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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
Morgan Stanley coming to market with an FRN and two fixed bonds, all in benchmark size. We see FV on the 6NC5 at MS+90bp and 110NC10 at MS+115bp.
- MS, UBS and Goldman have relatively well-populated senior unsecured curves but we note GS is mostly older, low coupon deals and it’s one-notch weaker than MS, even though it trades tighter.
- MS does have a couple of higher-coupon bonds slightly wider of its curve but we’d still see the shorter-dated bond trading tight of (lower-rated) UBS, so we put it at MS+90bp. The longer-dated bond, we see on that higher-coupon wide so see MS+115bp.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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