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

By Emma Trincal

New York, Sept. 13 – Bank of America remained the top agent for the year to date with $6.65 billion sold in 403 deals, or 20.6% of total issuance volume, according to data compiled by Prospect News through Aug. 31.

UBS kept its second position with 2,263 deals totaling $5.85 billion, an 18.1% share.

There hasn’t been a lot of change among the top players: Morgan Stanley, JPMorgan and Goldman Sachs retained their respective third, fourth and fifth slots.

Citigroup jumped two notches behind Goldman Sachs while Barclays remained in the seventh position.

Bank of America was not the top agent last month. Morgan Stanley led with $859 million in 187 deals, a 19.5% share. Coming next was UBS with $808 million in 286 offerings. Bank of America was third with $737 million in 49 offerings.

Year still down

Year-to-date issuance continued to lag last year’s record notional. Volume declined 19.8% to $32.24 billion from $40.22 billion.

All agents saw their sales decline except smaller players, whose growth was notable but not impactful enough in dollar amounts to make a difference.

Citigroup’s notional for instance rose 80% to $1.86 billion. Wells Fargo’s sales increased by 17.9%, but they amounted to $760 million only.

The diminished number of deals overall was part of this year’s negative picture with 10,529 offerings this year versus 11,240 last year, a 6.4% decline.

August’s issuance volume was down but not by as much as the year-to-date drop. Agents priced $4.42 billion last month compared to $4.70 billion a year ago, a 6% decline. On a positive note, last month saw a 6.4% rise in the number of deals to 1,439 from 1,353 a year ago.

Equity

By asset class, Bank of America remained the top agent for the top category – equity index structured products – with $6.13 billion of the sales in this category. It captured more than 25% of this $24.23 billion market.

The firm’s preeminence in an asset class that represents 75% of the overall market is one of the major reasons Bank of America has remained the overall top agent for a long time.

Single stocks continued to be led by Morgan Stanley, which priced $1.42 billion in 251 deals, a 37.5% share. UBS and JPMorgan kept their respective second and third slots.

Rates

The interest rate category saw a drastic change with UBS jumping to top from the 10th ranking.

But growth rates can be deceiving. Just as spectacular was the shrinking of the overall interest rate pie, down 73% to $277 million from $1.02 billion last year. UBS’ slice amounted to $87 million, or nearly a third of the pie.

The interest rate group, however, does not include interest-rate products with a structured coupon and no underlier, such as step-up notes, step-down notes, fixed-to-floating notes and capped floaters, according to Prospect News’ methodology. Those “structured coupon” deals are not included in the totals; they are listed separately.

Bank of America claimed the first spot for structured coupons, pricing $1.08 billion in 41 deals, or 29.8% of the total. It was a move from the third ranking last year.

The structured coupon market has increased by 43.4% in dollar amount to $3.64 billion from $2.54 billion.

Issuers

For issuers, Barclays Bank plc and JPMorgan Chase Financial Co. LLC continued to be relatively tied but have swapped rankings.

Barclays is now leading with $4.77 billion in 1,196 deals, a 14.8% share. JPMorgan, previously ahead, has become second with $4.27 billion in 1,667 offerings, or 13.2% of the total.

GS Finance Corp. kept its third ranking while Morgan Stanley Finance LLC and Credit Suisse AG, London Branch shifted positions, Morgan Stanley capturing the fourth slot and pushing down Credit Suisse one notch to the fifth spot.

