China SWF invests $5 billion in Morgan Stanley

The China Investment Corporation (CIC) became the latest sovereign wealth fund to capitalise on commercial banks' subprime losses on Wednesday, injecting $5 billion into Morgan Stanley, the American financial services group. The deal could lead to CIC owning as much as 9.9% of the American bank.

The CIC agreed to buy $5 billion-worth of equity units which will pay out a fixed annual rate of 9% until August 2010, when the shares will be converted to common stock. The value of the converted sto

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