{"id":31863,"date":"2014-09-24T06:52:10","date_gmt":"2014-09-24T10:52:10","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=31863"},"modified":"2014-09-24T06:52:10","modified_gmt":"2014-09-24T10:52:10","slug":"morgan-stanley-nysems-extends-euro-curve","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/morgan-stanley-nysems-extends-euro-curve-31863","title":{"rendered":"Morgan Stanley (NYSE:MS) Extends Euro Curve"},"content":{"rendered":"<p style=\"text-align: justify;\">Boston, MA 09\/24\/2014 (wallstreetpr) \u2013\u00a0<strong>Morgan Stanley (NYSE:MS) <\/strong>has <a href=\"http:\/\/www.ifre.com\/fig-wrap-morgan-stanley-extends-euro-curve\/21165745.article\" target=\"_blank\">extended<\/a> the euro curve. Recently it started marketing its 8.5-year benchmark. The triple digit offer made by the company looked cheap to one of the bankers who said that secondary curve of MS could give around 15bp\u201320bp of new issue premium. Initially, an order worth \u20ac1.5bn topped the list\u00a0 and allowed guidance to be revised to plus 95bp area.<\/p>\n<p style=\"text-align: justify;\"><strong>Expert Call: <\/strong><\/p>\n<p style=\"text-align: justify;\">According to experts, the deal that has been offered by Morgan Stanley (NYSE:MS) can easily generate 15bp of new issue premium at MS+100p. They further added that MS had around \u20ac1.5bn of orders, which meant that it was not that cheap as suggested by few people. All the syndicate bankers who were aware of this deal referred the longest outstanding euro bond of MS in order to understand the pricing guidelines. The euro bond will expire in March 2021 and offer mid-swaps plus 72bp\u201373bp. According to one of the bankers, if everything goes fine, then each year is worth around 4bp, and fair value of the bonds that will expire in March 2023 would come somewhere around mid-swaps plus 80bp.<\/p>\n<p style=\"text-align: justify;\">It was a crucial decision taken by the authorities, because normally banks preferred transaction values in dollar, but pricing difference was not an issue this time to access the euro market. According to a banker Morgan Stanley (NYSE:MS) would never want to issue an 8.5-year senior bond in dollar market, so there was no point in talking about how much the bank was spending or saving to issue in the euro market. Quite a few other banks have also started offering same securities, for example, Deutsche Pfandbriefbank is offering the first sterling FIG bond after the Scottish freedom vote. Authorities have appointed Barclays, RBS and HSBC as the lead managers for this offering. Three of them have started testing interest for the three-year floater at 3mL+42bp area, which is almost double than what Danske and Barclays paid for a similar trade in the starting of this month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 09\/24\/2014 (wallstreetpr) \u2013\u00a0Morgan Stanley (NYSE:MS) has extended the euro curve. Recently it started marketing its 8.5-year benchmark. The triple digit offer made by [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1942],"tags":[1877,1431],"stock_ticker":[],"class_list":["post-31863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-morgan-stanley-nysems","tag-nysems","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Morgan Stanley (NYSE:MS) Extends Euro Curve - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/morgan-stanley-nysems-extends-euro-curve-31863\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morgan Stanley (NYSE:MS) Extends Euro Curve - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"Boston, MA 09\/24\/2014 (wallstreetpr) \u2013\u00a0Morgan Stanley (NYSE:MS) has extended the euro curve. 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