Morgan Stanley taps Hong Kong dollar market

Morgan Stanley follows GE Capital with a FDIC-backed HK$1.5 billion floating-rate note.

Morgan Stanley sold HK$1.5 billion $192 million of Federal Deposit Insurance Corporation FDIC-backed bonds yesterday, paying 20bp over the three-month Hong Kong interbank offered rate Hibor. The floating-rate note issue, which matures on June18, 2012, was arranged by Morgan Stanley itself and HSBC.

The bonds are issued under the Temporary Liquidity Guarantee Program TLGP, are registered with the Securities and Exchange Commission and fully guaranteed by the United States government. Last October, the US's...

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