on March 31, 2025.

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      1. I should have listed this previously. In today’s WSJ they listed Dep1, Dep F, Pfd A & Pfd E. All lowering their payouts on these 4 preferreds.

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         1. MS-E doesn’t actually float (a result of LIBOR transition language) and if I’m not mistaken, neither does MS-F.

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            1. Unless they changed their decision since this 4/28/2023 press release, MS-E, F, I, K, and M stayed fixed at their initial coupon.

               Here’s the press release:
               https://www.morganstanley.com/press-releases/replacement-rate-for-u-s–law-governed-u-s–dollar-libor-linked-

               Here’s the excerpt from that press release:
               “The following chart identifies the U.S. law-governed U.S. dollar LIBOR-linked preferred stock (and related depositary shares) and debt securities issued by Morgan Stanley that will not transition to the Replacement Rate by operation of law or otherwise. After the Cessation Date, dividends or interest on these instruments will continue to accrue at the specified fixed rate.

               Morgan Stanley-Issued Preferred Stock (and Related Depositary Shares)
               CUSIP
               Description

               61762V200
               Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E (and related depositary shares) (7.125%)

               61763E207
               Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series F (and related depositary shares) (6.875%)

               61761J406
               Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I (and related depositary shares) (6.375%)

               61762V606
               Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K (and related depositary shares) (5.850%)

               61762VAA9
               Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M (5.875%)

               Morgan Stanley-Issued Debt Securities
               CUSIP
               Description

               61744YAK4
               Global Medium-Term Notes, Series I, Fixed/Floating Rate Senior Notes Due 2028 (3.591%)

               61744YAL2
               Global Medium-Term Notes, Series I, Fixed/Floating Rate Senior Notes Due 2038 (3.971%)

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   2. Wasn’t MS one of the firms where in response from LIBOR to term SOFR, some of their F/F became fixed while others continued as floating? Could the 4 in question be F/F that remained floating and adjusted accordingly?

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      1. 2wr – MS-A is the one floater of the four. Paid .358347 Jan. 15. On the others (E,F,I), the just announced amounts are the same as paid in Jan. You’re right about the LIBOR to SOFR response. From QOL: “Notes: April 28,2023 – ………. After the LIBOR Cessation Date, dividends or interest on these instruments will continue to accrue at the initial
         fixed rate.”

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