Morgan Stanley is the first of the six biggest banks on Wall Street to sell U.S. investment-grade bonds Monday after reporting first-quarter earnings.
The lender is selling the bonds in as many as five parts, according to a person with knowledge of the matter. The longest portion of the offering, an 11-year security, may yield 1.45 percentage points above U.S. Treasuries, said the person, who asked not to be identified as the details are private.
Morgan Stanley’s stock-traders delivered first-quarter revenue that exceeded analyst predictions on Friday, as Wall Street’s top banks continue to benefit from the turbulence ignited by U.S. President Donald Trump’s policy U-turns. JPMorgan Chase & Co. and Goldman Sachs Group Inc. also reported record equities trading hauls in the first quarter.
Morgan Stanley is among five high-grade issuers looking to sell new bonds during Monday’s session as companies capitalize on a sense of calm across risk assets to sell debt. JPMorgan and Wells Fargo & Co. are other possible candidates to sell new debt during today’s session, while Goldman could also be a late entry this morning after announcing their quarterly earnings.
Syndicate desks have slightly lowered their issuance projection for the week to US$20 billion from $25 billion, with some companies over the weekend said to have opted to delay their capital raising efforts until after Easter as confusion on tariffs builds, writes Bloomberg’s Michael Gambale.
Caleb Mutua, Bloomberg News
©2025 Bloomberg L.P.