Morgan Stanley in India has launched a capital-protected equity-linked debt (ELD) programme on the back of a AAA(Ind) stable outlook rating from Fitch.
The issuer will be Morgan Stanley India Capital Private Limited, a non-banking finance company, and the rating covers INR10,000m ($202m) of long-term equity linked debt.
“We are very pleased with the rating and we are working to launch a fund raising plan by issuing commercial paper, debentures, ELDs and other instruments that have the highest ratings assigned by Fitch. In this current market environment, this rating reinforces our strong franchise and commitment to continue to grow our diverse businesses in India,” said CEO Kapil Trikha.
The firm said it plans to issue debentures to provide funding for the company’s business lines. The debentures will be denominated in INR, based on various Indian asset classes as the underlying, including single-name equity securities and indices, and will be sold to Indian residents only, including individual and institutional investors.