Morgan Stanley surprises investors with euro trip

Morgan_Stanley_PA_575x375_040221
By Tyler Davies
04 Feb 2021

Morgan Stanley swung by the euro market this week to raise €1.75bn of new senior debt. The move was unexpected given that pricing for international issuers remains more favourable in dollars.

The US bank opened books for a 10 year non-call nine deal in euros on Wednesday, through MUFG and its own investment bank. 

It started the pricing in the 90bp/95bp area over mid-swaps, before guiding investors towards a spread of 70bp/75bp on the back of €3.8bn of ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial