Midday Commentary: Recent Morgan Stanley notes trading flat in secondary market

By Aleesia Forni

Virginia Beach, Va., May 17 - Morgan Stanley's recent 4.1% 10-year notes were trading flat in the secondary market on a subdued Friday, according to a market source.

The source quoted Morgan Stanley's new bonds at 225 basis points offered.

A trader at another desk had seen the notes 3 bps wider at 228 bps bid, 225 bps offered late during Thursday's session.

Morgan Stanley sold the $2 billion global medium-term notes on Thursday at a spread of 225 bps over Treasuries.

Morgan Stanley & Co. LLC was the bookrunner.

The financial services company is based in New York City.

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