Bank of America is still top U.S. structured products agent year to date

By Emma Trincal

New York, Nov. 4 – Bank of America remained the top agent this year with $11.23 billion priced as of the end of October, a 12.60% increase from the same time last year, according to data compiled by Prospect News.

With 360 deals versus 324 last year, it only took Bank of America an additional 36 deals to bump up its production by $1.25 billion.

Year to date

Because other firms saw their volume mostly stagnate and in some cases decline, Bank of America captured a larger market share with 30.17% of the total versus 27.50% last year.

The total number of offerings for the year dropped almost 10% to 7,116 from 7,865.

JPMorgan remained the second agent this year with $6.37 billion in 1,496 deals. It kept its 17% market share, equal to last year’s.

Goldman Sachs moved up one notch to the third slot, pushing down UBS one notch.

As is often the case, the second half of the year was disappointing compared to the first one.

During the first 10 months of 2015, agents priced $37.72 billion versus $36.28 billion during the same time last year, a meager 2.61% increase.

The small uptick contrasts with the advance registered at the end of June when volume for the year was up 16%, leading sources to say that the correction seen in August followed by the uncertainty around the Fed timing have not helped the market.

October itself was the worst month of the year. Sales amounted to $2.83 billion, a nearly 25% decline from the same month in 2014.

Asset classes

Volume declined this year in every asset class accounted for in the league tables. The only exception was the equity index category championed by Bank of America, which holds nearly 40% of the market and remains No. 1 with $9.71 billion sold in 278 deals.

Single-stock deals have continued to see a solid decline in volume this year, falling 39.50% to $6.38 billion from $9.91 billion last year. The top agent remains UBS, but its volume is on a declining path with $1.77 billion sold versus $3.14 billion, a 43.5% decline. The number of deals overall has fallen by nearly 40% to 1,546 from 2,549 last year.

Commodities remained the worst declining asset class with volume falling 52.5% to $797 million from $1.68 billion last year. JPMorgan was still the top agent with 47.65% of the market. It priced 58 deals totaling $379 million.

JPMorgan was also the No. 1 agent in foreign exchange products, scoring 48.37% of the total. It priced $155 million in 27 deals. This asset class remains by far the smallest one with $320 million in total.

The overall volume is down 39.50% from last year.

Rates, structured coupons

Goldman Sachs moved up five notches to top agent in the interest rates category with $267 million in 15 deals.

Volume in this asset class is down nearly 30% at $1.23 billion.

Citigroup was the best agent in this category last year.

The interest rates category does not include synthetic structured coupon deals, which comprise step ups, fixed-to-floating notes and capped floaters. These products are not included in the league table totals. They are listed separately.

A total of $48.35 billion of structured coupon notes were priced this year, almost 45% more than last year’s $33.39 billion.

First Tennessee remained the top distributor in this category with $4.10 billion, or nearly 8.50% of the total.

Top issuers

JPMorgan Chase & Co. topped the issuer’s league tables for the year, keeping the same position it held last year. Its credit was used in 1,264 offerings for a total of $5 billion, or 13.50% of the total.

In other asset classes, Credit Suisse AG was the No. 1 issuer of equity-index-linked notes, Barclays Bank plc topped the list in commodities, and Goldman Sachs Group Inc. was the biggest issuer of currency-linked notes and rate deals. JPMorgan was the top issuer of single-stock-linked products.

In October, Bank of America Corp. was the No. 1 issuer with 17 deals totaling $656 million.

