Morgan Stanley Leads Busiest Day for Bank Bonds in 2 Months
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Morgan Stanley led the busiest day for bank bond issuance in Europe in almost two months as lenders took advantage of borrowing costs that remain near the lowest in five years.
The New York-based owner of the largest brokerage sold 1.25 billion euros ($1.6 billion) of notes due March 2018, its first benchmark issue in euros since September, according to data compiled by Bloomberg. Spain’s Banco Bilbao Vizcaya Argentaria SA priced its second senior, unsecured deal of the year, while Credit Agricole SA in Paris raised its first funds in the currency since October, people with knowledge of the transactions said.