Morgan Stanley today completed a $2 billion offering of 6.375% notes due July 2042 at T+387.5, the midpoint of initial guidance. Proceeds from the sale will be used for general corporate purposes.

Traders reported grey markets a few basis points through issue spread at the time of pricing.

The new long-bond offering comes on the heels of the New York bank releasing its quarterly results earlier today. It announced second-quarter earnings which showed its return to profitability, but recorded a fall in revenue. Earnings per share of $0.28 missed analyst expectations of $0.43 per share. Revenue fell to $6.6 billion, versus $9 billion in the year-ago period.

Of note, Morgan Stanley 5.5% notes due July 2021 are one of the most active bonds in the secondary market on the day, trading at a weighted average of T+364, or 5.15%, according to MarketAxess. The notes registered a high on June 1, of T+515, or 6.49%. The issue was originally completed in July 2011, with $1.5 billion outstanding, at T+250, or 5.5%. The bank then added $1 billion to the notes in an Oct. 27 reopening, at a wider reoffer spread of T+335, and higher yield of 5.7%. Terms: