Bank of America remains top U.S. structured products agent for the year to date

By Emma Trincal

Bank of America is still the leading U.S. structured products agent for the year with $10.418 billion brought to market in 335 offerings, or 27% of the total volume so far this year, according to preliminary data compiled by Prospect News.

Volume rising

Volume for the overall market is up nearly 9% to $38.489 billion from $35.331 billion last year, according to the data, which does not include exchange-traded notes.

The higher volume also comes with an 11.5% increase in the number of deals to 8,337 this year from 7,474 in the same period last year.

Agents such as JPMorgan, UBS, Credit Suisse and HSBC have seen the number of their offerings increase from last year, while others, including Barclays, Morgan Stanley and Citigroup, registered a decline, although Barclays still saw its volume go up this year.

The second and third agents – JPMorgan and UBS – kept their respective rankings from last year.

JPMorgan was No. 2 with $6.791 billion sold in 1,343 offerings, or 17.64% of the market shares.

UBS held its third ranking with 3,161 deals totaling $5.276 billion, or 13.71% of the total. The number of UBS deals jumped 20% from last year. This agent remains No. 1 in terms of number of transactions, which account for 38% of the total number of deals.

Goldman Sachs climbed by one notch to the fourth position with $3.015 billion in 474 deals, knocking Morgan Stanley down two notches into the sixth slot with $2.664 billion in notional priced in 420 offerings.

Barclays also rose one notch to No. 5 with $2.852 billion in 473 deals. Goldman Sachs and Barclays make for 7.84% and 7.41% of the total volume, respectively.

Those figures remain subject to changes. Bank of America closed the month during the short holiday week, and not all of its offerings were filed with the Securities and Exchange Commission by press time on Wednesday evening.

November

Volume data for the month of November may be even more skewed and subject to readjustments. JPMorgan was the top agent for the month, with $613 million sold in 70 deals, or 27.65% of the month’s volume of $2.218 billion, according to the preliminary data.

Part of this result can be attributed to a series of very large commodities deals this agent priced at the end of the month.

Among them was JPMorgan Chase & Co.’s $311.34 million of 0% return notes due Nov. 25, 2016 linked to the Bloomberg Commodity Index 3 Month Forward Total Return, which topped the list of commodities deals in size for the year. JPMorgan priced a similar deal with a Nov. 23, 2016 maturity for $101.26 million.

Despite those large offerings, also including a $106 million Morgan Stanley deal tied to palladium, November was weaker than a year ago, down 34% to $2.218 billion from $3.351 billion. Unless the amount of upcoming deals from Bank of America is extremely higher than expected, the more-than-$1 billion difference in November compared to last year seems to indicate a decline.

Equity, commodities

Single stocks are the big winner of the 2014 equity rally. This asset class totaling $10.458 for the year increased by nearly a third from last year’s $7.937 billion. The top agent in this category remains UBS with 31.5% of the notional in this asset class. The firm priced $3.293 billion in 2,726 deals.

Bank of America, even though more deals are still unaccounted for, remains by far the top seller for the month, with $8.280 billion in 248 offerings, a 42% market share. Bank of America’s volume and market shares in equity indexes have remained nearly unchanged from last year. The asset class itself has seen no growth from last year’s $19.747 billion, according to the preliminary data.

JPMorgan remains the top agent for commodities and has established a strong lead in this category with $1.421 billion, or 64% of the total commodities-linked notes issuance.

The asset class overall saw its volume jump by nearly 20% to $2.218 billion this year from $1.865 billion.

Rates

Goldman Sachs, which topped the interest rates league tables last year, was pushed down one notch by Citigroup, now No. 1 with $538 million in 29 deals, or 30% of the total.

Agents this year priced $1.803 billion of interest-rate-linked notes, a 32% increase from last year, making interest rates the second fastest-growing asset class after stocks.

The interest-rates category however does not include synthetic structured coupon deals, which comprise step-ups, fixed-to-floating notes and capped floaters. These products, which are not part of the league tables totals, are counted separately.

The top agent for structured coupons remained First Tennessee with $2.927 billion, or 8% of the total in 145 deals.

These lightly structured notes continued to decline in volume, down 14.5% to $36.364 billion this year.

Issuers

JPMorgan is the top issuer for the year, followed by Barclays and Credit Suisse. Combined, those three issuers make for nearly 30% of the market.

