Midday Commentary: Morgan Stanley notes seen mixed in trading; secondary tone weakens

By Aleesia Forni

Columbus, Ohio, Feb. 21 - Morgan Stanley's notes, which hit the primary market on Wednesday, traded mixed during a weaker early session on Thursday, market sources said.

The bank sold $4.5 billion of global medium-term senior notes in three maturities.

One trader quoted the $1.25 billion tranche of 1.75% three-year notes 5 basis points better at 135 bps bid, 133 bps offered.

The notes were sold with a spread of Treasuries plus 140 bps.

Meanwhile, the $2.5 billion tranche of 3.75% 10-year notes traded 2 bps wider at 180 bps bid, 176 bps offered.

Morgan Stanley sold the notes with a spread of 178 bps over Treasuries.

The New York-based financial services company also priced $750 million of three-year floating-rate notes at par to yield Libor plus 125 bps.

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