Wall Street giants lead borrowing spree

Debt markets: People cross the street in front of Morgan Stanley’s headquarters in New York’s Times Square. Four notes totalling US$8bil were offered by Morgan Stanley, while JPMorgan sold US$6bil in two parts. — Reuters

NEW YORK: Morgan Stanley and rival JPMorgan Chase & Co raise a combined US$14bil in the US investment-grade market, the first of the six biggest banks on Wall Street to tap primary debt markets after reporting first quarter earnings.

Four notes totalling US$8bil were offered by Morgan Stanley, while JPMorgan sold US$6bil in two parts, according to people familiar with the matter, who asked not to be identified as the details are private.