Morgan Stanley scores big with Invesco, Blackstone swaption trades

Counterparty Radar: Mutual funds increase pace of transition from USD Libor to SOFR in Q4 2022

Richard Levine/Alamy

A series of large interest rate swaption trades between Morgan Stanley and buy-side giants Invesco and Blackstone propelled a 29% increase in the notional value of the bank’s portfolio with mutual funds to $50 billion in Q4, compared with the third quarter of 2022.

This was the second consecutive quarter of big gains for Morgan Stanley, which saw its holdings in the space grow to $39 billion in Q3, from $27 billion in Q2.

Swaptions give buyers the right, but not the obligation, to purchase a

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