Morgan Stanley, JPMorgan Lead $16.5 Billion Bank Borrowing Spree

Morgan Stanley and rival JPMorgan Chase & Co. raised a combined $14 billion in the US investment-grade market on Monday, the first of the six biggest banks on Wall Street to tap primary debt markets after reporting first-quarter earnings.

Four notes totaling $8 billion were offered by Morgan Stanley 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 ...