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Ugly…

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10/09/2008 16:03:48 T 15000 54.000 22.275          
10/09/2008 16:03:37 T 15000 54.000 22.275          
10/09/2008 13:11:30 T 25000 58.500 19.942          
10/09/2008 13:11:04 T 100000 67.500 15.873          
10/09/2008 13:09:14 T 1000000 67.500 15.873          
10/09/2008 13:09:14 C 1000000 67.500 15.873          
10/09/2008 12:59:07 T 5MM+ 64.000 17.372          
10/09/2008 12:34:05 T 10000 57.000 20.694          
10/09/2008 12:34:05 T 10000 57.000 20.694          
10/09/2008 12:29:00 T 5000 60.000 19.213          
                     

This is the trade data from TRACE on Morgan Stanley’s ’13 coupon 5.30%… this is the last 10 trades for today… the red bolded data is the yield… this is truly ugly for a corporate issuer who is rated A1, A+, AA-… everyone talks about the CDS gapping out but here is trade data on the underlying cash security… the trades are mostly oddlots so folks could be “painting the tape”…

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