[Morgan Stanley Raises $8 Billion in Excess Funding, Wall Street Giants Drain Bond Market] According to a report by Golden Finance, as Wall Street banks rush into the bond market following their earnings announcements, Morgan Stanley is raising $8 billion through bond issuance. Sources revealed that the bank is offering notes with maturities ranging from 4 to 15 years, exceeding the initial fundraising expectation of approximately $6.5 billion. The longest maturity in this transaction—a $1.5 billion note due in 2041—has seen its yield spread against U.S. Treasuries narrow from an initial 1.4 percentage points to 1.17 percentage points. Morgan Stanley's debt underwriting business set a record in the fourth quarter, generating $785 million in revenue. This marks the latest major U.S. bank to issue high-grade bonds this week. JPMorgan kicked off this wave of transactions on Wednesday with a $6 billion issuance, with its order book peaking at over $35 billion. Wells Fargo and Goldman Sachs also entered the debt market on Thursday, seeking to raise at least $5 billion and $12 billion, respectively.