Analysis of structured products issuance for 12 months through July 2009

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Issuer

	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
AB Svensk ExportKredit	0.355	0.308	0.485	0.119	0.225	0.318	0.168	0.276	0	0.053	0.066	0.043
ABN Amro Bank NV	0.119	0.045	0.009	0.021	0.014	0.036	0.007	0.001	0.012	0.016	0.008	0.016
Bank Hapoalim	0	0	0	0	0	0	0	0.020	0	0	0	0
Bank of America Corp.	0.108	0.104	0.082	0.072	0.071	0.325	0.192	0.144	0.063	0.370	0.356	0.098
Barclays Bank plc	0.414	0.389	0.107	0.177	1.223	1.682	2.683	0.188	0.274	0.426	1.129	1.267
Citigroup Funding Inc.	0.333	0.152	0.040	0.024	0.060	0.037	0.053	0.077	0.085	0.143	0.138	0.140
Credit Suisse, Nassau branch	0.108	0.129	0.076	0.011	0.018	0.016	0.051	0.081	0.198	0.186	0.269	0.156
Depfa ACS Bank	0	0.020	0	0	0	0	0	0	0	0	0	0
Deutsche Bank AG, London branch	0.868	0.232	0.711	0.100	0.068	0.020	0.084	0.090	0.074	0.225	0.115	0.545
Eksportfinans ASA	0.299	0.126	0.280	0.108	0.143	0.018	0.151	0.059	0.019	0.281	0.098	0.015
Fannie Mae	0	0	0	0	0	0	0	0	0	0	0.025	0
Federal Home Loan Banks	0	0.102	0.035	0	0	0	0.065	0.010	0	0.075	0.195	0.020
Freddie Mac	0	0	0	0	0	0	0	0.010	0.010	0.075	0.025	0
Goldman Sachs Group, Inc.	0.241	0.137	0.100	0.049	0.143	0.129	0.033	0.113	0.057	0.449	0.143	0.126
HSBC Bank USA, NA	0.002	0	0	0	0	0	0.003	0	0	0.028	0.031	0.033
HSBC USA Inc.	0.044	0.019	0.008	0.084	0.043	0.139	0.155	0.062	0.099	0.160	0.136	0.139
Harris NA	0	0	0	0	0	0	0	0.013	0.009	0	0	0
Hartford Life Insurance Co.	0.028	0	0	0	0	0	0	0	0	0	0	0
JPMorgan Chase & Co.	0.177	0.229	0.496	0.282	0.083	0.158	0.243	0.215	0.187	0.139	0.148	0.119
JPMorgan Chase Bank, NA	0	0	0	0	0	0	0	0	0	0.011	0	0
Lehman Brothers Holdings Inc.	0.082	0.002	0	0	0	0	0	0	0	0	0	0
Merrill Lynch & Co., Inc.	0.865	0.343	0.442	0.338	0.058	0	0	0	0	0	0	0
Morgan Stanley	0.476	0.169	0.086	0.037	0.041	0.103	0.078	0.167	0.251	0.402	0.240	0.151
Royal Bank of Canada	0.033	0.023	0.016	0.010	0.021	0.006	0.045	0.175	0.036	0.026	0.125	0.061
Safety First Trust (Citigroup Funding Inc.)	0.022	0.028	0.033	0.033	0	0	0	0.021	0.024	0	0.006	0
SunTrust Bank	0	0	0	0	0	0	0	0	0.002	0	0.005	0
Toyota Motor Credit Corp.	0	0	0	0.005	0	0	0	0	0	0	0	0
UBS AG	0.296	0.139	0.024	0.043	0.014	0.088	0.081	0.040	0.056	0.010	0.091	0.062
Union Bank of California, N.A.	0	0	0	0	0	0	0	0	0	0	0	0
Wells Fargo & Co.	0	0	0	0	0	0.006	0.003	0.016	0.006	0	0.033	0
Wells Fargo Bank, NA	0	0	0	0	0	0	0	0	0	0	0	0.120
Total	4.871	2.696	3.031	1.513	2.224	3.082	4.096	1.778	1.459	3.074	3.382	3.109
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
AB Svensk ExportKredit	0.828	58	0.762	67	0.120	13	0.043	3	0.925	83	2.416	172	4.63%
ABN Amro Bank NV	0.044	72	0.045	54	0.036	68	0.016	31	0.096	153	0.304	349	0.48%
Bank Hapoalim	0	0	0.020	1	0	0	0	0	0.020	1	0.020	1	0.10%
Bank of America Corp.	0.225	16	0.661	24	0.789	32	0.098	3	1.548	59	1.985	91	7.75%
