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Morgan Stanley launches 10 year index-linked retail bond

13 September 2013

The new bond carries coupons adjusted by the movement of the UK retail price index (UK RPI) and an intermediate medium-term maturity of 10 years. Lauren Charnley, Redmayne-Bentley stockbroker says: 'With only a few RPI-linked bonds on the market, the Morgan Stanley offer provides an alternative to what’s already available. She adds: 'With the Bank of England’s new governor Mark Carney wanting a more "flexible" inflation targeting regime, investors may be interested in this issue.' Morgan Stanley has not revealed why it is exploring this method of capital raising, but has said it is hoping to raise £50 million. Although this amount is uncapped so could be higher, meaning the offer period is unlikely to close early. The coupon will pay interest of 0.6 per cent, which will be adjusted, either up or down in proportion to the non-seasonally adjusted UK retail price index all items (the UK RPI) per annum in half-yearly instalments. Minimum investment is on the initial issue is £1,000 and the bond will pay interest twice a year around 4 April and 4 October, with the first coupon paid 4 April 2014.

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