Morgan Stanley sells US$8bil in Big Banks’ bond bonanza

Proceeds will be used for general corporate purposes. — Bloomberg

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.