All structured products, no ETNS, by agent, year to date

2013 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	10.418	335	27.07%	1	10.362	329	29.33%
2	JPMorgan	6.791	1343	17.64%	2	4.869	1139	13.78%
3	UBS	5.276	3161	13.71%	3	4.477	2627	12.67%
4	Goldman Sachs	3.015	474	7.83%	5	2.952	437	8.35%
5	Barclays	2.852	473	7.41%	6	2.242	573	6.35%
6	Morgan Stanley	2.664	420	6.92%	4	3.656	536	10.35%
7	Credit Suisse	1.387	423	3.60%	10	1.176	347	3.33%
8	RBC	1.383	517	3.59%	9	1.212	533	3.43%
9	HSBC	1.204	695	3.13%	7	1.324	438	3.75%
10	Citigroup	1.144	197	2.97%	8	1.217	183	3.45%
	Total	38.489	8337	35.331	7474
	Average size:	0.005	0.005
All structured products, no ETNS, by agent, November
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.613	70	27.65%	3	0.520	90	15.52%
2	Bank of America	0.444	11	20.03%	1	0.986	30	29.42%
3	Morgan Stanley	0.230	28	10.36%	4	0.273	38	8.14%
4	UBS	0.190	190	8.56%	2	0.566	306	16.88%
5	Barclays	0.151	27	6.82%	5	0.207	59	6.17%
6	RBC	0.122	25	5.51%	10	0.117	44	3.48%
7	Goldman Sachs	0.098	19	4.43%	8	0.155	30	4.63%
8	Credit Suisse	0.097	30	4.37%	7	0.156	36	4.65%
9	Citigroup	0.080	11	3.60%	6	0.162	25	4.84%
10	Deutsche Bank	0.051	5	2.29%	11	0.032	7	0.97%
	Total	2.218	470	3.351	717
	Average size:	0.005	0.005
All structured products, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	10.418	335	21.31%	1	10.362	329	21.74%
2	Credit Suisse	7.776	1155	15.90%	2	7.360	1084	15.44%
3	UBS	7.502	3172	15.34%	4	5.862	2635	12.30%
4	JPMorgan	6.791	1343	13.89%	5	4.869	1139	10.21%
5	Barclays	3.880	482	7.94%	3	6.211	587	13.03%
6	Goldman Sachs	3.015	474	6.17%	7	2.952	437	6.19%
7	Morgan Stanley	2.747	421	5.62%	6	3.682	537	7.73%
8	RBC	1.387	518	2.84%	10	1.212	533	2.54%
9	Citigroup	1.277	201	2.61%	8	1.541	185	3.23%
10	Deutsche Bank	1.237	132	2.53%	11	0.589	65	1.24%
	Total	48.896	9156	47.665	8297
	Average size:	0.005	0.006
ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	6.388	732	61.39%	1	6.184	737	50.13%
2	UBS	2.227	11	21.40%	3	1.385	8	11.23%
3	Barclays	1.028	9	9.88%	2	3.969	14	32.18%
4	Deutsche Bank	0.184	2	1.77%	6	0.165	2	1.33%
5	RBS	0.182	3	1.75%	8	0.018	1	0.15%
6	Nuveen	0.177	56	1.70%	5	0.263	58	2.13%
7	Citigroup	0.133	4	1.28%	4	0.324	2	2.63%
8	Morgan Stanley	0.083	1	0.80%	7	0.027	1	0.22%
9	RBC	0.004	1	0.04%
	Total	10.406	819	12.334	823
	Average size:	0.013	0.015
Commodity structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	1.421	73	64.04%	1	0.621	36	33.32%
2	Barclays	0.277	15	12.48%	3	0.272	40	14.59%
3	Morgan Stanley	0.229	29	10.31%	6	0.121	26	6.48%
4	Goldman Sachs	0.104	3	4.70%	5	0.157	6	8.43%
5	Bank of America	0.085	7	3.85%	2	0.392	31	21.02%
6	UBS	0.064	23	2.86%	8	0.050	15	2.69%
7	Deutsche Bank	0.033	6	1.48%	4	0.181	22	9.69%
8	BNP	0.003	2	0.14%	9	0.009	3	0.48%
9	Citigroup	0.003	1	0.14%	7	0.055	8	2.94%
	Total	2.218	159	1.865	189
	Average size:	0.014	0.010
Equity index structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	8.280	248	42.01%	1	8.168	221	41.36%
2	JPMorgan	2.367	457	12.01%	3	1.978	317	10.02%
