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Midday commentary: Secondary sees Morgan Stanley, PNC notes firm; spreads wider overall
By Aleesia Forni
Virginia Beach, April 24 - High-grade bond spreads were slightly wider at Thursday's open, though issues priced during Wednesday's session were quoted better at mid-morning.
Both bonds from Morgan Stanley & Co. Inc. and PNC Financial Services Group Inc. were trading tighter early Thursday.
Morgan Stanley's $3 billion of 3.875% 10-year notes, which priced on Wednesday with a spread of Treasuries plus 130 bps, traded 3 bps tighter at 128 bps bid.
The notes were quoted at 131 bps bid, 130 bps offered shortly after issuance.
Morgan Stanley & Co. LLC was the bookrunner for the New York City-based financial services company's deal.
Meanwhile, PNC Financial's recent $750 million sale of subordinated notes due 2024 traded 1 bp better at 122 bps bid, a trader said.
The notes priced with a spread of Treasuries plus 125 bps on Wednesday before being quoted at 123 bps bid, 121 bps offered later during the session.
Goldman Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC were the joint bookrunners.
PNC is a Pittsburgh-based bank and holding company.
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