Morgan Stanley has one the worst records among the largest investment banks underwriting high-yield or junk bonds in the US and Europe, according to a report from one of the most respected credit research providers in the sector.

The report by FridsonVision, a research company set up by Merrill Lynch's former head of high-yield research Martin Fridson, looked at the performance of 13 underwriters of high-yield bonds over an eight-year period. Morgan Stanley was ranked bottom of the group.