The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Best Bond House for Sovereign Issues

Morgan Stanley Dean Witter

Awards for Excellence 2000

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'. You've got to know what's going on in the yen market, and got to understand the sterling market. And that's one thing we pride ourselves on in terms of being very global in our advice."

As well as global breadth, Morgan Stanley views comprehensive associated services to be crucial when attracting sovereign mandates. As part of this strategy, the company hired Louis de Montpellier in June as an executive director in its European debt capital markets team.

"My brief," de Montpellier says "is to co-ordinate across divisions in the firm, and try to look at our coverage of sovereigns from different angles: from the perspective of asset management or budget management, for example.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree