Morgan Stanley continues to be the leader in the Latin American fixed income markets in the first half of 1999. Morgan Stanley re-established itself as the number one underwriter for all Latin American debt in 1999 by executing six prestigious and coveted bond offerings. This follows Morgan Stanley's number one ranking in Latin America last year. (Source: SDC)

Morgan Stanley's success has been the result of a true teamwork and client focus approach encompassing sales, trading, research, corporate finance and capital markets. Our position specifically reflects the progress we have made with sovereign issuers, a recent commitment for Morgan Stanley, complemented by our strong corporate franchise. Furthermore, such positioning contributed to Morgan Stanley's number one position among Emerging Markets sovereign issuers globally, where Morgan Stanley has a market share of over 19%. (Source: SDC)

League Table Positioning 1st Half 1999
Morgan Stanley leads virtually every category of Latin American offerings, including:

• #1 Underwriter for All Latin American Debt
• #1 Underwriter for All Latin American Sovereign Debt
• #1 Underwriter for All Latin American Sovereign Debt Denominated
  in EURO
• #1 Underwriter for All Latin American Corporate Debt

• EURO250MM Euro Offering for the Republic of Argentina (2/4/99): This transaction marked the first EURO denominated offering for any Latin American borrower.
• EURO350MM Euro Offering for the Republic of Argentina (3/23/99): The first transaction in Latin America following the Brazilian devaluation in January.
• US$1Bn Global Offering for the United Mexican States (3/25/99): The first non-structured US$ Offering for a Latin American issuer since the Russian crisis in August 1998.
• US$3Bn Global Offering and Exchange for the Federative Republic of Brazil (4/25/99): In a highly coveted transaction, the US$2Bn in new issue proceeds marked the largest cash offering for a Latin American issuer in history. The deal marked the return of the Republic to the capital markets only sixty days after their currency devaluation.
• US$570MM Two Tranche Rule 144A Offering for Alestra (5/12/99): First Mexican corporate offering since the Russian devaluation in August 1998 and largest overfunded offering in Latin America.
• EURO550MM EURO Offering for the Republic of Argentina (6/9/99-6/30/99, including two re-openings): First transaction following the market slowdown in the midst of the U.S. interest rate crisis.

• LatinFinance's Latin American Bond of the Year for the first half of 1999 for the Federated Republic of Brazil.
• Euromoney's Debt Underwriter for the Year in Latin America.