Barclays Bank plc	1.507	97	4.553	148	1.828	214	1.267	62	7.648	424	9.958	727	38.28%
Citigroup Funding Inc.	0.124	12	0.167	10	0.366	16	0.140	6	0.672	32	1.282	62	3.36%
Credit Suisse, Nassau branch	0.105	18	0.148	41	0.653	71	0.156	20	0.956	132	1.297	184	4.79%
Depfa ACS Bank	0	0	0	0	0	0	0	0	0	0	0.020	1	0.00%
Deutsche Bank AG, London branch	0.879	67	0.195	36	0.414	48	0.545	12	1.153	96	3.133	213	5.78%
Eksportfinans ASA	0.532	37	0.229	30	0.398	49	0.015	7	0.642	86	1.599	161	3.21%
Fannie Mae	0	0	0	0	0.025	1	0	0	0.025	1	0.025	1	0.13%
Federal Home Loan Banks	0.035	4	0.075	5	0.270	16	0.020	2	0.365	23	0.501	33	1.83%
Freddie Mac	0	0	0.010	1	0.110	5	0	0	0.120	6	0.120	6	0.60%
Goldman Sachs Group, Inc.	0.292	21	0.275	20	0.649	43	0.126	21	1.050	84	1.720	131	5.26%
HSBC Bank USA, NA	0	2	0.003	1	0.059	2	0.033	1	0.096	4	0.098	7	0.48%
HSBC USA Inc.	0.134	25	0.356	51	0.394	38	0.139	15	0.890	104	1.088	155	4.45%
Harris NA	0	0	0.013	2	0.009	1	0	0	0.021	3	0.021	3	0.11%
Hartford Life Insurance Co.	0	0	0	0	0	0	0	0	0	0	0.028	1	0.00%
JPMorgan Chase & Co.	0.861	137	0.616	140	0.475	105	0.119	36	1.210	281	2.477	586	6.06%
JPMorgan Chase Bank, NA	0	0	0	0	0.011	1	0	0	0.011	1	0.011	1	0.06%
Lehman Brothers Holdings Inc.	0	0	0	0	0	0	0	0	0	0	0.084	23	0.00%
Merrill Lynch & Co., Inc.	0.839	32	0	0	0	0	0	0	0	0	2.047	59	0.00%
Morgan Stanley	0.164	22	0.348	55	0.892	66	0.151	19	1.390	140	2.200	222	6.96%
Royal Bank of Canada	0.046	69	0.226	90	0.187	162	0.061	62	0.474	314	0.577	468	2.37%
Safety First Trust Series 2008-3 (Citigroup Funding Inc.)	0.066	2	0.021	1	0.030	2	0	0	0.051	3	0.167	7	0.26%
SunTrust Bank	0	0	0	3	0.007	2	0	0	0.007	5	0.007	5	0.04%
Toyota Motor Credit Corp.	0.005	1	0	0	0	0	0	0	0	0	0.005	1	0.00%
UBS AG	0.081	25	0.209	44	0.157	31	0.062	15	0.428	90	0.944	151	2.14%
Union Bank of California, N.A.	0	1	0	0	0	0	0	0	0	0	0	1	0.00%
Wells Fargo & Co.	0	0	0.024	3	0.039	4	0	0	0.063	7	0.063	7	0.32%
Wells Fargo Bank, NA	0	0	0	0	0	0	0.120	1	0.120	1	0.120	1	0.60%
Total	6.768	718	8.956	827	7.915	990	3.109	316	19.980	2133	34.315	3830	100.00%
Proceeds
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Less than $1 million	0.056	0.043	0.028	0.026	0.024	0.023	0.023	0.019	0.023	0.027	0.035	0.034
$1-1.99 million	0.117	0.080	0.043	0.031	0.073	0.068	0.054	0.047	0.036	0.051	0.066	0.058
$2-2.99 million	0.123	0.117	0.052	0.044	0.055	0.076	0.062	0.045	0.061	0.072	0.071	0.051
$3-4.99 million	0.386	0.206	0.081	0.147	0.102	0.159	0.134	0.272	0.205	0.192	0.195	0.136
$5-9.99 million	0.412	0.339	0.229	0.081	0.153	0.183	0.245	0.303	0.299	0.329	0.416	0.396
$10-14.99 million	0.328	0.406	0.431	0.139	0.126	0.142	0.220	0.218	0.163	0.297	0.401	0.276
$15-$49.99 million	1.284	1.030	0.973	0.724	0.455	0.606	0.639	0.636	0.488	1.314	1.321	0.484
$50 million and higher	2.164	0.474	1.193	0.322	1.235	1.826	2.720	0.238	0.184	0.792	0.876	1.674
Total	4.871	2.696	3.031	1.513	2.224	3.082	4.096	1.778	1.459	3.074	3.382	3.109
