Morgan Stanley has been left holding $450m of stock in TDC A/S, a Danish telecommunications firm, after a $1bn block trade failed to spark investor appetite.

The US bank, the sole bookrunner, organised the $994.57m sale on behalf of NTC Holding, a private equity consortium of Apax Partners, Blackstone Group, KKR, Permira and Providence Equity Partners, according to data from Dealogic.