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Securities Underwriting Debt Capital Markets Debt Capital Markets Services (DCMS) is responsible for soliciting, structuring and executing Morgan Stanley's investment grade debt and related product businesses, including new issues of both public and private debt. Other product areas include liability management, asset-backed finance, project finance, equipment finance, Yankee new issues, continuously offered products and preferred stock. DCMS also establishes and maintains an active dialogue with Morgan Stanley clients and provides ongoing advice on all debt-related issues. The Group generates new product ideas and helps clients achieve short- and long-term capital objectives in their current business configurations as well as through strategic transactions that transform a company's capital structure. DCMS provides an important link between the Banking Group and Fixed Income division to solicit and execute all investment grade debt-related business. Leveraged Finance Capital Markets Services The Leveraged Finance Capital Markets Services (LFCMS) works closely with corporate finance and dedicated high yield sales, trading and research professionals in the Fixed Income Division to originate, structure and execute public and private placements of high yield debt securities for non-investment grade domestic and emerging market corporations and sovereign entities. LFCMS also structures and underwrites floating-rate syndicated loans, primarily for non-investment grade borrowers in North America, Europe and the emerging markets. LFCMS is involved in deal execution from start to finish and plays a very active role in transaction pricing. Morgan Stanley's clients rely upon LFCMS to assess current and future market conditions as these factors relate to deal structure and new issue levels for potential issuers. LFCMS provides an important link between the Investment Banking and Fixed Income divisions. Equity Capital Markets Services Equity Capital Markets Services (ECMS) undertakes the origination, structuring, marketing and pricing of public offerings and private placements of equity and equity-related securities. ECMS also advises Morgan Stanley clients on financing strategies in the context of merger and acquisition activity and public market restructurings and monetization programs. ECMS provides an important link between the Banking Group and Equity divisions to solicit and execute all of the Firm's equity-related business. |
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