Goldman Sachs is top agent in structured products so far this year based on early data

By Emma Trincal

New York, Jan. 30 – Goldman Sachs led the agent league tables for structured products in January, but rankings and volume figures are expected to change noticeably.

Volume in the first month of the year was down 40% from a year ago, according to preliminary data compiled by Prospect News.

Those early figures are based on Securities and Exchange Commission filings available at press time on Friday. At that point, none of Bank of America’s deals had been reported, making the rankings and notional figures premature and subject to significant changes in the first week of February.

As of press time on Friday, volume was $2.45 billion, down 40% from $4.11 billion a year ago, the preliminary data showed.

Goldman Sachs was the top agent with $468 million in 41 deals, or 19.10% of the total.

JPMorgan was next with $441 million in 117 offerings, or 18% of the total, followed by UBS, which priced 223 deals totaling $381 million, or 15.55% of the overall volume.

Goldman tops equity indexes

Goldman Sachs was No. 1 for equity index-linked notes, according to the temporary data, with $362 million in 37 deals, or 29.6% of the total. JPMorgan was next with $191 million and 44 offerings.

The equity index asset class saw its volume decrease by 42%. But again, this figure does not take into account the input of Bank of America, the top-seller in this asset class.

UBS remained the No. 1 agent in single-stock issuance with $173 million sold in 173 deals, or 31% of the total. However, this agent saw the number of its deals fall by 46% from last year, which is not its normal trend as UBS tends to increase rather than decrease the number of its deals on a regular basis, according to previous league table reports. As a result, UBS saw its volume decline by more than 60% from $438 million last year.

JPMorgan kept its No. 2 position of last year with about the same notional amount – $139 million versus $132 million – of single-stock issuance with fewer deals, falling to 30 from 45.

Rate-linked issuance falls

Very significant was the serious decline in interest-rate-linked note issuance. Agents sold only six offerings this year totaling $20 million versus 12 last year for a $239 million total. The top agent was Citigroup – the same as last year – with $9 million.

However, this group of rate-linked notes does not include step-ups, step-downs, fixed-to-floating and capped floaters, a separate category Prospect News designates as “structured coupons.” Structured coupons are counted, but they are listed separately and are not included in the league tables.

Sales of structured coupons rose this year to $3.45 billion from $3.3 billion, a 4.55% increase. Vining was the top agent in this category of products with 16 deals totaling $317 million, or 9.20% of the total.

Goldman No. 1 issuer

Regarding the issuer league tables and based on the preliminary data, Goldman Sachs Group, Inc. was No. 1 for all products as well as equity index-linked notes.

JPMorgan Chase & Co. was the top issuer for single stocks, Citigroup Inc. was No. 1 for traditional interest-rate-linked notes, and Bank of America Corp. topped the list for commodities issuance.

