When clients need capital, Global Capital Markets (GCM) responds with market judgments and ingenuity. Whether executing an IPO, a debt offering or a leveraged buyout, GCM integrates Morgan Stanley's expertise in Sales & Trading and in Investment Banking, offering clients seamless advice and sophisticated solutions. GCM originates, structures and executes public and private placement of equities, investment-grade and non-investment-grade debt and related products. The group provides fresh ideas and broad distribution to help clients get the most from each stage of a transaction, and continually develops new capital market solutions to mitigate clients' risks.