3	Goldman Sachs	2.120	361	10.75%	2	2.091	347	10.59%
4	UBS	1.542	294	7.82%	5	1.323	192	6.70%
5	Morgan Stanley	1.012	176	5.13%	4	1.883	303	9.53%
6	Credit Suisse	0.915	297	4.64%	8	0.760	232	3.85%
7	Barclays	0.912	186	4.62%	6	0.993	200	5.03%
8	HSBC	0.736	471	3.73%	7	0.877	284	4.44%
9	Deutsche Bank	0.647	71	3.28%	14	0.135	21	0.68%
10	RBC	0.604	121	3.06%	9	0.555	108	2.81%
	Total	19.711	2809	19.747	2431
	Average size:	0.007	0.008
Foreign exchange structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.242	48	45.38%	1	0.269	46	45.61%
2	Goldman Sachs	0.234	30	43.86%	3	0.094	29	15.97%
3	Bank of America	0.021	3	3.91%	4	0.045	7	7.69%
4	Deutsche Bank	0.017	2	3.24%	8	0.003	1	0.56%
5	Barclays	0.010	1	1.92%	7	0.011	5	1.95%
6	HSBC	0.004	2	0.84%	2	0.116	18	19.72%
7	UBS	0.003	1	0.47%	5	0.029	10	4.89%
8	Morgan Stanley	0.002	1	0.38%	6	0.019	4	3.29%
	Total	0.533	88	0.589	122
	Average size:	0.006	0.005
Interest rate structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup	0.538	29	29.87%	2	0.275	19	20.65%
2	Barclays	0.264	23	14.66%	3	0.128	18	9.62%
3	Morgan Stanley	0.222	9	12.29%	5	0.115	11	8.65%
4	JPMorgan	0.164	18	9.09%	9	0.037	11	2.75%
5	Scotia	0.117	13	6.51%	7	0.051	4	3.86%
6	Goldman Sachs	0.113	30	6.29%	1	0.392	26	29.44%
7	Deutsche Bank	0.082	8	4.53%	11	0.024	3	1.82%
8	RBC	0.079	8	4.38%	12	0.018	3	1.34%
9	Bank of America	0.068	6	3.78%	4	0.116	8	8.69%
10	Wells Fargo	0.066	5	3.68%	15	0.004	1	0.34%
	Total	1.803	159	1.333	118
	Average size:	0.011	0.011
Single stock structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	3.293	2726	31.49%	1	2.680	2281	33.76%
2	JPMorgan	1.793	540	17.14%	4	0.939	479	11.84%
3	Bank of America	1.736	54	16.60%	2	1.361	47	17.15%
4	Barclays	1.125	179	10.76%	5	0.544	235	6.85%
5	Morgan Stanley	0.806	140	7.71%	3	1.059	119	13.34%
6	RBC	0.535	348	5.12%	6	0.482	380	6.07%
7	Credit Suisse	0.310	60	2.96%	8	0.163	22	2.05%
8	HSBC	0.225	39	2.16%	11	0.067	18	0.84%
9	Citigroup	0.222	69	2.12%	7	0.360	62	4.53%
10	Goldman Sachs	0.191	14	1.82%	10	0.107	5	1.35%
	Total	10.458	4194	7.937	3668
	Average size:	0.002	0.002
Interest rate products with structured coupons (not included above), by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	First Tennessee	2.927	145	8.05%	1	3.969	135	9.34%
2	Jefferies	2.060	75	5.66%	20	0.527	27	1.24%
3	Incapital	1.971	117	5.42%	4	1.512	81	3.56%
4	Stifel	1.784	97	4.91%	5	1.458	71	3.43%
5	Morgan Stanley	1.743	90	4.79%	3	1.857	66	4.37%
6	Mesirow	1.722	89	4.74%	10	1.008	56	2.37%
7	Raymond James	1.690	111	4.65%	6	1.243	73	2.93%
8	Barclays	1.690	61	4.65%	2	2.068	68	4.87%
9	Hapoalim	1.505	74	4.14%	11	0.970	37	2.28%
10	RBC	1.382	82	3.80%	9	1.027	60	2.42%
	Total	36.364	1484	42.498	1448
	Average size:	0.025	0.029
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays	0.699	24	29.88%	3	0.558	57	14.65%
2	RBC	0.422	41	18.06%	4	0.530	40	13.91%
3	Goldman Sachs	0.364	47	15.55%	1	0.639	47	16.76%
4	Scotia	0.211	26	9.00%	10	0.105	12	2.75%
5	Morgan Stanley	0.142	10	6.05%	2	0.585	13	15.35%
6	Citigroup	0.115	23	4.92%	9	0.109	16	2.85%
