Euromoney magazine has awarded Morgan Stanley top honors in the publication's Awards for Excellence 2003. The Firm received the top award for a securities firm, Best Global Investment Bank.

Steve Newhouse, Chairman of Morgan Stanley International, attended the awards dinner on July 10 at London's Natural History Museum and accepted the award on the Firm's behalf.

Euromoney, the global capital markets publication, awards securities firms globally and regionally on their prowess in various product fields. Morgan Stanley won two other awards including Best Global Equity-Linked House, accepted on behalf of the Firm by Saul Nathan, Head of the European Equity Products Group and Most Improved Credit Derivatives House, accepted by Jonathan Dorfman, Co-Head of Global Investment Grade Credit.

Euromoney cited the fact that Morgan Stanley "remains a top player in a much depressed M&A market and continues as a major player in emerging-market sovereign bond underwriting." In awarding the Firm, the publication went on to highlight the Firm's "strong showing in high-grade corporate bonds in the past year" and the fact that the Firm had "shone through most in equities."

Euromoney awarded the Firm Most Improved Credit Derivatives House accolade because of rapid expansion in this area. The publication noted the Firm was "the one most of its peers mention as the most active on the Street, pushing innovation and gaining market share."

The Firm received Best Global Equity-Linked House award due to the Firm's returning "as a major force in convertibles... It has been bookrunner on more deals than any other bank, and places between second and fourth in the volume league tables depending on the day."

In Asia, Morgan Stanley dominated the awards for M&A. The Firm won the coveted Best M&A House in Asia award (Asia Pacific and Japan), as well as Best M&A Advisor in the key markets of China, Japan, India and Hong Kong. During the 12-month period Euromoney judged, Morgan Stanley completed 60 transactions in nine markets across the region, representing deal volume of over US$38bn.

The latest edition of Euromoney contains full write-ups on the key categories with details of how Morgan Stanley was selected as the winner. Copies of the write-ups are available on request via e-mail from Gwendolyn DeSilva (3+425-9719).