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.078	220	0.064	227	0.086	263	0.034	105	0.184	595	0.361	1086	0.92%
$1-1.99 million	0.147	115	0.169	118	0.153	116	0.058	43	0.381	277	0.725	542	1.91%
$2-2.99 million	0.151	62	0.183	77	0.203	85	0.051	21	0.438	183	0.828	349	2.19%
$3-4.99 million	0.330	89	0.565	155	0.592	160	0.136	37	1.294	352	2.216	609	6.48%
$5-9.99 million	0.463	68	0.731	112	1.044	157	0.396	64	2.171	333	3.386	513	10.87%
$10-14.99 million	0.696	59	0.580	49	0.861	75	0.276	23	1.717	147	3.147	268	8.59%
$15-$49.99 million	2.153	86	1.880	73	3.124	117	0.484	19	5.488	209	9.954	383	27.47%
$50 million and higher	2.751	19	4.784	16	1.851	17	1.674	4	8.308	37	13.697	80	41.58%
Total	6.768	718	8.956	827	7.915	990	3.109	316	19.980	2133	34.315	3830	100.00%
Coupon
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
0%-0.99%	3.593	1.721	2.058	1.148	1.844	2.750	3.483	1.222	0.832	1.960	2.264	2.457
1%-4.99%	0.040	0	0	0	0	0	0.018	0.011	0	0.005	0.003	0
5%-9.99%	0.399	0.058	0	0.002	0.003	0.006	0.011	0.007	0.005	0.032	0.034	0.022
10%-14.99%	0.227	0.155	0.030	0.051	0.040	0.100	0.057	0.110	0.088	0.192	0.161	0.163
15%-19.99%	0.170	0.090	0.012	0.044	0.048	0.073	0.054	0.061	0.066	0.110	0.102	0.043
20% plus	0.094	0.044	0.046	0.033	0.018	0.053	0.050	0.177	0.026	0.026	0.020	0.031
Floater	0.089	0.468	0.872	0.236	0.265	0.089	0.372	0.126	0.329	0.456	0.686	0.349
NA	0.158	0.092	0	0	0	0.006	0.016	0.048	0.068	0.279	0.057	0.026
Total	4.871	2.696	3.031	1.513	2.224	3.082	4.096	1.778	1.459	3.074	3.382	3.109
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
0%-0.99%	5.050	359	7.456	409	5.056	439	2.457	143	14.969	991	25.333	1714	74.92%
1%-4.99%	0	0	0.029	5	0.008	3	0	0	0.037	8	0.077	9	0.20%
5%-9.99%	0.004	3	0.024	10	0.069	18	0.022	9	0.116	37	0.577	109	0.59%
10%-14.99%	0.121	97	0.267	134	0.442	167	0.163	65	0.875	366	1.378	692	4.39%
15%-19.99%	0.105	87	0.188	82	0.278	131	0.043	33	0.510	246	0.877	453	2.57%
20% plus	0.095	63	0.285	107	0.072	89	0.031	33	0.387	229	0.625	377	1.97%
Floater	1.373	84	0.587	42	1.471	84	0.349	18	2.407	144	4.337	272	12.05%
NA	0	1	0.069	12	0.404	14	0.026	3	0.499	29	0.749	42	2.50%
Total	6.768	718	8.956	827	7.915	990	3.109	316	19.980	2133	34.315	3830	100.00%
Type
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Basket of stocks	0.041	0.007	0.030	0.001	0	0.004	0.008	0.001	0.003	0.028	0.039	0.045
Commodities	0.343	0.411	1.281	0.234	1.265	1.173	2.990	0.288	0.149	0.345	0.555	0.228
ETF	0.144	0.113	0.112	0.119	0.024	0.125	0.037	0.112	0.089	0.125	0.151	0.198
Equity index	2.989	1.371	1.327	1.037	0.721	0.981	0.767	0.875	0.742	1.393	0.863	0.455
Foreign exchange	0.224	0.221	0.037	0.009	0	0.001	0.011	0.005	0.013	0.153	0.259	0.598
Fund	0	0	0	0	0	0	0.002	0.002	0.003	0.001	0.005	0.001
Interest rate	0.092	0.170	0.107	0.019	0.015	0.076	0.081	0.055	0.184	0.356	0.486	0.228
Multiple/Other	0.040	0.055	0.073	0.009	0.104	0.531	0.026	0.078	0.023	0.056	0.628	1.083
