[NEW YORK] Morgan Stanley priced an US$8 billion investment-grade bond sale on Friday (Oct 17), the third such deal by a major Wall Street firm this week following the release of third-quarter results.
The four-part offering’s longest-tenored note, an 11-year bond, yields 0.9 percentage point above Treasuries, a quarter-point less than initial price talk, said a source familiar with the matter who also asked not to be identified as they are not authorised to speak publicly. Proceeds will be used for general corporate purposes, the source added.
A six-year floating-rate note initially included in the offering was dropped during syndication, the source said. Morgan Stanley also scrapped a floating tranche in April, when it announced what was at first a five-part bond sale that ultimately raised US$8 billion, matching the firm’s January issuance. The bank has now sold three US$8 billion four-part bond offerings this year.
Morgan…
