Morgan Stanley
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◆ Potentially final benchmark issuance of 2024 ◆ Pricing 'more or less in line' with fixed rate curve -
◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark
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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
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Two more major US banks issue bonds but three do not despite spreads at post-GFC tights
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◆ First euro deal for decades ◆ Tightened 2bp despite small book ◆ Break with previous issuance pattern
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade
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The bank has followed up its drama-free CEO succession by quietly revamping the structure and leadership of its investment banking division to ensure it is fit for the new market dynamics
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◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end
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Bumper September brings post 2020 peak
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◆ Pricing through fair value ◆ Big size for 'darling' Canadian issuer ◆ Attractive pricing over tier one SSA names
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Pfizer and Greek bailout fund selling as Applied Nutrition launches IPO
