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Morgan Stanley, 5.875% Fixed/Float Non-Cumul Perp Preferred Stock Ser A
Ticker Symbol: TEMP68 CUSIP: 269246BN3 Exchange:
QUANTUMONLINE.COM SECURITY DESCRIPTION: Morgan Stanley Formerly E*TRADE Financial Corp., 5.875 Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, liquidation preference $1,000 per share, redeemable at the issuer's option on or after 9/15/2026 at $1,000 per share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 5.875% per annum ($58.75 per annum or $29.375 per semi-annually) will be paid semi-annually on 3/15 & 9/15 to holders of record on the record date that will be 15 days before the dividend payment date or the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After 9/15/2026 non-cumulative distributions will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 at a floating rate equal to the Three-Month LIBOR plus 4.435%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-8 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as Ba3 by Moody’s and BB- by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Distribution Dates |
15% Tax Rate |
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FixFloat
$58.75
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$1,000.00
$1,000.00
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9/15/2026
None
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Baa3
BBB-
1/24/2023
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3/15 & 9/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (MS)
Notes: October 02, 2020 -- Morgan Stanley (NYSE: MS) announced today that it has completed the acquisition of E*TRADE Financial Corporation (E*TRADE) in an all-stock transaction. E*TRADE common stockholders are entitled to receive 1.0432 Morgan Stanley common shares for each E*TRADE common share. Pursuant to the Merger Agreement, at the Effective Time, each share of the Company’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”), outstanding immediately before the Effective Time was converted into the right to receive one share of a newly created series of preferred stock of Morgan Stanley with such rights, preferences, privileges and voting powers, and limitations and restrictions, that, taken as a whole, are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers of the Series A Preferred Stock, taken as a whole. The company does not intend to apply for listing of the shares of Series A Preferred Stock on any securities exchange or for inclusion of the shares in any automated quotation system.
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IPO - 8/16/2016 - 400,000 Shares @ $1000.00 /share.
Link to IPO Prospectus
Previous Name: E*TRADE Financial Corp Changed: 10/02/2020
Market Value $400.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 1585 Broadway, New York, NY 10036 |
Main Phone Number |
212-761-4000 |
Fax Number |
Not Available |
Investor Contact
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212-762-8131
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Toll Free Phone Number |
888-454-3965 |
CEO - James P. Gorman |
CFO - Sharon Yeshaya |
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