In a year shaped by uneven market reopening and persistent execution complexity, Morgan Stanley reinforced its position as Europe’s leading equity capital markets franchise through a combination of scale, structural ingenuity and geographic breadth.
The bank finished the year as the number one cash ECM bookrunner in EMEA (according to Dealogic and including IPOs and follow-on offerings above $50 million), deploying approximately $62 billion across 15 countries.
What distinguished Morgan Stanley’s 2025 was not simply volume but a consistent capacity to act as the decisive bank at moments of genuine execution risk.
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