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Sullivan & Cromwell

US Financial Crisis and the downturn 2009 (2)

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Rankings at a glance
Award levelHighly commended
InnovationTrendsetting capital-raising transactions
Originality7
Rationale7
Impact6
Total20
DescriptionThe firm led in developing the use of hybrid bonds to enable banks to raise capital. Later they used “wall-crossing processes” to allow banks to mitigate poor earnings results with near-simultaneous capital-raising efforts, now adopted as a market convention

US Financial Crisis and the downturn 2009

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Rankings at a glance
Award levelStandout
InnovationMUFG's investment in Morgan Stanley
Originality7
Rationale7
Impact8
Total22
DescriptionDeveloping a structure that could stabilise Morgan Stanley while negotiating global regulatory hurdles, the firm ensured confidence in the US banking system