US banks Goldman Sachs and Morgan Stanley raised $13bn via jumbo deals post their earnings release.
Goldman raised $5.5bn via a three tranche offering:
- $2.25bn via a 2Y non-call 1Y (2NC1) bond at a yield of 0.481%, or T+35bp, 10bp inside initial guidance of T+45bp area
- $750mn via a 2Y non-call 1Y (2NC1) floating rate note at SOFR+41bp. The yield on the bond currently is 0.37%.
- $2.5bn via a 11Y non-call 10Y (11NC10) bond at a yield of 1.992%, or T+90bp, 20bp inside initial guidance of T+110bp area
The bonds are SEC registered and have expected ratings of A3/BBB+/A
Morgan Stanley also raised $7.5bn via a three tranche offering:
- $3bn via a 3Y non-call 2Y (3NC2) bond at a yield of 0.529%, or T+40bp, 15bp inside initial guidance of T+55bp area
- $2.5bn via a 11.25Y non-call 10.25Y (11.25NC10.25) bond at a yield of 1.928%, or T+87.5bp, 17.5bp inside initial guidance of T+105bp area
- $2bn via a 31Y non-call 30Y (31NC30) bond at a yield of 2.802%, or T+97bp, 17.5bp inside initial guidance of T+115bp area
The bonds are SEC registered and have expected ratings of A2/BBB+/A
Goldman’s 5% Perps were up 0.2 to 100.37, yielding 4.78%. Morgan Stanley’s 5.875% Perps were flat at 113.13, yielding 3.3%.