Morgan Stanley headquarters in New York

Morgan Stanley and rival JPMorgan Chase & Co. raised a combined $14 billion in the U.S. investment-grade market today, the first two of Wall Street’s six biggest banks to tap primary debt markets after reporting first-quarter earnings. Morgan Stanley offered four notes totaling $8 billion, while JPMorgan sold $6 billion in two parts, according to people familiar with the matter who asked not to be identified as the details are private. Both firms dropped a six-year floating-rate tranche during the marketing process.

The longest portion of the banks’ deals, an 11-year security, yields 1.28 percentage points above Treasuries for Morgan Stanley and 1.2 percentage points for JPMorgan, the people said. Initial price discussions for both bonds were about 1.45 percentage points.

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