Midday Commentary: High-grade bond market picks up pace; Morgan Stanley firms

By Aleesia Forni

Virginia Beach, Va., April 23 - The pace of the investment-grade bond market picked on Tuesday, one market source said, as the tone of the session was slightly more positive than Monday's open.

Morgan Stanley's recent new issue performed well early during Tuesday's session, as a trader quoted the $2.5 billion of 2.125% five-year notes 4 basis points better.

The notes were quoted at 141 bps bid, 137 bps offered following Monday's price with a spread of 145 bps over Treasuries.

The sale also included a $300 million reopening of floating-rate notes due 2016 and a $150 million reopening of 1.75% three-year notes.

There was also a $700 million tranche of new five-year floating-rate notes priced at par to yield Libor plus 128 bps.

Morgan Stanley is a New York City-based financial services company.

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