Morgan Stanley Wins Unprecedented Number of Top IFR Awards International Financing Review (IFR) announced yesterday that Morgan Stanley Dean Witter has won three of its six top awards for 1998: Bank of the Year, Bond House of the Year and Equity House of the Year. According to IFR, this is unprecedented in the history of the awards. |
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International Financing Review (IFR) announced yesterday that Morgan Stanley Dean Witter has won three of its six top awards for 1998: Bank of the Year, Bond House of the Year and Equity House of the Year. According to IFR, this is unprecedented in the history of the awards.
"Morgan Stanley Dean Witter has won the top prize this year (Bank of the Year) due to its consistent ability over 1998 to execute large volumes of high quality transactions in the face of unprecedented market instability. Such extraordinary performance has been made possible through the combined strength of its retail and institutional operations, and its exceptional origination skills. The merger with Dean Witter in 1997 widely regarded as one of the most astute strategic moves in the financial services sector this decade has enabled the firm to use a balance of retail and institutional business to its advantage during intense market volatility. The success of Morgan Stanley across equity and debt capital markets and its M&A, securitisation and high-yield operations was also reflected this year in an upgrading of its Moodys rating from A1 to Aa3. Morgan Stanley won two other main awards: Bond House and Equity House of the Year, confirming Morgan Stanleys arrival as a genuinely global and multi-disciplinary bank. Keith Mullin, Editor of IFR, said, "1998 has been one of the most testing years for the international capital markets and only a few issuers and investors have come through unscathed. Leading U.S. financial institutions have been very successful in this years awards largely because their global presence and experience has allowed them to manage and limit the consequences of market instability. A number of institutions globally have refocused or de-emphasized business lines, and there has been an increased focus on creating value for clients and shareholders. This phenomenon has been assisted by serious consolidation among the capital markets major players, which is reflected in just 22 houses winning the 45 IFR House of the Year awards. John J. Mack, the President and Chief Operating Officer of Morgan Stanley, said, "As part of our global strategy, we want to be a local player in all markets. We want to be able to do domestic business but then link in our global network. IFR has recognized our success in doing this, and we're extremely pleased to have been chosen for this prestigious award." |
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