All structured products, no ETNs, by agent, year to date

2014 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	11.229	360	30.17%	1	9.974	324	27.49%
2	JPMorgan	6.365	1496	17.10%	2	6.174	1271	17.02%
3	Goldman Sachs	4.371	524	11.74%	4	2.924	455	8.06%
4	UBS	4.011	2006	11.78%	3	5.088	2971	14.02%
5	Morgan Stanley	2.573	465	6.91%	6	2.434	392	6.71%
6	Barclays	2.309	468	6.20%	5	2.700	446	7.44%
7	Credit Suisse	1.452	439	3.90%	7	1.290	393	3.56%
8	HSBC	1.048	478	2.81%	9	1.154	647	3.18%
9	Citigroup	1.019	242	2.74%	10	1.064	186	2.93%
10	RBC	0.738	201	1.98%	8	1.260	492	3.47%
	Total	37.222	7116	36.276	7865
	Average size:	0.005	0.005
All structured products, no ETNs, by agent, October
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	0.897	31	31.69%	1	1.025	35	27.22%
2	Goldman Sachs	0.694	35	24.52%	4	0.468	59	12.43%
3	JPMorgan	0.267	104	9.43%	3	0.544	149	14.45%
4	Credit Suisse	0.254	41	8.96%	8	0.136	47	3.62%
5	Morgan Stanley	0.161	31	5.70%	5	0.304	53	8.08%
6	Barclays	0.101	31	3.59%	7	0.159	29	4.22%
7	UBS	0.100	101	3.41%	2	0.560	313	14.88%
8	Deutsche Bank	0.080	8	2.84%	6	0.251	17	6.66%
9	Citigroup	0.070	17	2.48%	11	0.073	22	1.94%
10	HSBC	0.062	39	2.20%	9	0.108	69	2.88%
	Total	2.830	489	3.765	849
	Average size:	0.006	0.004
All structured products, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	12.376	1271	23.44%	3	7.110	1061	15.45%
2	Bank of America	11.229	360	21.27%	1	9.974	324	21.67%
3	UBS	7.044	2026	13.34%	2	7.314	2982	15.89%
4	JPMorgan	6.365	1496	12.06%	4	6.174	1271	13.41%
5	Goldman Sachs	4.371	524	8.28%	6	2.924	455	6.35%
6	Barclays	3.647	473	6.91%	5	3.729	455	8.10%
7	Morgan Stanley	2.573	465	4.87%	7	2.434	392	5.29%
8	HSBC	1.048	478	1.98%	11	1.154	647	2.51%
9	Citigroup	1.019	242	1.93%	9	1.194	189	2.59%
10	RBC	0.738	201	1.40%	8	1.264	493	2.75%
	Total	52.790	8029	46.028	8618
	Average size:	0.007	0.005
ETNs, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	10.924	832	70.17%	1	5.820	668	59.68%
2	UBS	3.032	20	19.48%	2	2.227	11	22.83%
3	Barclays	1.338	5	8.60%	3	1.028	9	10.55%
4	Nuveen	0.133	54	0.86%	6	0.177	56	1.81%
5	RBS	0.080	1	0.51%	5	0.182	3	1.86%
6	Deutsche Bank	0.060	1	0.39%	4	0.184	2	1.89%
	Total	15.568	913	9.752	753
	Average size:	0.017	0.013
Commodity structured products, no ETNs, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.379	58	47.65%	1	0.994	65	59.33%
2	Morgan Stanley	0.147	49	18.44%	3	0.119	25	7.08%
3	Citigroup	0.088	6	11.02%	9	0.003	1	0.18%
4	Goldman Sachs	0.075	2	9.40%	4	0.104	3	6.22%
5	Bank of America	0.057	6	7.19%	5	0.085	7	5.10%
6	Barclays	0.024	1	3.01%	2	0.277	15	16.52%
7	UBS	0.015	5	1.93%	6	0.058	20	3.44%
8	BNP	0.006	5	0.77%	8	0.003	2	0.18%
9	Deutsche Bank	0.005	2	0.59%	7	0.033	6	1.96%
	Total	0.797	134	1.676	144
	Average size:	0.006	0.012
Equity index structured products, no ETNs, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	9.708	278	39.31%	1	7.919	240	42.19%
2	Goldman Sachs	3.635	443	14.72%	3	2.028	346	10.80%