Single stock	0.997	0.349	0.065	0.086	0.095	0.192	0.174	0.362	0.253	0.617	0.396	0.274
Total	4.871	2.696	3.031	1.513	2.224	3.082	4.096	1.778	1.459	3.074	3.382	3.109
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Basket of stocks	0.031	2	0.013	5	0.070	5	0.045	4	0.128	14	0.207	27	0.64%
Commodities	2.780	98	4.451	94	1.049	75	0.228	26	5.728	195	9.261	350	28.67%
ETF	0.254	55	0.274	45	0.364	69	0.198	29	0.836	143	1.347	259	4.18%
Equity index	3.085	269	2.623	297	2.998	264	0.455	65	6.076	626	13.521	1143	30.41%
Foreign exchange	0.046	11	0.016	8	0.426	34	0.598	17	1.040	59	1.532	109	5.21%
Fund	0	0	0.004	2	0.009	6	0.001	1	0.014	9	0.014	9	0.07%
Interest rate	0.141	20	0.212	20	1.026	70	0.228	14	1.466	104	1.868	151	7.34%
Multiple/Other	0.186	22	0.635	25	0.707	19	1.083	13	2.424	57	2.705	98	12.13%
Single stock	0.246	241	0.728	331	1.266	448	0.274	147	2.268	926	3.860	1684	11.35%
Total	6.768	718	8.956	827	7.915	990	3.109	316	19.980	2133	34.315	3830	100.00%
Structure
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
callable reverse convertible	0.048	0	0	0.001	0	0.008	0.002	0.003	0.003	0	0	0
convertible/linked	0.843	0.122	0.507	0.014	0.024	0.023	0.040	0.139	0.103	0.202	0.363	0.007
downside protection	0.084	0.104	0.145	0.066	0.002	0.002	0.030	0.082	0.057	0.065	0.138	0.123
increasing calls	0.229	0.138	0.113	0.019	0.016	0.333	0.331	0.170	0.046	0.140	0.081	0.042
leveraged return	0.551	0.269	0.449	0.303	0.105	0.273	0.043	0.206	0.133	0.368	0.321	0.186
leveraged return, downside protection	0.247	0.108	0.020	0.003	0.061	0.039	0.051	0.027	0.044	0.030	0.101	0.038
leveraged return, partial downside protection	1.116	0.573	0.724	0.657	0.523	0.442	0.430	0.438	0.323	0.784	0.662	0.763
other/NA	0.938	0.838	0.963	0.333	1.377	1.695	2.905	0.292	0.375	0.476	0.945	1.555
range	0	0.121	0.039	0.008	0	0.032	0.074	0.053	0.143	0.353	0.418	0.091
steepener	0.002	0.003	0	0	0	0	0	0	0.005	0	0.013	0.027
trigger reverse convertible	0.812	0.418	0.070	0.110	0.116	0.235	0.191	0.368	0.228	0.655	0.341	0.276
Total	4.871	2.696	3.031	1.513	2.224	3.082	4.096	1.778	1.459	3.074	3.382	3.109
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
callable reverse convertible	0.001	1	0.013	4	0.003	1	0	0	0.016	5	0.065	9	0.08%
convertible/linked	0.545	19	0.202	40	0.668	24	0.007	1	0.877	65	2.387	96	4.39%
downside protection	0.213	17	0.114	19	0.259	16	0.123	9	0.496	44	0.897	76	2.48%
increasing calls	0.148	14	0.834	53	0.267	19	0.042	3	1.142	75	1.658	104	5.72%
leveraged return	0.857	53	0.522	40	0.821	84	0.186	23	1.529	147	3.207	249	7.65%
leveraged return, downside protection	0.084	24	0.117	18	0.176	27	0.038	9	0.331	54	0.770	130	1.66%
leveraged return, partial downside protection	1.904	184	1.311	181	1.769	174	0.763	49	3.843	404	7.436	723	19.23%
other/NA	2.673	133	4.891	102	1.796	132	1.555	57	8.242	291	12.692	563	41.25%
range	0.047	8	0.159	17	0.913	58	0.091	8	1.164	83	1.333	98	5.83%
steepener	0	2	0	0	0.018	4	0.027	5	0.045	9	0.050	13	0.23%
