Structured products issuance tops $534 million for week; Credit Suisse top bookrunner

By Sheri Kasprzak

New York, Oct. 23 - Structured products issuance topped $534 million in 119 deals for the week of Oct. 13, according to Prospect News data. The bulk of the deals offered during the week were smaller than $20 million.

The previous week, from Oct. 6 through Oct. 11, there were 158 deals totaling $624 million, representing a 14.44% decline for the week of Oct. 13.

Excluding exchange-traded notes, there were 107 deals totaling $434 million, down 14.76% from the week of Oct. 6 when there were 145 deals totaling $510 million.

Smaller deals represented most of the activity with 12 deals at $10 million or larger and four deals at $20 million or larger. No offerings topped $50 million for two weeks in a row.

Credit Suisse tops for week

Credit Suisse Group AG was the top bookrunner for the week of Oct. 13, serving as the bookrunner for seven offerings totaling $72 million, representing 16.65% of the week's offerings.

Barclays took the number-two spot for bookrunners, also offering seven deals, which totaled $70 million. UBS was the third-top bookrunner for the week with 51 offerings totaling $69 million.

Credit Suisse was the number-five bookrunner for the week of Oct. 6 and Barclays was the number-13 bookrunner with UBS very far down at number 60.

Equities are top underlier

During the week, equities were the top underlier with 93 deals linked to equities totaling $321 million, or 73.94% of all offerings, excluding ETNs. Synthetics were the second most popular with 58 deals totaling $136 million, making up 31.32% of the offerings. Synthetic ETFs made up 8.73% of the offerings with five deals totaling $38 million.

Monthly results

Looking to month-to-date numbers, between Oct. 1 and Oct. 19, there were 378 deals totaling $1,626,000,000. Comparatively, between Sept. 1 and Sept. 19, there were 311 deals totaling $1,226,000,000, representing a month-over-month increase of 32.61%.

From Oct. 1, 2012 to Oct. 19, 2012 there were 415 deals totaling $1,821,000,000, representing a drop of 10.71%.

Smaller deals were also the dominant type of offering for the month with 37 deals at $10 million or larger compared with 24 deals the previous month. There were 11 offerings at $20 million or larger compared with six the previous month, and there were no offerings larger than $50 million for the month compared with two offerings over $50 million for the previous month.

JPMorgan tops in October

For the month, J.P. Morgan Securities LLC was the top bookrunner, selling $233 million in 54 offerings between Oct. 1 and Oct. 19. The bookrunner's presence in the market was 17.72% of all offerings.

UBS took the number-two spot selling $212 million in 146 offerings making up 16.16% of all offerings for the month so far.

Barclays rounded out the top three, selling $196 million in 29 deals representing 14.92% of the offerings for the month so far.

$41.8 billion sold for year

Moving to year-to-date numbers, there have been 7,116 deals totaling $41.8 billion between Jan. 1 and Oct. 19. Comparatively, there were 6,940 deals between Jan. 1, 2012 and Oct. 19, 2012, representing a year-over-year decline of 13.02%.

Excluding ETNs, there were 6,372 deals between Jan. 1 and Oct. 19 totaling $30,103,000,000. Between Jan.1, 2012 and Oct. 19, 2012, there were 6,483 deals totaling $28,875,000,000, representing a 4.26% increase.

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