In its July 1999 issue, Euromoney awarded Morgan Stanley five of its distinguished "1999 Awards for Excellence": "Best Investment Bank," "Best Mergers and Acquisitions Advisor," "Best Sovereign Bond House," "Best Securities Firm in the USA," and "Best Debt Underwriter in Latin America."

"1999 Best Sovereign Bond House": Despite the obstacles that occurred in the sovereign bond market during the last year, Morgan Stanley lead-managed twenty-one sovereign issues, valued at $11.5 billion. Euromoney writes that "The firm has long been a leader in developed market sovereigns but it is also the number one emerging-markets bond house."

"1999 Best Debt Underwriter in Latin America": Morgan Stanley was bookrunner for 15 deals worth $5.1 billion and a 13.3% share in 1998. It was the market reopenings in 1998 and 1999 in Argentina and Morgan Stanley’s deals therein, which set Morgan Stanley apart as a dominant force in Latin American markets.