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Rating: Aa2/AA/AA

Rating: B1/B-/B

Rating: B1/B-/B

A new issue platform designed to appeal to retail investors has revolutionised the way US frequent borrowers raise debt. Now the product is being launched in Europe.

Riccardo Pavoncelli held a key role in the market in the 1990s as head of European debt capital markets at Morgan Stanley.

Richard Johnson was a key figure in the 1990s, securing a reputation as the best syndicate manager in the market. His ability to price deals was legendary and his knowledge of the business made his advice essential for borrowers defining new funding strategies and launching bonds.

Guarantor: Ambac Assurance

"It must have been the biggest bath in the world," said Euromoney in the 1970s, "to have fitted Bob Genillard, Evan Galbraith and Siegmund Warburg all in." For, as legend goes, they were all inventors of the FRN. The idea came to them while sitting in the bath. The rising water gave them the concept of the floating rate note.

A graduate of St John's College, Cambridge, Robert Gray joined Morgan Guaranty as a management trainee in 1971, moving to New York in 1975. In 1982, he returned to London where he managed Morgan's global syndicated loans business. But it was as head of its London syndicate, between February 1984 and June 1986, that Gray made his mark, helping to establish Morgan as a strong player in investment banking and hence challenging what it viewed as the outdated restrictions of the Glass-Steagall laws in the US. Gray says Morgan continually pushed into new territories. They included innovations such as flip flops as well as variations on established themes - such as taking the Deutschmark curve out to 15 years (unimaginably long, for the Germany of the 1980s) for RJ Reynolds.

Robert Rooney, head of fixed income sales at Morgan Stanley in London, describes himself as the recipient of lucky timing during his career, but he has been involved in too many outstanding deals to avoid genuine praise from his peers.

Guarantor: Rodamco Europe NV

Moscow Narodny Bank (MNB) signed a $100m two year bullet loan on Tuesday led by mandated lead arrangers Bayerische Hypo- und Vereinsbank and HSH Nordbank, which were joined before syndication by Bank of China and Natexis Banques Populaires.