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

2018 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	6.653	403	20.64%	1	7.754	346	19.28%
2	UBS	5.847	2263	18.13%	2	6.996	3140	17.39%
3	Morgan Stanley	5.488	1354	17.02%	3	5.928	1079	14.74%
4	JPMorgan	3.984	1842	12.36%	4	5.812	1700	14.45%
5	Goldman Sachs	2.123	1081	6.58%	5	3.380	1266	8.40%
6	Citigroup	1.856	707	5.76%	8	1.031	340	2.56%
7	Barclays	1.710	810	5.30%	7	1.829	741	4.55%
8	Credit Suisse	1.285	696	3.99%	6	1.886	918	4.69%
9	Wells Fargo	0.756	237	2.34%	13	0.641	188	1.59%
10	RBC	0.649	291	2.01%	11	0.645	312	1.60%
	Total	32.240	10529	40.216	11240
	Average size	0.003	0.004
All structured products, no ETNs, by agent, August
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Morgan Stanley	0.859	187	19.45%	3	0.724	129	15.40%
2	UBS	0.808	286	18.30%	2	0.893	362	19.00%
3	Bank of America	0.737	49	16.70%	1	0.914	49	19.45%
4	JPMorgan	0.565	276	12.79%	4	0.571	206	12.14%
5	Goldman Sachs	0.432	161	9.77%	5	0.508	174	10.80%
6	Citigroup	0.244	103	5.53%	8	0.188	50	4.00%
7	Barclays	0.219	92	4.97%	7	0.218	92	4.64%
8	Credit Suisse	0.156	103	3.54%	6	0.232	111	4.94%
9	RBC	0.111	42	2.52%	11	0.077	41	1.63%
10	HSBC	0.072	47	1.62%	9	0.125	57	2.67%
	Total	4.417	1439	4.700	1353
	Average size	0.003	0.003
All structured products, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	6.654	404	19.45%	1	7.755	348	16.05%
2	UBS	6.222	2266	18.18%	3	7.321	3142	15.15%
3	Morgan Stanley	5.488	1354	16.04%	4	5.928	1079	12.27%
4	JPMorgan	3.984	1842	11.64%	5	5.812	1700	12.03%
5	Barclays	2.641	814	7.72%	2	7.454	762	15.43%
6	Goldman Sachs	2.481	1088	7.25%	6	3.658	1273	7.57%
7	Citigroup	1.856	707	5.43%	7	2.531	342	5.24%
8	Credit Suisse	1.285	696	3.76%	8	1.911	919	3.96%
9	Wells Fargo	0.756	237	2.21%	13	0.641	188	1.33%
10	RBC	0.649	291	1.90%	11	0.645	312	1.33%
	Total	34.213	10556	48.313	11312
	Average size	0.003	0.004
ETNs, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays	0.932	4	47.21%	1	5.625	21	69.47%
2	UBS	0.375	3	19.00%	3	0.325	2	4.01%
3	Goldman Sachs	0.358	7	18.16%	5	0.278	7	3.43%
4	BMO	0.307	12	15.58%	4	0.312	8	3.86%
5	Bank of America	0.001	1	0.04%	8	0.001	2	0.01%
	Total	1.973	27	8.097	72
	Average size	0.073	0.112
Commodity structured products, no ETNs, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.064	21	29.11%	1	0.126	38	30.63%
2	Citigroup	0.047	9	21.31%	5	0.024	4	5.71%
3	Morgan Stanley	0.046	7	21.18%	3	0.078	15	18.82%
4	Goldman Sachs	0.041	2	18.85%	2	0.118	3	28.54%
5	UBS	0.018	3	8.19%	4	0.049	9	11.85%
6	Wells Fargo	0.003	2	1.16%	7	0.001	1	0.29%
7	Bank of America	0.000	1	0.19%
	Total	0.219	45	0.412	71
	Average size	0.005	0.006
Equity index structured products, no ETNs, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	6.131	322	25.30%	1	6.730	284	25.36%
2	UBS	4.251	618	17.54%	2	4.765	687	17.96%
3	Morgan Stanley	3.509	896	14.48%	3	3.405	674	12.83%
4	JPMorgan	3.069	1305	12.66%	4	3.214	1069	12.11%
