Morgan Stanley · NYSE:MS
Morgan Stanley — Investor Presentation (2006)
25 slides from Morgan Stanley's investor presentation, 2006
Slide 1: Introduction to Commodities
Introduction to Commodities This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public information. No representation is mad
Slide 2: Introduction to Commodities
Introduction to Commodities The information provided herein may include certain non-GAAP financial measures. The reconciliation of such measures to the comparable GAAP figures are included in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on 8-K, includ
Slide 3: Table of Contents
Introduction to Commodities Table of Contents Section 1 Commodities Overview Section 2 Proprietary Trading Section 3 Client-Driven Flow Section 4 Structured Transactions Section 5 Private Equity This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that prese
Slide 4: Commodities Overview
Introduction to Commodities Section 1 Commodities Overview This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public inform
Slide 5: Markets
Introduction to Commodities Commodities Overview Markets Our Markets Energy Metals Oil Liquids Natural Gas/ Power Precious Metals Base Metals • Crude Oil • Natural Gas • Gold • Copper • Refined Products • Electricity • Silver • Aluminium • NGLs • Coal • Platinum • Nickel • Tanker Freight • Emissions
Slide 6: Geographical Coverage
Introduction to Commodities Commodities Overview Geographical Coverage • Westchester (NY) o North America o South America • London o Europe o Africa Calgary London o Middle East Westchester (NY) Tokyo • Singapore Atlanta Shanghai o Non-Japan Asia o India Singapore o South Pacific • Satellite Offices
Slide 7: Job Functions
Introduction to Commodities Commodities Overview Job Functions • Client Coverage • Trading • Structuring • Research/Analysis • Traffic/Scheduling This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information
Slide 8: Business Mix
Introduction to Commodities Commodities Overview Business Mix Client-Driven Flow Structured Transactions Proprietary Trading Physical Supply & Distribution Private Equity This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentatio
Slide 9: Proprietary Trading
Introduction to Commodities Section 2 Proprietary Trading This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public informa
Slide 10: Proprietary Trading
Introduction to Commodities Proprietary Trading Proprietary Trading • Outright vs. Relative Value • Quality – WTI, Brent, Dubai, Gasoline and Jet Fuel • Location – US Gulf, NY Harbor, Med, Singapore • Trading Matrix • Time – September, December, 2007, 2010 • Volatility – ATM, Out-of-the Money, Decem
Slide 11: US Heating Oil – Gulf Coast and NYMEX
Introduction to Commodities Proprietary Trading US Heating Oil – Gulf Coast and NYMEX New York Harbor Heating Oil Pasadena, TX Gulf Coast Heating Oil Colonial Pipeline This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation i
Slide 12: US Heating Oil – Gulf Coast and NYMEX
Introduction to Commodities Proprietary Trading US Heating Oil – Gulf Coast and NYMEX US Heating Oil – US Gulf Coast and NYMEX Prompt Month - 01/01/1997 to 12/31/2000 c/gal 120 100 80 60 40 20 - Jan-97 May-97 Sep-97 Jan-98 May-98 Sep-98 Jan-99 May-99 Sep-99 Jan-00 May-00 Sep-00 US Gulf Coast NYMEX T
Slide 13: US Heating Oil – Gulf Coast and NYMEX
Introduction to Commodities Proprietary Trading US Heating Oil – Gulf Coast and NYMEX Heating Oil Differential: NYMEX – US Gulf Coast: 01/01/1997 to 12/31/1999 c/gal 6 5 4 3 2 1 - Jan-97 May-97 Sep-97 Jan-98 May-98 Sep-98 Jan-99 May-99 Sep-99 This slide is part of a presentation by Morgan Stanley an
Slide 14: US Heating Oil – Gulf Coast and NYMEX
Introduction to Commodities Proprietary Trading US Heating Oil – Gulf Coast and NYMEX Heating Oil Differential: NYMEX – US Gulf Coast: 01/01/1997 to 12/31/2000 c/gal 16 14 12 10 8 6 4 2 - (2) Jan-97 May-97 Sep-97 Jan-98 May-98 Sep-98 Jan-99 May-99 Sep-99 Jan-00 May-00 Sep-00 This slide is part of a
Slide 15: US Heating Oil – Gulf Coast and NYMEX
Introduction to Commodities Proprietary Trading US Heating Oil – Gulf Coast and NYMEX Heating Oil Differential: NYMEX – US Gulf Coast: 01/01/1997 to 06/06/06 c/gal 15 10 5 - (5) (10) (15) (20) (25) (30) May-98 May-00 May-02 May-04 May-06 Jan-97 Sep-97 Jan-99 Sep-99 Jan-01 Sep-01 Jan-03 Sep-03 Jan-05
Slide 16: Differentials: NYMEX Gasoline less Heating Oil
Introduction to Commodities Proprietary Trading Differentials: NYMEX Gasoline less Heating Oil August Contracts Differentials: NYMEX Unleaded – Heating Oil (August Contracts) c/gal 30 25 20 15 10 5 - (5) (10) (15) 01/03 01/24 02/14 03/07 03/28 04/18 05/09 05/30 06/20 07/11 2003 2004 2005 This slide
Slide 17: Differentials: NYMEX Gasoline less Heating Oil
Introduction to Commodities Proprietary Trading Differentials: NYMEX Gasoline less Heating Oil August Contracts Differentials: NYMEX Unleaded – Heating Oil (August Contracts) c/gal 30 25 20 15 10 5 - (5) (10) (15) 01/03 01/24 02/14 03/07 03/28 04/18 05/09 05/30 06/20 07/11 2003 2004 2005 2006 This s
Slide 18: Commodities are Volatile
Introduction to Commodities Proprietary Trading Commodities are Volatile US Markets: 1 Year Historical Price Volatility (As of 05/26/2006) Market Instrument Historical Volatility Natural Gas NYMEX Crude 1st Month 56.78% Gasoline NYMEX RFG 1st Month 52.31% Oil NYMEX Natural Gas 1st Month 31.24% Bonds
Slide 19: Client-Driven Flow
Introduction to Commodities Section 3 Client-Driven Flow This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public informat
Slide 20: Clients and Products
Introduction to Commodities Client-Driven Flow Clients and Products Clients Corporates Government Entities Institutional Investors • Oil/Gas Producers • National Oil Companies • Hedge Funds/CTAs • Refiners • Municipalities • Passive Commodity Index • Airlines • Tax Authorities Trading by: • Petroche
Slide 21: Structured Transactions
Introduction to Commodities Section 4 Structured Transactions This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public inf
Slide 22: Motivations
Introduction to Commodities Structured Transactions Motivations Capital Credit Driven Driven Optimization Outsourcing This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the
Slide 23: Representative Structured Transactions
Introduction to Commodities Structured Transactions Representative Structured Transactions Transaction Client Monetizing Reserves Monetizing Receivables Monetizing In-the-Money Contracts Contract Restructuring Monetizing Working Capital Supply Outsourcing Credit Syndication Structured Financing One-
Slide 24: Private Equity
Introduction to Commodities Section 5 Private Equity This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public information.
Slide 25: Private Equity
Introduction to Commodities Private Equity Private Equity Production • Helios Fund – Operated Producing Properties • Gold Royalty Trust – Australian gold reserves • Exploration & Production – Non-operated undeveloped properties Conversion • Oil Refineries • Gas Processing – gas liquids plants • Gene