3	JPMorgan	3.192	743	12.92%	2	2.258	432	12.03%
4	UBS	1.955	303	7.92%	4	1.511	287	8.05%
5	Barclays	1.472	298	5.96%	6	0.876	177	4.66%
6	Credit Suisse	1.167	310	4.72%	7	0.846	280	4.51%
7	Morgan Stanley	1.121	192	4.54%	5	0.968	169	5.16%
8	HSBC	0.670	309	2.71%	8	0.692	437	3.69%
9	Deutsche Bank	0.497	57	2.01%	9	0.606	67	3.23%
10	Citigroup	0.464	125	1.88%	11	0.230	63	1.23%
	Total	24.695	3308	18.772	2665
	Average size:	0.007	0.007
Foreign exchange structured products, no ETNs, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.155	27	48.37%	1	0.239	47	45.20%
2	Morgan Stanley	0.083	2	26.01%	8	0.002	1	0.38%
3	Deutsche Bank	0.025	2	7.86%	4	0.017	2	3.26%
4	HSBC	0.022	12	6.83%	6	0.004	2	0.84%
5	Goldman Sachs	0.022	2	6.74%	2	0.233	29	43.97%
6	Bank of America	0.011	1	3.52%	3	0.021	3	3.94%
7	Citigroup	0.001	1	0.35%
8	Barclays	0.001	1	0.31%	5	0.010	1	1.93%
	Total	0.320	48	0.529	86
	Average size:	0.007	0.006
Interest rate structured products, no ETNs, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.267	15	21.78%	6	0.115	28	6.62%
2	Wells Fargo	0.262	17	21.31%	10	0.066	5	3.80%
3	Morgan Stanley	0.198	16	16.10%	3	0.222	9	12.69%
4	Citigroup	0.161	21	13.08%	1	0.496	28	28.43%
5	Barclays	0.157	3	12.80%	2	0.257	22	14.74%
6	JPMorgan	0.115	21	9.35%	4	0.164	18	9.38%
7	Bank of America	0.028	4	2.26%	9	0.068	6	3.90%
8	Deutsche Bank	0.018	2	1.43%	8	0.072	7	4.11%
9	Jefferies	0.010	1	0.81%
10	RBC	0.005	2	0.41%	7	0.079	8	4.52%
	Total	1.227	104	1.746	154
	Average size:	0.012	0.011
Single stock structured products, no ETNs, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	1.774	1546	27.83%	1	3.143	2549	31.73%
2	JPMorgan	1.497	431	23.48%	2	1.723	512	17.40%
3	Bank of America	1.226	54	19.23%	3	1.653	51	16.69%
4	Morgan Stanley	0.475	119	7.45%	5	0.762	132	7.69%
5	Barclays	0.448	108	7.03%	4	1.031	166	10.41%
6	Goldman Sachs	0.195	31	3.06%	10	0.191	14	1.93%
7	HSBC	0.194	49	3.05%	8	0.222	38	2.24%
8	RBC	0.163	57	2.55%	6	0.464	334	4.69%
9	Citigroup	0.157	47	2.47%	9	0.211	66	2.13%
10	Credit Suisse	0.117	73	1.84%	7	0.289	51	2.92%
	Total	6.375	2549	9.905	3936
	Average size:	0.003	0.003
Interest rate products with structured coupons (not included above), by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	First Tennessee	4.098	177	8.48%	1	2.552	134	7.64%
2	Vining	2.340	181	4.84%	11	1.263	93	3.78%
3	Stifel	2.326	111	4.81%	4	1.736	92	5.20%
4	Morgan Stanley	2.153	120	4.45%	8	1.563	79	4.68%
5	Raymond James	2.071	154	4.28%	7	1.577	105	4.72%
6	Incapital	1.845	152	3.82%	2	1.890	111	5.66%
7	Jefferies	1.709	67	3.53%	3	1.780	71	5.33%
8	Hapoalim	1.645	80	3.40%	9	1.325	66	3.97%
9	Finacorp	1.478	133	3.06%	31	0.269	31	0.80%
10	Barclays	1.398	46	2.89%	5	1.640	58	4.91%
	Total	48.352	1817	33.389	1361
	Average size:	0.027	0.025
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays	0.449	9	17.89%	1	0.699	24	31.71%
2	Goldman Sachs	0.433	56	17.24%	3	0.296	39	13.43%
