Morgan Stanley
Morgan Stanley has long been a leader in the debt market for both corporates and financial institutions. Central to this leadership has been an ability to innovate and to advise on, develop and execute a wide variety of products for a broad investor base. Proof of this is an impressive list of deals in 2003 and the first half of 2004. The GM/GMAC multi-tranche bond and convertible offering that was the largest debt offering ever, which saw GM raise close to its market capitalisation in the capital markets. Morgan Stanley was the global coordinator for the overall transaction. Also noted was the Freddie Mac $5bn, two-year and $4bn, 10-year deals, the largest US dollar agency transaction of 2003. Morgan Stanley was the sole bookrunner on both tranches. For the Calpine $2.4bn deal, the largest high-yield transaction since 2001, Morgan Stanley structured the deal and employed a complex commodity derivative to enhance the overall credit. Morgan Stanley’s innovation also caught the judges’ attention. The €7bn five-year inflation-linked government bond (Buono del Tesoro Poliennale) transaction for the Republic of Italy was the first inflation-linked BTP and the first five-year inflation-linked issue. The transaction was also the largest fixed-rate single-tranche transaction ever priced. Also, the $850m equivalent GE Japan offering was the first domestic yen bonds issue by a Japanese subsidiary guaranteed by a non-Japanese parent. Morgan Stanley was the only global bookrunner. Lastly, Morgan Stanley’s dominance in varied markets and products shone through, particularly in emerging markets, the euro-denominated market, EXLs, the $25 par market and liability management.