All structured products, no ETNs, by agent, January

2014 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.468	41	19.09%	4	0.352	47	8.59%
2	JPMorgan	0.441	117	18.02%	3	0.601	127	14.63%
3	UBS	0.381	223	15.54%	2	0.611	344	14.89%
4	Barclays	0.229	33	9.34%	5	0.316	43	7.70%
5	BMO	0.227	6	9.26%	7	0.174	2	4.23%
6	Bank of America	0.209	13	8.52%	1	1.129	34	27.50%
7	Morgan Stanley	0.154	36	6.27%	6	0.226	31	5.50%
8	Credit Suisse	0.092	29	3.77%	10	0.129	42	3.15%
9	HSBC	0.076	44	3.10%	11	0.104	58	2.53%
10	RBC	0.068	20	2.80%	8	0.158	56	3.84%
	Total	2.449	587	4.105	819
	Average size:	0.004	0.005
All structured products, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	0.816	109	25.71%	3	0.895	124	16.94%
2	Goldman Sachs	0.468	41	14.73%	6	0.352	47	6.67%
3	JPMorgan	0.441	117	13.90%	4	0.601	127	11.37%
4	UBS	0.381	223	11.99%	2	0.936	346	17.72%
5	Barclays	0.229	33	7.21%	5	0.373	45	7.07%
6	BMO	0.227	6	7.15%	8	0.174	2	3.28%
7	Bank of America	0.209	13	6.58%	1	1.129	34	21.36%
8	Morgan Stanley	0.154	36	4.84%	7	0.226	31	4.28%
9	HSBC	0.076	44	2.39%	11	0.104	58	1.96%
10	RBC	0.068	20	2.16%	9	0.158	56	2.98%
	Total	3.174	669	5.284	913
	Average size:	0.005	0.006
ETNs, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	0.724	80	99.89%	1	0.766	82	64.92%
2	Nuveen	0.001	2	0.11%	4	0.031	8	2.66%
	Total	0.725	82	1.180	94
	Average size:	0.009	0.013
Commodity structured products, no ETNs, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.035	8	35.80%	1	0.119	5	62.98%
2	Bank of America	0.029	3	29.19%
3	Morgan Stanley	0.021	6	21.78%	5	0.001	1	0.60%
4	Citigroup	0.008	1	7.73%
5	Deutsche Bank	0.005	2	4.81%	4	0.003	1	1.70%
6	UBS	0.001	1	0.69%	3	0.005	1	2.41%
	Total	0.098	21	0.189	9
	Average size:	0.005	0.021
Equity index structured products, no ETNs, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.362	37	29.57%	3	0.230	36	10.93%
2	JPMorgan	0.191	44	15.64%	2	0.232	48	11.01%
3	UBS	0.176	25	14.41%	4	0.148	18	7.00%
4	Bank of America	0.134	7	10.91%	1	1.029	28	48.86%
5	Barclays	0.130	21	10.66%	9	0.065	11	3.10%
6	HSBC	0.069	32	5.64%	7	0.083	34	3.93%
7	Credit Suisse	0.069	19	5.60%	6	0.089	27	4.23%
8	RBC	0.032	6	2.63%	5	0.090	15	4.28%
9	Morgan Stanley	0.031	10	2.49%	8	0.082	14	3.87%
10	Citigroup	0.015	5	1.20%	10	0.034	8	1.60%
	Total	1.224	213	2.107	246
	Average size:	0.006	0.009
Foreign exchange structured products, no ETNs, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Deutsche Bank	0.025	2	74.83%
2	JPMorgan	0.008	4	25.17%	1	0.027	5	77.12%
	Total	0.034	6	0.034	7
	Average size:	0.006	0.005
Interest rate structured products, no ETNs, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup	0.009	1	45.60%	1	0.100	2	41.90%
2	BMO	0.005	1	25.34%
3	Morgan Stanley	0.003	1	15.20%	5	0.010	1	4.19%
4	JPMorgan	0.002	1	7.60%
5	RBC	0.001	1	5.07%
6	Goldman Sachs	0.000	1	1.19%	4	0.035	5	14.79%
	Total	0.020	6	0.239	12
	Average size:	0.003	0.020
Single stock structured products, no ETNs, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	0.173	173	30.98%	1	0.438	321	41.77%
2	JPMorgan	0.139	39	24.93%	2	0.132	45	12.58%
3	Goldman Sachs	0.091	1	16.25%	6	0.074	4	7.09%
4	Barclays	0.053	6	9.58%	3	0.120	20	11.46%
5	Morgan Stanley	0.041	12	7.42%	4	0.102	9	9.75%
6	Bank of America	0.025	2	4.43%	5	0.090	4	8.60%
7	RBC	0.023	8	4.10%	7	0.045	35	4.27%
8	Citigroup	0.007	2	1.31%	10	0.003	3	0.27%
9	Credit Suisse	0.005	4	0.93%	9	0.013	6	1.28%
10	HSBC	0.000	1	0.07%	11	0.002	1	0.21%
	Total	0.557	248	1.049	450
	Average size:	0.002	0.002
Interest rate products with structured coupons (not included above), by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Vining	0.317	16	9.18%	10	0.148	13	4.49%
2	JPMorgan	0.300	2	8.70%	29	0.028	2	0.86%
3	Stifel	0.216	7	6.26%	7	0.167	14	5.05%
4	First Tennessee	0.215	11	6.23%	9	0.163	9	4.95%
5	Hapoalim	0.205	11	5.94%	6	0.175	8	5.30%
6	Raymond James	0.189	11	5.48%	5	0.177	13	5.38%
7	Barclays	0.165	5	4.78%	14	0.107	3	3.24%
8	Finacorp	0.132	14	3.84%	20	0.058	5	1.77%
9	Incapital	0.132	13	3.83%	4	0.182	12	5.50%
10	Piper Jaffray	0.111	11	3.21%	23	0.040	4	1.21%
	Total	3.450	127	3.300	137
	Average size:	0.027	0.024
Interest rate products with structured coupons (not included above), no agencies, by agent, January
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.035	3	41.34%	4	0.014	2	6.09%
2	TD	0.018	3	21.60%
3	Incapital	0.012	2	14.28%