5	Goldman Sachs	1.776	828	7.33%	5	2.769	1039	10.43%
6	Barclays	1.259	555	5.20%	7	0.918	447	3.46%
7	Citigroup	1.202	397	4.96%	10	0.486	151	1.83%
8	Credit Suisse	0.860	421	3.55%	6	1.236	515	4.66%
9	Wells Fargo	0.561	173	2.32%	12	0.449	125	1.69%
10	HSBC	0.495	278	2.04%	8	0.573	247	2.16%
	Total	24.232	6147	26.535	5668
	Average size	0.004	0.005
Foreign exchange structured products, no ETNs, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.024	12	45.29%	1	0.033	9	70.58%
2	Barclays	0.016	2	30.35%
3	Citigroup	0.006	1	11.06%
4	Credit Suisse	0.003	1	5.75%
5	HSBC	0.003	2	4.79%	3	0.003	1	7.16%
6	UBS	0.001	1	2.76%	5	0.001	2	1.28%
	Total	0.052	19	0.047	16
	Average size	0.003	0.003
Interest rate structured products, no ETNs, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	0.087	12	31.30%	10	0.038	8	3.76%
2	RBC	0.047	6	17.13%	11	0.020	5	1.92%
3	Morgan Stanley	0.032	11	11.71%	2	0.156	21	15.27%
4	Goldman Sachs	0.029	4	10.47%	6	0.048	12	4.74%
5	Citigroup	0.024	5	8.50%	3	0.144	24	14.13%
6	Bank of America	0.017	4	6.04%	4	0.118	18	11.54%
7	Barclays	0.016	10	5.92%	1	0.281	31	27.50%
8	JPMorgan	0.015	6	5.47%	7	0.048	18	4.68%
9	Incapital	0.006	1	2.20%	8	0.041	9	3.98%
10	Jefferies	0.004	1	1.27%	9	0.040	3	3.92%
	Total	0.277	60	1.020	174
	Average size	0.005	0.006
Single stock structured products, no ETNs, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Morgan Stanley	1.422	251	37.52%	1	1.731	229	24.45%
2	UBS	1.152	1487	30.40%	2	1.529	2208	21.60%
3	JPMorgan	0.368	221	9.72%	3	1.514	193	21.38%
4	Bank of America	0.303	17	7.99%	5	0.458	12	6.46%
5	Credit Suisse	0.164	78	4.34%	7	0.217	123	3.06%
6	Citigroup	0.100	67	2.63%	12	0.091	28	1.28%
7	Incapital	0.086	38	2.26%	9	0.166	58	2.35%
8	RBC	0.065	43	1.72%	11	0.099	65	1.40%
9	Goldman Sachs	0.051	26	1.34%	13	0.033	11	0.47%
10	Wells Fargo	0.032	2	0.83%	16	0.002	1	0.03%
	Total	3.790	2258	7.078	3180
	Average size	0.002	0.002
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2018 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	1.082	41	29.75%	3	0.272	31	10.72%
2	Barclays	0.526	27	14.46%	1	0.845	33	33.36%
3	TD	0.431	23	11.86%	2	0.445	22	17.57%
4	Wells Fargo	0.422	27	11.59%	8	0.107	13	4.23%
5	Citigroup	0.321	37	8.84%	9	0.094	16	3.73%
6	Goldman Sachs	0.223	18	6.12%	4	0.257	14	10.15%
7	Incapital	0.172	11	4.73%	7	0.124	19	4.90%
8	Jefferies	0.114	9	3.14%	11	0.018	4	0.71%
9	UBS	0.093	6	2.57%	19	0.000	1	0.02%
10	JPMorgan	0.085	8	2.33%	17	0.006	3	0.25%
	Total	3.636	229	2.535	190
	Average size	0.016	0.013
All structured products, no ETNs, by issuer, year to date
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	4.774	1196	14.81%	2	4.343	1056	10.80%
2	JPMorgan Chase Financial Co. LLC	4.265	1667	13.23%	1	6.087	1538	15.14%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	3.259	1260	10.11%	3	4.322	1438	10.75%
4	Morgan Stanley Finance LLC 3.149	972	9.77%	5	3.352	743	8.34%
