Euroweek's Bond Poll 2003 awarded Morgan Stanley most innovative bank and best lead manager for supranational, sovereign and agency bond deals. The Firm topped the sector's charts for both borrowers and peers — a ranking bolstered by Morgan Stanley's participation in three of the top four overall deals of the year.

The London-based publication polled all of the leading borrowers and banks to assess a busy year in the global capital markets: "The corporate bond market didn't just recover from its near-death experience in 2002, it hit top speed, driven by the twin engines of investors' insatiable demand for yield and borrowers' need to lock in rock bottom rates before it was too late."

Highlights of 2003 included the Firm's participation in the US$3bn 5-year-note United Kingdom transaction, €4.9bn France Telecom three-tranche deal, $17.8bn General Motors/GMAC multi-tranche package and a $1.75bn 10-year-note Gazprom deal that helped Morgan Stanley net the award for best lead manager in emerging Europe.

"The recognition by clients and peers serves as testament to not only our increasing marketshare, but just as importantly the quality of our relationships," said Managing Director Michael Heaney, Global Capital Markets.