trigger reverse convertible	0.296	263	0.793	353	1.224	451	0.276	152	2.294	956	3.819	1769	11.48%
Total	6.768	718	8.956	827	7.915	990	3.109	316	19.980	2133	34.315	3830	100.00%
Tenor
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Less than 1 year	0.622	0.360	0.441	0.460	0.143	0.268	0.204	0.404	0.177	0.688	0.343	0.282
1	0.775	0.824	0.992	0.396	0.415	0.227	0.501	0.331	0.255	0.462	0.441	0.318
1.25	0.670	0.180	0.251	0.188	0.047	0.209	0.007	0.126	0.061	0.292	0.104	0.049
1.5	0.835	0.437	0.286	0.244	0.133	0.309	0.302	0.302	0.163	0.247	0.219	0.136
1.75	0.003	0	0.040	0	0	0.023	0.021	0	0	0.020	0.001	0.005
2	0.647	0.275	0.208	0.075	0.258	0.305	0.308	0.211	0.240	0.411	0.388	0.716
2.25-4.75 years	0.162	0.182	0.101	0.040	0.096	0.124	0.045	0.032	0.067	0.162	0.331	0.203
5	0.177	0.136	0.069	0.060	0.080	0.033	0.090	0.144	0.228	0.123	0.190	0.108
5.25-9.75 years	0.015	0.016	0.040	0.037	0.030	0.039	0.003	0.005	0	0.039	0.068	0.046
10	0	0	0.023	0	0	0.512	0.013	0	0.010	0.045	0.566	1.120
10.25-14.75 years	0.050	0.022	0.004	0.007	0.024	0.021	0.029	0.134	0	0.053	0.011	0
15	0.759	0.124	0.036	0.005	0	0.011	0.061	0.041	0.115	0.245	0.287	0.098
More than 15	0	0.105	0.540	0	1.000	1.000	2.501	0.012	0.088	0.035	0.358	0.013
NA	0.158	0.037	0	0.001	0	0	0.010	0.035	0.054	0.251	0.074	0.015
Total	4.871	2.696	3.031	1.513	2.224	3.082	4.096	1.778	1.459	3.074	3.382	3.109
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 1 year	1.044	279	0.877	319	1.208	407	0.282	140	2.368	866	4.393	1594	11.85%
1	1.804	167	1.060	164	1.159	160	0.318	46	2.536	370	5.939	752	12.69%
1.25	0.486	17	0.342	19	0.457	36	0.049	8	0.848	63	2.184	121	4.24%
1.5	0.663	85	0.913	88	0.628	69	0.136	24	1.677	181	3.611	348	8.39%
1.75	0.040	2	0.044	4	0.021	4	0.005	2	0.070	10	0.113	14	0.35%
2	0.540	56	0.824	98	1.039	104	0.716	41	2.579	243	4.041	356	12.91%
2.25-4.75 years	0.238	54	0.200	32	0.561	71	0.203	24	0.963	127	1.544	245	4.84%
5	0.209	21	0.266	31	0.541	52	0.108	12	0.916	95	1.437	150	4.58%
5.25-9.75 years	0.106	9	0.047	9	0.107	7	0.046	4	0.200	20	0.336	36	1.01%
10	0.023	3	0.525	4	0.621	9	1.120	2	2.266	15	2.289	18	11.34%
10.25-14.75 years	0.035	10	0.185	35	0.065	10	0	0	0.250	45	0.357	58	1.26%
15	0.041	7	0.114	13	0.647	39	0.098	10	0.860	62	1.783	82	4.30%
More than 15	1.540	4	3.513	5	0.481	11	0.013	2	4.007	18	5.652	25	20.06%
NA	0.001	4	0.045	6	0.379	11	0.015	1	0.439	18	0.635	31	2.20%
Total	6.768	718	8.956	827	7.915	990	3.109	316	19.980	2133	34.315	3830	100.00%

Criteria

• The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A 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).

• Each tranche is counted as a separate deal.

• Notes are included that convert into or are linked to one more stocks, indexes, commodities, currencies, interest rates or other assets. For interest rate deals, callables with no further structure are excluded.

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