Morgan Stanley was named "1997 MTN House of the Year" in Corporate Finance Magazine's January 1998 issue. This was the first year that the publication has given an award for the Medium-Term Note product, reflecting its recognition as an increasingly important, strategic tool for corporate financing activities.

The article specifically mentions Morgan Stanley's "high quality of service for corporates [as] the key to success, with the bank being an all-round leader in terms of active dealerships, reverse inquiry and product innovation. The bank continues to lead the way in creating new structures, but at the same time understanding that, with their smaller treasury teams, corporates need a different service from other issuers."

Corporate Finance further highlighted an important EMTN franchise mandate for the Firm, noting, "Morgan Stanley capped a successful year in the U.S. and the European MTN markets with a pioneering arrangement mandate in December. Happy with the bank's efforts on its behalf in the U.S. market, pharmaceuticals group Merck has selected Morgan Stanley to arrange its new Euro MTN program. The signing of Merck in the Euromarket also reflects the depth of coordination between the London and New York desks."

Morgan Stanley also received recognition in the article as a "Highly Commended" Equity Bank, Securitization Bank, and M&A House.