Yankees saddle as Citi, Stanley gee-up FIG
The US market re-opened for big-ticket financial institutions issuance this week as both Morgan Stanley and Citigroup tapped the markets with deals of more than $1bn — the first to do so in May.
Morgan Stanley came first with a $1.75bn three year floating rate note on Tuesday. The deal priced at Libor plus 250bp, the mid-point of the whispered range. The issue came at a flat to small concession to secondaries and was the result of a reverse enquiry.
Citigroup followed suit
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