It's not just Morgan Stanley making moves; big banks have already sold $65.8 billion in bonds this year, especially before global events shook up interest rates.
Things have settled back to normal now, but competition is still fierce: this quarter's total bank bond sales are expected to land between $35 and $45 billion (a bit less than the second quarter of 2025).
Even JPMorgan jumped in today with its own multi-part bond sale aiming for at least $7 billion.