7	Wells Fargo	0.076	8	3.27%	6	0.313	26	8.22%
8	SunTrust	0.075	1	3.21%	8	0.123	7	3.22%
9	JPMorgan	0.066	18	2.82%	5	0.385	52	10.10%
10	HSBC	0.060	7	2.55%	11	0.095	13	2.50%
	Total	2.340	239	3.810	300
	Average size:	0.010	0.013
All structured products, no ETNs, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	5.401	1148	14.03%	2	4.312	1094	12.20%
2	Barclays	4.630	636	12.03%	3	3.740	711	10.59%
3	Credit Suisse AG, London Branch	4.509	572	11.72%	12	0.832	152	2.35%
4	RBC	3.490	718	9.07%	7	2.413	693	6.83%
5	Goldman Sachs	3.390	511	8.81%	6	2.988	455	8.46%
6	Deutsche Bank AG, London Branch	3.199	458	8.31%	10	1.411	239	3.99%
7	HSBC	2.889	810	7.51%	5	3.029	542	8.57%
8	UBS AG, London Branch	2.688	2581	6.98%	8	2.057	2093	5.82%
9	Morgan Stanley	2.502	412	6.50%	4	3.644	538	10.32%
10	Bank of America	2.289	81	5.95%	1	6.072	164	17.19%
	Total	38.489	8337	35.331	7474
	Average size:	0.005	0.005
All structured products, no ETNs, by issuer, November
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.610	62	27.51%	2	0.564	89	16.84%
2	Barclays	0.293	33	13.19%	4	0.360	72	10.75%
3	Morgan Stanley	0.210	27	9.46%	5	0.248	36	7.39%
4	Bank of America	0.200	4	9.03%	1	0.573	16	17.09%
5	Deutsche Bank AG, London Branch	0.160	25	7.20%	10	0.162	34	4.84%
6	RBC	0.158	33	7.11%	8	0.173	59	5.15%
7	Goldman Sachs	0.103	22	4.65%	11	0.158	32	4.71%
8	Credit Suisse AG, London Branch	0.098	32	4.40%	6	0.232	37	6.93%
9	UBS AG, London Branch	0.094	161	4.25%	7	0.228	243	6.82%
10	HSBC	0.092	51	4.16%	3	0.369	53	11.00%
	Total	2.218	470	3.351	717
	Average size:	0.005	0.005
All structured products, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, Nassau Branch 6.643	745	13.59%	2	7.662	1017	16.07%
2	Barclays	5.659	645	11.57%	1	7.709	725	16.17%
3	JPMorgan	5.401	1148	11.05%	4	4.312	1094	9.05%
4	Credit Suisse AG, London Branch	4.509	572	9.22%	12	0.832	152	1.74%
5	UBS AG, London Branch	4.013	2589	8.21%	8	2.742	2097	5.75%
6	RBC	3.494	719	7.15%	9	2.413	693	5.06%
7	Goldman Sachs	3.390	511	6.93%	7	2.988	455	6.27%
8	Deutsche Bank AG, London Branch	3.383	460	6.92%	10	1.576	241	3.31%
9	HSBC	2.889	810	5.91%	6	3.029	542	6.36%
10	Morgan Stanley	2.585	413	5.29%	5	3.671	539	7.70%
	Total	48.896	9156	47.665	8297
	Average size:	0.005	0.006
Commodity structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.848	31	38.23%	1	0.569	28	30.53%
2	Barclays	0.478	20	21.55%	2	0.367	46	19.65%
3	Deutsche Bank AG, London Branch	0.419	47	18.90%	4	0.196	26	10.52%
4	Morgan Stanley	0.229	29	10.31%	6	0.121	26	6.48%
5	Goldman Sachs	0.104	3	4.70%	5	0.148	5	7.92%
6	Bank of America	0.074	6	3.36%	3	0.284	23	15.24%
7	UBS AG, London Branch	0.048	19	2.18%	7	0.062	15	3.34%
8	AB Svensk Exportkredit	0.011	1	0.50%	11	0.010	2	0.55%
9	Bank of the West	0.003	2	0.14%
10	Citigroup	0.003	1	0.14%	8	0.043	7	2.29%
	Total	2.218	159	1.865	189
	Average size:	0.014	0.010
Equity index structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, London Branch	4.090	412	20.75%	9	0.652	113	3.30%
2	Goldman Sachs	2.462	388	12.49%	3	2.094	351	10.60%
