Ranked number one as underwriter of sovereign bond deals over the past 12 months, Morgan Stanley succeeds partly through dominating emerging markets fixed income. EU governments have tapped the markets less over the past year, although when they have Morgan Stanley has been prominent, leading issues from Spain, Austria and Italy.
Italy’s February issue was the largest global yen issue for a sovereign at ¥100 billion. Mike Weston, head of origination, cites Morgan Stanley’s ability to work across different currencies as central to its large volume of mandates: “To have sound business you can’t just say ‘I’m going to do euros’, or ‘I’m going to do dollars’.
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