5	Credit Suisse AG, London Branch 2.705	1106	8.39%	4	3.934	1346	9.78%
6	Citigroup Global Markets Holdings Inc. 2.471	819	7.67%	11	1.785	450	4.44%
7	BofA Finance LLC (Bank of America Corp.)	2.077	205	6.44%	8	1.994	107	4.96%
8	UBS AG, London Branch 1.852	1707	5.75%	7	2.280	2395	5.67%
9	Bank of Nova Scotia 1.736	83	5.39%	9	1.899	80	4.72%
10	HSBC USA Inc.	1.664	493	5.16%	6	2.542	567	6.32%
	Total	32.240	10529	40.216	11240
	Average size	0.003	0.004
All structured products, no ETNs, by issuer, August
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	GS Finance Corp. (Goldman Sachs Group, Inc.)	1.359	379	15.74%	1	1.178	379	13.50%
2	JPMorgan Chase Financial Co. LLC	1.169	466	13.54%	2	1.146	373	13.14%
3	Barclays Bank plc	1.018	261	11.79%	4	0.760	238	8.72%
4	Morgan Stanley Finance LLC 0.746	222	8.63%	5	0.749	174	8.59%
5	Citigroup Global Markets Holdings Inc. 0.629	200	7.28%	8	0.573	133	6.57%
6	Credit Suisse AG, London Branch 0.628	300	7.27%	3	0.805	290	9.23%
7	BofA Finance LLC (Bank of America Corp.)	0.580	48	6.72%	6	0.675	26	7.74%
8	Bank of Nova Scotia 0.538	26	6.23%	9	0.568	24	6.51%
9	UBS AG, London Branch 0.461	406	5.34%	7	0.598	522	6.85%
10	Royal Bank of Canada 0.400	117	4.63%	10	0.476	110	5.46%
	Total	8.636	2717	8.720	2569
	Average size	0.003	0.003
All structured products, by issuer, year to date
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	5.706	1200	16.68%	1	9.968	1077	20.63%
2	JPMorgan Chase Financial Co. LLC	4.265	1667	12.47%	2	6.087	1538	12.60%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	3.618	1267	10.57%	3	4.600	1445	9.52%
4	Morgan Stanley Finance LLC 3.149	972	9.20%	5	3.352	743	6.94%
5	Credit Suisse AG, London Branch 2.705	1106	7.90%	4	3.934	1346	8.14%
6	Citigroup Global Markets Holdings Inc. 2.471	819	7.22%	6	3.285	452	6.80%
7	UBS AG, London Branch 2.227	1710	6.51%	7	2.605	2397	5.39%
8	BofA Finance LLC (Bank of America Corp.)	2.077	205	6.07%	9	1.994	107	4.13%
9	Bank of Nova Scotia 1.736	83	5.08%	10	1.899	80	3.93%
10	HSBC USA Inc.	1.664	493	4.86%	8	2.542	567	5.26%
	Total	34.213	10556	48.313	11312
	Average size	0.003	0.004
Commodity structured products, no ETNs, by issuer, year to date
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase Financial Co. LLC	0.060	19	27.27%	2	0.095	30	23.02%
2	Citigroup Global Markets Holdings Inc. 0.049	11	22.47%	6	0.024	4	5.71%
3	Morgan Stanley Finance LLC 0.044	8	19.95%	3	0.090	17	21.85%
4	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.041	2	18.85%	1	0.118	3	28.54%
5	UBS AG, London Branch 0.025	4	11.27%	4	0.037	6	9.04%
6	BofA Finance LLC (Bank of America Corp.)	0.000	1	0.19%
	Total	0.219	45	0.412	71
	Average size	0.005	0.006
Equity index structured products, no ETNs, by issuer, year to date
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	3.753	841	15.49%	3	2.889	667	10.89%
