Morgan Stanley is joining its peers in issuing bonds after earnings, adding to a record borrowing spree for Wall Street’s biggest banks.

The bank is selling unsecured bonds in three parts, which may total around US$6 billion, according to separate people with knowledge of the matter. They’re all structured as fixed-to-floating rate notes, and proceeds are earmarked for general corporate purposes, according to one of the people, who asked not to be identified as the details are private.

A representative for Morgan Stanley didn’t immediately respond to a request for comment on the targeted deal size.

Banks typically tap the market after quarterly earnings, and they’re coming out in full force with borrowing costs near the lowest levels in years. The expiration of relief related to supplementary leverage ratios could also be spurring issuance.

JPMorgan Chase & Co. sold US$13 billion of bonds Thursday in what was the largest bank bond sale ever, only for Bank of America Corp. to borrow US$15 billion the next day. Goldman Sachs Group Inc. issued US$6 billion, while Citigroup Inc. may also come forward, according to Bloomberg Intelligence analyst Arnold Kakuda.

Separately, JPMorgan is also tapping the sterling market Monday.

Morgan Stanley is the lead manager of its bond sale, while CastleOak Securities, Ramirez & Co. and Mischler Financial Group are also managing the offering, one of the people said.

--With assistance from Michael Gambale.