In terms of volume, Morgan Stanley romped home the clear winner in Latin international bond issuance in 1998, taking a 19.24% share of the market and leading 19 deals. But in terms of innovation, the praise has to be spread more widely, with the leading houses coming up with ever more ingenious structures for the region’s most sophisticated and active borrower: Argentina.
Morgan Stanley also played its part on this front. It led a Dm500 million ($305 million) step-down 10 put five-year deal that kicked-off Euromarket activity in late October (together with a reopening for Argentina led by Goldman a few days earlier), after the Russian crisis had effectively closed things down in August.
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