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Morgan Stanley’s investment-grade credit trading desk has reaped nearly $1 billion in revenue so far in 2020, well outpacing Wall Street rivals amid a record-breaking year for corporate bond issuance and a surge in algorithmic and portfolio trading, according to sources familiar with the matter.
It’s been a booming year for trading at Wall Street banks, especially within their fixed-income divisions. Heightened volatility and wider spreads have spurred trading and increased client activity, as has the rush of corporate borrowing amid the Covid-19 pandemic.
While many trading desks have benefited, Morgan Stanley has led the way in investment-grade trading, with other top high-grade credit competitors behind by at least 20%, the sources said.
In the US, the investment-grade desk at Morgan Stanley has accounted for more than $700 million, the sources said. That team is coheaded by Chris May and Saju Georgekutty and overseen by Ed Bayliss, who runs all of investment grade, index products, and portfolio trading.
A Morgan Stanley spokesman declined to comment.
Read more: Giants like JPMorgan, Morgan Stanley, and Tradeweb are embracing a credit-trading revolution to move multi-billion-dollar bond portfolios in minutes
New debt issuance tends to go hand-in-hand with increased business on trading desks, and US companies have …read more
Source:: Businessinsider – Finance