4	RBC	0.010	2	11.90%	2	0.079	7	34.18%
5	Barclays	0.005	1	5.95%	1	0.107	3	46.48%
6	Credit Suisse	0.002	1	2.56%
7	Nomura	0.002	1	2.38%	7	0.002	1	0.65%
	Total	0.084	13	0.230	18
	Average size:	0.006	0.013
All structured products, no ETNs, by issuer, January
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs Group, Inc.	0.501	47	20.44%	3	0.455	54	11.08%
2	Credit Suisse AG, London Branch 0.337	59	13.73%	4	0.415	58	10.11%
3	JPMorgan Chase & Co. 0.296	85	12.10%	5	0.370	98	9.01%
4	Barclays Bank plc	0.095	37	11.66%	1	0.532	62	12.97%
5	Bank of Montreal	0.227	6	9.26%	10	0.174	2	4.23%
6	HSBC USA Inc.	0.174	60	7.10%	8	0.289	71	7.04%
7	Morgan Stanley	0.162	38	6.61%	9	0.221	30	5.38%
8	UBS AG, London Branch 0.132	165	5.41%	7	0.316	293	7.71%
9	Royal Bank of Canada 0.114	38	4.66%	6	0.365	71	8.88%
10	Deutsche Bank AG, London Branch	0.107	28	4.39%	11	0.173	34	4.21%
	Total	2.449	587	4.105	819
	Average size:	0.004	0.005
All structured products, by issuer, January
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, Nassau Branch 0.746	83	23.52%	1	0.766	82	14.49%
2	Goldman Sachs Group, Inc.	0.501	47	15.78%	4	0.455	54	8.61%
3	Credit Suisse AG, London Branch 0.334	58	10.51%	5	0.415	58	7.86%
4	JPMorgan Chase & Co. 0.296	85	9.34%	7	0.370	98	6.99%
5	Barclays Bank plc	0.285	39	9.00%	2	0.590	64	11.16%
6	Bank of Montreal	0.227	6	7.15%	12	0.174	2	3.28%
7	HSBC USA Inc.	0.174	60	5.48%	9	0.289	71	5.47%
8	Morgan Stanley	0.162	38	5.10%	11	0.221	30	4.18%
9	UBS AG, London Branch 0.132	165	4.17%	6	0.391	294	7.41%
10	Royal Bank of Canada 0.114	38	3.59%	8	0.365	71	6.90%
	Total	3.174	669	5.284	913
	Average size:	0.005	0.006
Commodity structured products, no ETNs, by issuer, January
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America Corp. 0.029	3	29.19%
2	Morgan Stanley	0.021	6	21.77%	5	0.001	1	0.60%
3	JPMorgan Chase & Co. 0.018	4	18.66%	2	0.039	4	20.49%
4	Deutsche Bank AG, London Branch	0.012	3	12.36%	4	0.003	1	1.70%
5	UBS AG, London Branch 0.010	4	10.28%	3	0.005	1	2.41%
6	Citigroup Inc.	0.008	1	7.73%
	Total	0.098	21	0.189	9
	Average size:	0.005	0.021
Equity index structured products, no ETNs, by issuer, January
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs Group, Inc.	0.391	41	31.93%	3	0.322	42	15.28%
2	Credit Suisse AG, London Branch 0.284	38	23.21%	2	0.369	39	17.52%
3	Barclays Bank plc	0.159	23	13.05%	6	0.139	18	6.59%
4	HSBC USA Inc.	0.117	35	9.58%	4	0.249	41	11.82%
5	JPMorgan Chase & Co. 0.090	30	7.34%	7	0.108	32	5.14%
6	Morgan Stanley	0.059	13	4.80%	8	0.082	14	3.87%
7	Royal Bank of Canada 0.043	9	3.53%	5	0.241	21	11.46%
8	UBS AG, London Branch 0.037	8	3.02%	9	0.050	8	2.36%
9	Deutsche Bank AG, London Branch	0.021	7	1.71%	11	0.028	5	1.31%
10	Citigroup Inc.	0.015	5	1.20%	10	0.034	8	1.60%
	Total	1.224	213	2.107	246
	Average size:	0.006	0.009
Foreign exchange structured products, no ETNs, by issuer, January
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Deutsche Bank AG, London Branch	0.025	2	74.83%
2	Goldman Sachs Group, Inc.	0.004	2	12.92%
3	JPMorgan Chase & Co. 0.004	2	12.25%	1	0.027	5	77.12%
	Total	0.034	6	0.034	7
	Average size:	0.006	0.005
Interest rate structured products, no ETNs, by issuer, January
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup Inc.	0.009	1	45.60%	1	0.100	2	41.90%
2	Bank of Montreal	0.005	1	25.34%
3	Morgan Stanley	0.003	1	15.20%	6	0.010	1	4.19%
4	JPMorgan Chase & Co. 0.002	1	7.60%
5	Royal Bank of Canada 0.001	1	5.07%
6	Goldman Sachs Group, Inc.	0.000	1	1.19%	3	0.035	5	14.79%
	Total	0.020	6	0.239	12
	Average size:	0.003	0.020
Single stock structured products, no ETNs, by issuer, January
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 0.123	29	22.10%	3	0.106	36	10.13%
2	Goldman Sachs Group, Inc.	0.091	1	16.25%	7	0.085	5	8.12%
3	UBS AG, London Branch 0.070	134	12.53%	1	0.250	281	23.79%
4	Barclays Bank plc	0.058	8	10.34%	2	0.200	32	19.04%
5	Royal Bank of Canada 0.057	23	10.31%	6	0.095	43	9.08%
6	Deutsche Bank AG, London Branch	0.042	14	7.58%	4	0.104	20	9.93%
7	Morgan Stanley	0.041	12	7.42%	5	0.102	9	9.75%
8	HSBC USA Inc.	0.039	11	6.97%	11	0.018	6	1.70%
9	Credit Suisse AG, London Branch 0.029	14	5.19%	12	0.015	8	1.47%
10	Citigroup Inc.	0.007	2	1.31%	10	0.020	7	1.87%
	Total	0.557	248	1.049	450
	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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