A SURVEY OF U.S. CORPORATE FINANCING INNOVATIONS: 1970-1997

In the past 30 years, major changes have occurred not only in the kinds of securities issued, but also in the "way" securities are issued and in the national markets "where" they are issued. Traditional registered offerings have been partly displaced by shelf registered offerings and Rule 144A private offerings. And once exclusively domestic U.S offerings are increasingly being supplemented by foreign market offerings by U.S. companies, and by simultaneously domestic and foreign offerings. In 1997, for example, 11% of all proceeds raised by U.S. corporations were issued in one or more foreign markets. Of the $105 billion raised in these offerings, $31 billion was denominated in currencies other than the U.S. dollar. 1999 Morgan Stanley.