Morgan Stanley became the latest big Wall Street bank to tap the US investment-grade market Wednesday after reporting earnings, as strong investor demand helps lenders borrow at lower yields than would have been possible at the start of the month.
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Proceeds from the offering will be used for general purposes and Morgan Stanley is the sole underwriter of the deal, added the person. A representative for Morgan Stanley declined to comment. JPMorgan, Wells Fargo & Co. and Goldman have raised a combined $16.5 billion after reporting second-quarter earnings. Wednesday’s deal by Morgan Stanley is expected to turbocharge volume from the six biggest banks past the 10-year July average of roughly $17 billion.
Falling yields and strong investor demand have created an attractive playing field for the big banks. Goldman’s $5.5 billion, two-tranche deal on Tuesday garnered $23 billion in peak investor demand, wrote Bloomberg’s Brian Smith.
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