3	RBC	0.356	31	14.17%	2	0.408	39	18.51%
4	Bank of America	0.264	20	10.51%	11	0.023	3	1.04%
5	Wells Fargo	0.233	13	9.28%	7	0.076	8	3.47%
6	Morgan Stanley	0.188	12	7.48%	5	0.142	10	6.42%
7	TD	0.143	35	5.67%
8	JPMorgan	0.133	38	5.30%	9	0.065	17	2.95%
9	HSBC	0.099	11	3.95%	10	0.053	6	2.38%
10	Nomura	0.052	6	2.07%	16	0.009	3	0.41%
	Total	2.512	257	2.205	217
	Average size:	0.010	0.010
All structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 5.010	1264	13.46%	1	4.787	1084	13.20%
2	Barclays Bank plc	4.921	619	13.22%	3	4.338	603	11.96%
3	Credit Suisse AG, London Branch 4.280	688	11.50%	2	4.412	540	12.16%
4	Bank of America Corp. 3.934	101	10.57%	10	2.089	77	5.76%
5	Goldman Sachs Group, Inc.	3.917	572	10.52%	5	3.294	489	9.08%
6	HSBC USA Inc.	3.157	611	8.48%	7	2.796	759	7.71%
7	Morgan Stanley	2.585	471	6.95%	9	2.293	385	6.32%
8	Deutsche Bank AG, London Branch	2.383	360	6.40%	6	3.040	433	8.38%
9	UBS AG, London Branch 1.701	1507	4.57%	8	2.594	2420	7.15%
10	Royal Bank of Canada 1.338	298	3.60%	4	3.334	685	9.19%
	Total	37.222	7116	36.276	7865
	Average size:	0.005	0.005
All structured products, no ETNs, by issuer, October
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America Corp. 0.656	17	23.19%	8	0.239	10	6.35%
2	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.500	2	17.67%
3	Credit Suisse AG, London Branch 0.358	47	12.65%	1	0.669	82	17.78%
4	JPMorgan Chase & Co. 0.238	92	8.42%	3	0.401	124	10.64%
5	Goldman Sachs Group, Inc.	0.194	33	6.85%	2	0.552	69	14.66%
6	Morgan Stanley	0.162	31	5.73%	9	0.194	51	5.16%
7	Barclays Bank plc	0.128	37	4.53%	7	0.242	37	6.42%
8	Deutsche Bank AG, London Branch	0.117	19	4.14%	4	0.398	53	10.57%
9	HSBC USA Inc.	0.101	43	3.58%	10	0.183	84	4.86%
10	Citigroup Inc.	0.067	16	2.38%	13	0.065	21	1.74%
	Total	2.830	489	3.765	849
	Average size:	0.006	0.004
All structured products, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, Nassau Branch 11.035	856	20.90%	1	6.054	679	13.15%
2	Barclays Bank plc	6.259	624	11.86%	2	5.366	612	11.66%
3	JPMorgan Chase & Co. 5.010	1264	9.49%	3	4.787	1084	10.40%
4	Credit Suisse AG, London Branch 4.280	688	8.11%	4	4.412	540	9.58%
5	Bank of America Corp. 3.934	101	7.45%	11	2.089	77	4.54%
6	Goldman Sachs Group, Inc.	3.917	572	7.42%	7	3.294	489	7.16%
7	HSBC USA Inc.	3.157	611	5.98%	9	2.796	759	6.08%
8	UBS AG, London Branch 2.792	1522	5.29%	5	3.919	2428	8.51%
9	Morgan Stanley	2.585	471	4.90%	10	2.293	385	4.98%
10	Deutsche Bank AG, London Branch	2.443	361	4.63%	8	3.224	435	7.00%
	Total	52.790	8029	46.028	8618
	Average size:	0.007	0.005
Commodity structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.208	3	26.07%	1	0.478	20	28.53%
2	JPMorgan Chase & Co. 0.172	49	21.54%	2	0.432	27	25.77%
3	Morgan Stanley	0.155	51	19.41%	4	0.119	25	7.08%
4	Citigroup Inc.	0.088	6	11.02%	10	0.003	1	0.18%
5	Goldman Sachs Group, Inc.	0.075	2	9.40%	5	0.104	3	6.22%
6	Bank of America Corp. 0.057	6	7.19%	6	0.074	6	4.44%
