Morgan Stanley received two key awards in this year's Banker Awards in the financial publication's Investment Awards category. The Firm collected the awards for Bond House of the Year and Equity House of the Year at the ceremony in London's Dorchester Hotel last week.

Bond House of the Year
In selecting Morgan Stanley for this award, The Banker highlighted an impressive list of deals in 2003 and 2004 including:

• the US$17.55bn GM/GMAC multi-tranche bond and convertible offering, the largest debt offering ever — Morgan Stanley was the global co-ordinator for the overall transaction
• Freddie Mac $5bn two-year and $4bn 10-year deals, the largest U.S. dollar agency transaction of 2003 - Morgan Stanley was the sole bookrunner on both tranches
• Calpine $2.4bn deal, the largest high-yield transaction since 2001 - Morgan Stanley structured the deal and employed complex commodity derivative to enhance the overall credit

Morgan Stanley's innovation was highlighted with key deals being:

• Republic of Italy €7bn five-year inflation-linked government bond, the first inflation-linked issue and the largest fixed-rate single-tranche transaction ever priced
• GE Japan $850m equivalent offering was the first domestic yen bonds issue by a Japanese subsidiary guaranteed by a non-Japanese parent. Morgan Stanley was the sole global bookrunner.

The Banker emphasized Morgan Stanley's dominance in varied markets and products, notably in emerging markets, the euro-denominated markets, EXLs , the $25 par market and liability management.

Equity House of the Year
In selecting Morgan Stanley for this award, The Banker commented that it was not just the momentum of deal flow that impressed them but the breadth of business and the commitment to all aspects of equity capital markets. With over $53bn raised globally over the past year, Morgan Stanley had 11% of the market. A number of transactions stood out:

• Belgacom $4.4bn IPO, the largest in Europe
• Assurant and Shinsei Bank, the largest IPOs in the US and Asia
• the recent Google IPO
• BBVA €2bn accelerated bookbuilt offering, the largest ABO ever in the Spanish market
• Canary Wharf privatisation, the second-largest real estate transaction to date globally

Managing Director John Hyman, Global Capital Markets, commented: "Morgan Stanley stands out in the ability and willingness to dedicate both large execution teams and also continuous senior coverage throughout a transaction period. This ensures that experienced professionals are involved in making the critical judgements during a transaction crucial to making it a success."

Anthony Barklam collects the award for Bond House of the Year.	Bill Casey collects the award for Equities House of the Year.