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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.