Goldman Sachs week’s top bookrunner for structured products; $624 million in 159 deals price

By Sheri Kasprzak

New York, Sept. 24 – The Goldman Sachs Group Inc. was the number-one bookrunner for structured products excluding exchange-traded notes for the week of Sept. 14, according to data compiled by Prospect News.

The investment bank led the sale of $147 million of securities, representing 27.61% of the week’s deals in 10 offerings. Goldman was in the number-six spot for the previous week.

Coming in second for the week was JPMorgan Chase & Co., which served as bookrunner on $93 million of deals making up 17.4% of the week’s total in 19 deals. The previous week, the investment bank sold $180 million of notes.

In the number-three spot for the week was UBS AG, which served as bookrunner for $81 million in 67 deals, making up 15.18% of the week’s deals. During the previous week, UBS was bookrunner for $96 million of deals.

Deals decline by 10.5%

There were 159 deals priced during the week of Sept. 14 totaling $624 million. In the week of Sept. 7, there were 148 deals totaling $697 million, representing a 10.47% decline for the week.

Excluding ETNs, there were 150 deals totaling $534 million in the week of Sept. 14, compared to 130 deals totaling $514 million for a 3.89% increase week over week.

Looking at deal sizes, smaller deals made up the majority of offerings, with 10 deals of $10 million or larger and five deals of $20 million or larger. There was only one offering that was $50 million or larger.

$1.92 billion priced in month

Moving to monthly numbers, there were 454 deals totaling $1,923,000,000 for the period between Sept. 1 and Sept. 19. Between Aug. 1 and Aug. 19, there were 447 deals priced totaling $2,429,000,000, representing a 20.8% decline.

Excluding ETNs, there were 409 deals between Sept. 1 and Sept. 19 totaling $1,497,000,000 compared to 404 deals totaling $1,562,000,000 between Aug. 1 and Aug. 19, marking a 4.16% decline.

Between Sept. 1, 2013 and Sept. 19, 2013, there were 311 deals priced totaling $1,226,000,000. Year over year, that represents a 56.86% increase.

Excluding ETNs, there were 274 deals totaling $1,059,000,000 for period between Sept. 1, 2013 and Sept. 19, 2013, marking a 41.27% increase.

So far this month, there were 38 deals larger than $10 million compared to 24 deals for the previous month. Ten offerings were $20 million or larger compared to nine deals in the previous month, and there were three deals of $50 million or larger for September so far.

Equities top underliers

Moving to asset classes for the week of Sept. 14, equities were the top underlier with $364 million of deals excluding ETNs, making up 68.15% of all offerings for the week.

Synthetics made up 27.99% of the share of offerings for the week at $150 million in 100 deals.

Synthetic ETFs made up 4.48% of offerings for the week at $24 million in six deals.

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