Structured products issuance tumbles to $793 million in Feb. 14 week; all deals under $10 million

By Sheri Ksaprzak

New York, Feb. 24 – Structured products issuance dropped 12.7% between the week of Feb. 7 and the week of Feb. 14, according to Prospect News data.

There were 112 deals totaling $793 million for the week of Feb. 14, down from 108 deals totaling $906 million during the week of Feb. 7.

Excluding exchange-traded notes, there were 85 deals totaling $303 million during the week of Feb. 14, up 19.9% from the $253 million in 83 deals offered during the week of Feb. 7.

No offerings were larger than $10 million.

Equities are top underlier

Equities were the top underlier for the week of Feb. 14, with 70 offerings totaling $257 million, making up 32.4% of the week’s total. During the week ended Feb. 7, there were 76 deals linked to equities totaling $224 million.

The number-two spot goes to synthetic indices, which made up 30.5% of the week’s offerings in 57 deals totaling $242 million.

Rounding out the top three underliers was synthetic exchange-traded funds, which made up 1.8% of the week’s offerings with six deals priced totaling $14 million.

JPMorgan is top bookrunner

JPMorgan Chase & Co. was the top bookrunner for the week of Feb. 14, responsible for 26 deals totaling $81 million, making up 26.9% of the week’s issues. The previous week, JPMorgan was bookrunner for 26 deals totaling $64 million.

Goldman Sachs & Co. took the number-two spot, acting as bookrunner for 13 deals totaling $60 million, making up 20.0% of the week’s deals. The previous week, Goldman was bookrunner for six deals totaling $51 million, a 17.8% increase week over week.

Rounding out the top three was Morgan Stanley & Co. LLC, which acted as bookrunner on three deals totaling $34 million, making up 11.3% of the week’s offerings. The week before, Morgan Stanley acted as the bookrunner for eight deals totaling $30 million.

Monthly totals down 12.11%

Moving to monthly totals, there were 335 deals totaling $2,376,000,000 for the period between Feb. 1 and Feb. 19, down 12.1% from the $2,704,000,000 in 318 deals priced between Jan. 1 and Jan. 19.

For the same period one year ago, there were $2,163,000,000 in 362 deals, marking a 9.9% increase for the same year-ago period.

Excluding ETNs, there were 264 deals totaling $989 million for the period between Feb. 1 and Feb. 19, down 38.02% from the $1,595,000,000 offered in 257 deals between Jan. 1 and Jan. 19.

Year to date, issuance has climbed 8.0% with $8,654,000,000 sold in 1,138 deals between Jan. 1 and Feb. 19 compared to $8,015,000,000 in 1,184 deals sold between Jan. 1, 2015 and Feb. 19, 2015.

Excluding ETNs, there were 957 deals totaling $5,672,000,000 for the period between Jan. 1 and Feb. 19, down 11% from the $6,372,000,000 in 1,037 deals offered between Jan. 1, 2015 and Feb. 19, 2015.

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