7	UBS AG, London Branch 0.025	9	3.08%	7	0.046	18	2.76%
8	Deutsche Bank AG, London Branch	0.012	3	1.52%	3	0.405	41	24.19%
9	Bank of the West	0.006	5	0.77%	9	0.003	2	0.18%
	Total	0.797	134	1.676	144
	Average size:	0.006	0.012
Equity index structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, London Branch 3.704	473	15.00%	1	4.024	395	21.44%
2	Bank of America Corp. 3.552	76	14.39%	5	1.497	48	7.97%
3	Barclays Bank plc	3.150	361	12.76%	8	1.323	202	7.05%
4	Goldman Sachs Group, Inc.	3.108	475	12.59%	2	2.368	371	12.61%
5	HSBC USA Inc.	2.315	386	9.38%	4	1.917	510	10.21%
6	JPMorgan Chase & Co. 2.249	572	9.11%	6	1.474	345	7.85%
7	Deutsche Bank AG, London Branch	1.863	203	7.54%	7	1.453	160	7.74%
8	Morgan Stanley	1.218	207	4.93%	9	0.957	167	5.10%
9	UBS AG, London Branch 0.664	127	2.69%	10	0.659	148	3.51%
10	Royal Bank of Canada 0.644	117	2.61%	3	2.024	178	10.78%
	Total	24.695	3308	18.772	2665
	Average size:	0.007	0.007
Foreign exchange structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs Group, Inc.	0.095	18	29.79%	1	0.250	35	47.20%
2	Morgan Stanley	0.083	2	26.01%	7	0.002	1	0.38%
3	JPMorgan Chase & Co. 0.076	9	23.74%	3	0.118	22	22.28%
4	Deutsche Bank AG, London Branch	0.027	3	8.39%	2	0.124	22	23.43%
5	HSBC USA Inc.	0.022	12	6.83%	6	0.004	2	0.84%
6	Barclays Bank plc	0.012	2	3.83%	4	0.019	3	3.55%
7	Citigroup Inc.	0.004	2	1.40%
	Total	0.320	48	0.529	86
	Average size:	0.007	0.006
Interest rate structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs Group, Inc.	0.267	15	21.78%	6	0.115	28	6.62%
2	Wells Fargo & Co.	0.262	17	21.31%	9	0.066	5	3.80%
3	Morgan Stanley	0.193	15	15.69%	7	0.102	6	5.81%
4	Citigroup Inc.	0.161	21	13.08%	1	0.496	28	28.43%
5	Barclays Bank plc	0.147	2	11.99%	3	0.181	15	10.39%
6	JPMorgan Chase & Co. 0.100	20	8.13%	4	0.164	18	9.38%
7	Federal Home Loan Banks	0.040	4	3.26%	2	0.197	9	11.28%
8	Bank of America Corp. 0.028	4	2.26%	10	0.065	5	3.71%
9	Deutsche Bank AG, London Branch	0.018	2	1.43%	11	0.062	6	3.54%
10	Royal Bank of Canada 0.005	2	0.41%	8	0.079	8	4.52%
	Total	1.227	104	1.746	154
	Average size:	0.012	0.011
Single stock structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 1.482	411	23.25%	2	1.831	484	18.49%
2	Barclays Bank plc	1.061	180	16.64%	1	1.977	288	19.97%
3	UBS AG, London Branch 0.908	1260	14.24%	3	1.706	2173	17.22%
4	HSBC USA Inc.	0.515	84	8.08%	7	0.512	62	5.17%
5	Royal Bank of Canada 0.506	126	7.94%	4	0.979	439	9.88%
6	Morgan Stanley	0.469	114	7.36%	5	0.762	132	7.69%
7	Deutsche Bank AG, London Branch	0.357	116	5.60%	6	0.686	156	6.93%
8	Credit Suisse AG, London Branch 0.349	153	5.47%	11	0.204	77	2.06%
9	Bank of America Corp. 0.290	13	4.56%	8	0.399	12	4.03%
10	Goldman Sachs Group, Inc.	0.195	31	3.06%	12	0.203	17	2.05%
	Total	6.375	2549	9.905	3936
	Average size:	0.003	0.003
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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