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MS EUR Issues: We See 5Y FV Around MS+90bp And 10Y FV Around MS+115bp


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.

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