Morgan Stanley Pitches Agricultural Play

Morgan Stanley is marketing investment notes linked to an agricultural index to U.S. investors.

  • 26 Jan 2007
Email a colleague
Request a PDF

Morgan Stanley is marketing investment notes linked to an agricultural index to U.S. investors. The notes reference the agricultural sub-index of Goldman Sachs' Commodity Index, which has been referenced in structured notes globally and in substantial volumes over the last two years. Morgan Stanley officials declined comment on the notes prior to the end of the marketing period, but structured investment market watchers in the U.S. said they are not aware of the agricultural sub-index being sold to U.S. retail investors previously.

The notes have not priced but provisional marketing material says investors are expected to receive between 123% and 128% participation in the index over the one-year term of the notes. There is no capital protection. Agriculture-linked investments attracted some buzz in Europe last year (DW, 1/27/06) and have been touted as a logical next step for investors already comfortable investing in commodities.

  • 26 Jan 2007

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 357,043.08 1340 9.06%
2 JPMorgan 319,078.96 1445 8.09%
3 Bank of America Merrill Lynch 316,666.04 1099 8.03%
4 Goldman Sachs 236,643.87 789 6.00%
5 Barclays 230,494.28 891 5.85%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,591.50 163 6.58%
2 Deutsche Bank 34,293.84 117 6.53%
3 Bank of America Merrill Lynch 31,293.04 95 5.96%
4 BNP Paribas 27,578.61 168 5.25%
5 SG Corporate & Investment Banking 23,982.83 136 4.56%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.86%
2 Morgan Stanley 16,323.54 83 7.32%
3 Citi 15,946.50 94 7.15%
4 UBS 15,487.17 60 6.95%
5 Goldman Sachs 14,053.61 76 6.30%