2	JPMorgan Chase Financial Co. LLC	3.297	1182	13.60%	2	3.455	987	13.02%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	2.727	972	11.25%	1	3.495	1186	13.17%
4	Morgan Stanley Finance LLC 2.266	717	9.35%	5	2.266	532	8.54%
5	BofA Finance LLC (Bank of America Corp.)	1.892	146	7.81%	8	1.514	76	5.71%
6	Credit Suisse AG, London Branch 1.707	626	7.05%	4	2.614	744	9.85%
7	Citigroup Global Markets Holdings Inc. 1.697	484	7.00%	12	0.869	210	3.27%
8	Bank of Nova Scotia 1.640	75	6.77%	7	1.789	73	6.74%
9	HSBC USA Inc.	1.370	381	5.66%	6	1.894	358	7.14%
10	Canadian Imperial Bank of Commerce 1.179	84	4.87%	9	1.460	85	5.50%
	Total	24.232	6147	26.535	5668
	Average size	0.004	0.005
Foreign exchange structured products, no ETNs, by issuer, year to date
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase Financial Co. LLC	0.024	12	45.29%	1	0.029	7	61.98%
2	Barclays Bank plc	0.016	2	30.35%	4	0.003	1	6.25%
3	Citigroup Global Markets Holdings Inc. 0.006	1	11.06%
4	HSBC USA Inc.	0.004	3	7.55%	2	0.006	2	13.60%
5	Credit Suisse AG, London Branch 0.003	1	5.75%
	Total	0.052	19	0.047	16
	Average size	0.003	0.003
Interest rate structured products, no ETNs, by issuer, year to date
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.054	14	19.68%	1	0.345	45	33.86%
2	Morgan Stanley Finance LLC 0.048	9	17.52%	15	0.012	3	1.18%
3	Royal Bank of Canada 0.047	6	17.13%	12	0.020	5	1.92%
4	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.029	4	10.47%	10	0.033	11	3.27%
5	Morgan Stanley	0.025	7	8.93%	3	0.100	13	9.84%
6	Citigroup Global Markets Holdings Inc. 0.022	5	7.84%	4	0.090	19	8.84%
7	BofA Finance LLC (Bank of America Corp.)	0.017	4	6.04%	13	0.017	9	1.70%
8	JPMorgan Chase Financial Co. LLC	0.012	6	4.23%	11	0.029	13	2.81%
9	Goldman Sachs Group, Inc.	0.006	1	2.20%	5	0.056	10	5.45%
10	Citigroup Inc.	0.005	1	1.81%	8	0.044	4	4.32%
	Total	0.277	60	1.020	174
	Average size	0.005	0.006
Single stock structured products, no ETNs, by issuer, year to date
					2018 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	UBS AG, London Branch 0.834	1416	22.01%	2	0.892	2077	12.61%
2	Morgan Stanley Finance LLC 0.502	86	13.25%	3	0.678	98	9.58%
3	JPMorgan Chase Financial Co. LLC	0.482	185	12.71%	1	1.710	174	24.16%
4	Credit Suisse AG, London Branch 0.477	201	12.58%	4	0.597	241	8.43%
5	Barclays Bank plc	0.433	75	11.43%	5	0.549	89	7.75%
6	Royal Bank of Canada 0.232	85	6.12%	9	0.329	117	4.65%
7	Citigroup Global Markets Holdings Inc. 0.217	87	5.74%	8	0.403	68	5.70%
8	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.188	55	4.97%	12	0.204	28	2.88%
9	HSBC USA Inc.	0.145	29	3.83%	10	0.313	65	4.42%
10	BofA Finance LLC (Bank of America Corp.)	0.082	4	2.17%	11	0.252	2	3.56%
	Total	3.790	2258	7.078	3180
	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 dealer or distributor, if identified, otherwise to the underwriter. 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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