Securitized Products Group Wins Commercial Mortgage Backed Securities Triple Crown for Second Year in a Row
Morgan Stanley's Securitized Products Group (SPG) continues its dominance of the global Commercial Mortgage Backed Securities (CMBS) market, winning Institutional Investor accolades for the second year in a row.
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Morgan Stanley's Securitized Products Group (SPG) continues its dominance of the
global Commercial Mortgage Backed Securities (CMBS) market, winning Institutional
Investor accolades for the second year in a row.
Morgan Stanley ranked #1 in CMBS trading in an Institutional Investor survey published
in November 2001. This followed Howard Esaki and Team earning First Team honors in
Institutional Investor's All-America Fixed Income Research Team.
Morgan Stanley completed the third leg of the "Triple Crown" by underwriting US$13.8
billion of CMBS globally in 2001 for a #1 ranking. SPG is a joint venture between Fixed
Income and Investment Banking.
Institutional Investor determined the trading rankings by conducting telephone
interviews with the 300 largest money management firms in the United States.
Respondents were asked to rank their top three trading firms. The results were then
weighted to account for the relative size of the money management firms. Morgan
Stanley was followed by Lehman Brothers and Citigroup/Salomon Smith Barney.
The Institutional Investor research award earned by Howard Esaki and Team
represented their forth consecutive first place finish. This award is based on
questionnaires received from 1,400 bond specialists at 340 leading money managers
around the world. The responses were weighted based on the respondent's U.S. fixed
income assets under management.
Morgan Stanley captured the underwriting crown with $13.8 billion or 14.8% of the
global market. Runner-up Credit Suisse First Boston underwrote 13.5% with Lehman
Brothers third with a 12.9% market share. For purposes of the ranking, Commercial
Real Estate Direct divided credit among all bookrunners equally.
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