Structured products issuance dives 55.17% week over week; $855 million priced in 155 deals

By Sheri Kasprzak

New York, Oct. 8 – Structured products issuance took a major slide over the past week, with just $855 million completed in 155 deals, according to Prospect News data.

For the week of Sept. 28, there were 155 deals totaling $855 million, compared to $1,906,000,000 in 330 deals completed during the week of Sept. 21, marking a 55.17% decline week over week.

Excluding exchange-traded notes, there were 129 deals totaling $488 million for the week of Sept. 28 compared with 312 deals totaling $1,743,000,000, a 72% decline week over week.

Looking to deal sizes, nine offerings were larger than $10 million compared to 43 the previous week. Four deals were larger than $20 million compared to 28 the previous week and no deals were larger than $50 million with four at $50 million or over in the previous week.

Goldman jumps to second

Looking to bookrunners for the week’s offerings, Goldman Sachs Group made the most significant leap, acting as bookrunner for $82 million in 11 deals. The week before, Goldman was bookrunner for just $18 million in nine offerings. This brought Goldman to the number-two spot for the week behind JPMorgan Chase & Co., which served as the bookrunner for $108 million in 23 deals, down 52% from the previous week.

Citigroup Global Markets Inc. rounded out the top three with $60 million in nine deals, sliding 12.3% from the previous week when it served as bookrunner on 10 deals totaling $68 million.

Monthly totals up 127.5%

Moving to monthly totals, October’s issuance so far is $435 million in 83 deals, including the period from Oct. 1 to Oct. 3. For the same period in September, there were 50 deals totaling $191 million, a 127.57% increase. Excluding ETNs, the month-to-date totals are 69 deals for $201 million. For the same period in September, there were 38 deals totaling $83 million, an increase month over month of 141.79%.

The year-ago totals are up 85.32%. From Oct. 1, 2013 to Oct. 3, 2013, there were 49 deals totaling $235 million.

Year-to-date totals up 1.3%

Looking at the year so far, there have been 7,760 deals between Jan. 1 and Oct. 3 totaling $41,282,000,000, compared to 6,793 deals for Jan. 1, 2013 to Oct. 3, 2013 totaling $40,699,000,000. The increase year over year is 1.34%.

Excluding ETNs, there have been 7,078 deals so far this year totaling $32,679,000,000, up 12.77% from the same 2013 period in which there were 6,075 deals totaling $28,979,000,000.

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