NEW YORK: Morgan Stanley sold US$8bil of bonds, following its release of higher-than-expected quarterly revenue, as it joined rivals JPMorgan Chase & Co and Wells Fargo & Co in tapping the US investment-grade market this week.
The longest portion of the four-part offering, an 11-year security, yields 1.25 percentage points above US Treasuries after initial discussions of around 1.45 percentage points, according to a person with knowledge of the matter.
Proceeds will be used for general corporate purposes, added the person, who asked not to be identified as the details are private.
JPMorgan issued the same four types of notes that Morgan Stanley marketed, with its sale raising US$9bil to kick off an expected onslaught of new bonds from America’s biggest banks.
The spreads on Morgan Stanley’s bonds were each 0.1 percentage point wider than…
