More Morgan Stanley assets hard to value in Q1
Morgan Stanley said that more of its assets became illiquid or hard to value during the turbulent Q1.
In both periods, Morgan Stanley said these assets represented 15% of total assets, measured at fair value, or 7% of total assets.
The second-largest investment bank said it downgraded $2 billion of corporate and other debt from Level 2 to Level 3, driven mostly by loans and loan commitments for leveraged buyouts. The changes reflect “a reduction in recently executed transactions and market-price quotations for these instruments,” the bank said. (Reuters)
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