Morgan Stanley

A lockout feature helps extend subordination to preserve the senior notes against losses later in the transaction's cycle—notes have a final scheduled repayment date of January 2054.

James Gorman, chair and CEO of Morgan Stanley, expressed optimism in an interview Wednesday that the proposed Basel III endgame capital proposal would "definitely change" before it is finalized.

The trust distributes scheduled principal on a pro rata basis. There is also a specified lockout period during which the subordinate classes do not receive any unscheduled principal.

Ted Pick, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said in a statement Wednesday.

Esoteric transactions' premiums and longer durations are especially attractive, as other consumer assets are put to the test.

Treasuries are also likely to be supported as inflation can keep slowing even if growth does remain relatively healthy. The investment bank is advising its clients buy Treasury five-year notes and 30-year inflation-linked debt.

One loan is secured by 1,376 single-family rental properties. It's a potential credit strength, because the trust could benefit from lower cash volatility.

The issuer underwriting (UW) rent for data center space is about 17.9% below the sponsor's market rent estimates, leaving potential opportunities for further rent revenue increases.

In their latest assessment of the bond market outlook, Morgan Stanley strategists are challenging the former head of the Federal Reserve Bank of New York's view that losses are likely to deepen.

They are bullish on equities in Japan, Taiwan and South Korea and recommend an overweight position in developed-market government bonds, including long-dated Treasuries