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Morgan Stanley CDS spreads narrow on Mitsubishi news

Mon Sep 29, 2008 10:16am EDT

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NEW YORK, Sept 29 (Reuters) - The cost of insuring Morgan Stanley's (MS.N) debt with credit default swaps fell on Monday after it agreed to sell a 21 percent equity stake to Mitsubishi UFJ Financial Group (8306.T), Japan's largest bank.

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Five-year credit default swaps on Morgan Stanley fell to 12 percent in upfront payments after the news, or $1.2 million upfront to protect $10 million of debt, from 17 percent upfront, according to data from Phoenix Partners Group. The swaps also have annual premiums of $500,000. For details click on [ID:nLT620768]. (Reporting by Dena Aubin; Editing by Theodore d'Afflisio)

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