Morgan Stanley closes AT&T (T.US) bond trade for profit: Limited progress in deleveraging, concerns raised by high buybacks and high cash reserves

```htmlGolden Ten Data APP reports that Morgan Stanley stated in its latest report that it has officially closed the AT&T (T.US) "10s/30s" curve steepening trade, which involved buying bonds with a coupon of 4.9% maturing in 2035 and selling bonds with a coupon of 5.7% maturing in 2054. The spread of this position has steepened from about 30 basis points last December to around 55 basis points. As the supply pressure from ECHO bond issuance subsides, most of the profit potential has been realized, so Morgan Stanley chose to lock in gains.```