3	RBC	2.075	188	10.53%	8	0.956	141	4.84%
4	HSBC	1.960	544	9.95%	2	2.235	354	11.32%
5	Bank of America	1.654	50	8.39%	1	5.207	115	26.37%
6	JPMorgan	1.579	365	8.01%	6	1.417	257	7.18%
7	Deutsche Bank AG, London Branch	1.565	170	7.94%	11	0.562	64	2.84%
8	Barclays	1.504	214	7.63%	5	1.513	205	7.66%
9	Morgan Stanley	0.981	173	4.98%	4	1.926	307	9.76%
10	UBS AG, London Branch	0.678	153	3.44%	10	0.606	106	3.07%
	Total	19.711	2809	19.747	2431
	Average size:	0.007	0.008
Foreign exchange structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.253	37	47.54%	3	0.137	44	23.32%
2	Deutsche Bank AG, London Branch	0.124	22	23.28%	2	0.146	17	24.75%
3	JPMorgan	0.118	22	22.13%	7	0.011	5	1.85%
4	Barclays	0.019	3	3.53%	4	0.040	9	6.84%
5	Bank of America	0.012	1	2.30%	8	0.009	2	1.58%
6	HSBC	0.004	2	0.84%	1	0.209	29	35.41%
7	Morgan Stanley	0.002	1	0.38%	5	0.019	4	3.29%
	Total	0.533	88	0.589	122
	Average size:	0.006	0.005
Interest rate structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup	0.538	29	29.87%	2	0.204	17	15.31%
2	Federal Home Loan Banks	0.197	9	10.93%	7	0.070	5	5.25%
3	Barclays	0.181	15	10.06%	5	0.077	13	5.76%
4	JPMorgan	0.164	18	9.09%	12	0.031	10	2.29%
5	Bank of Nova Scotia 0.117	13	6.51%	10	0.051	4	3.86%
6	Goldman Sachs	0.113	30	6.29%	1	0.392	26	29.44%
7	Morgan Stanley	0.102	6	5.63%	8	0.067	7	5.05%
8	RBC	0.079	8	4.38%	16	0.018	3	1.34%
9	Deutsche Bank AG, London Branch	0.072	7	3.98%	14	0.024	3	1.82%
10	Wells Fargo	0.066	5	3.68%	18	0.004	1	0.34%
	Total	1.803	159	1.333	118
	Average size:	0.011	0.011
Single stock structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays	2.075	305	19.84%	1	1.325	352	16.69%
2	JPMorgan	1.914	515	18.31%	2	1.276	548	16.07%
3	UBS AG, London Branch	1.778	2325	17.01%	4	1.211	1886	15.26%
4	RBC	1.084	461	10.36%	3	1.257	499	15.83%
5	Morgan Stanley	0.806	140	7.71%	5	1.086	125	13.69%
6	Deutsche Bank AG, London Branch	0.710	164	6.79%	6	0.359	100	4.52%
7	HSBC	0.556	65	5.32%	9	0.238	28	3.00%
8	Bank of America	0.443	14	4.24%	7	0.330	9	4.16%
9	Citigroup	0.264	78	2.52%	8	0.287	50	3.61%
10	Credit Suisse AG, London Branch	0.228	88	2.18%	14	0.041	9	0.51%
	Total	10.458	4194	7.937	3668
	Average size:	0.002	0.002
Prospect News Structured Products Rankings

Criteria

• The tables include all dollar-denominated offerings sold in the United States as public, Rule 144A or similar deals reported to Prospect News.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the lead manager. For multiple managers, the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Notes are included that convert into or are linked to one or more stocks, indexes, commodities, currencies, interest rates or other assets.

• Interest-rate products with a structured coupon but no underlier, such as step-up notes, step-down notes, fixed-to-floating notes and capped floaters, are listed separately; they are not included in overall totals. Agencies are included in this category.

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