Bond Lingo?

Hello, can someone tell me what the “MS+flat” means in the following bond new issue quote?
I know “IPTs” means Initial Price Thoughts which is basically where the consensus estimate is for where the bond should price, correct?

City of Hamburg Jun-2030 EUR (Tap) – IPTs MS+flat area

I believe it is market spread + flat. Since this is a tap of an existing issue that would mean it would just price at market.

Also so IPT is the original guess for where a bond will price put out there by the firm managing the deal. It is then subject to adjustments based on demand (typically tighter).