A recent issue of Euromoney profiled the best deals of 2003, highlighting 10 Morgan Stanley-led transactions in categories ranging from M&A in Western Europe to Convertibles in North America. Coming off a year in which Morgan Stanley ranked #2 with a market share of 21 percent in announced global M&A, #2 in U.S investment grade debt underwriting and #3 in worldwide equity and equity-related underwritings, the Firm bolstered its rankings by taking part in landmark transactions like the US$17.5bn GM/GMAC debt deal and the $3bn United Kingdom Eurobond deal.

The editors of Euromoney characterized the financial landscape as plagued with "war, epidemics and political uncertainty" that challenged even the most innovative investment bankers. Yet, Morgan Stanley-led transactions like the $1.75bn Gazprom 10-year issues came through as "the runaway success in emerging-market debt in 2003, and remains the largest emerging market corporate bond ever."

Western Europe

• Best Sovereign Bond Issue: United Kingdom
• Best IPO: Northumbrian Water Group

Emerging Europe

• Best M&A Deal: BP’s Merger with TNK
• Best Sovereign Deals: Turkey
• Best Corporate Bond Deal: Gazprom

Asia

• Commended M&A Deal: AIG/Newbridge Capital

North America

• Best Convertible Deal: Wells Fargo
• Best High-Grade Bond Deal: GM/GMAC
• Commended High-Grade Bond Deal: Ford Motor Company
• Best M&A Deal: PeopleSoft/JD Edwards