Midday Commentary: Financials flat to slightly better; Barclays unchanged, Morgan Stanley firms

By Cristal Cody

Tupelo, Miss., May 13 - Financial paper traded flat to slightly tighter early Tuesday as the investment-grade bond market prepared for another active primary session, according to market sources.

About $20 billion to $30 billion of bond issuance is forecast for the week.

In the secondary market, Barclays Bank plc's 3.75% senior notes due 2024 that priced on Monday were unchanged Tuesday morning, according to a market source.

Morgan Stanley's 3.875% notes due 2024 traded 3 basis points better from Friday, according to a market source.

Barclays unchanged

Barclays Bank's 3.75% notes due May 15, 2024 (A2/A/A) traded flat early Tuesday at 108 bps bid, a source said.

The paper priced on Monday in a $2.25 billion offering at Treasuries plus 110 bps.

Barclays Bank is a London-based financial services provider.

Morgan Stanley firms

Morgan Stanley's 3.875% notes due 2024 (Baa2/A-/A-) were quoted at 125 bps offered early Tuesday, tighter from where the notes traded on Friday at 128 bps offered, according to a market source.

Morgan Stanley sold $3 billion of the notes on April 23 at Treasuries plus 130 bps.

The financial services company is based in New York City.

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