Analysis of structured products issuance for year to date

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Issuer

	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
AB Svensk ExportKredit	0.049	0.036	0.154	0.048	0.026	0.096
ABN Amro Bank NV	0.050	0.064	0.082	0.088	0.158	0.118
American International Group, Inc.	0	0	0.040	0.066	0.065	0.065
BNP Paribas, SA	0	0	0	0.017	0.005	0
Bank of America	0.023	0.182	0.060	0.031	0.096	0.111
Barclays Bank plc	0.642	0.138	0.320	0.730	1.598	0.614
Bear Stearns Cos. Inc.	0.019	0.025	0.011	0.012	0.043	0.035
Citigroup Funding Inc.	0.142	0.353	0.467	0.289	0.609	0.244
Credit Suisse (USA) Inc.	0.041	0.028	0.057	0	0.024	0
Credit Suisse, Nassau branch	0	0	0	0.019	0.003	0.005
Deutsche Bank AG, London Branch	0.176	0.170	0.144	0.145	0.202	0.225
Eksportfinans ASA	0.105	0.111	0.035	0.158	0.295	0.061
Goldman Sachs Group, Inc.	0.088	0.356	0.448	0.175	0.064	0.100
HSBC USA Inc.	0.016	0.010	0.014	0.006	0.048	0.042
Hartford Life Insurance Co.	0	0	0.002	0	0	0
JPMorgan Chase & Co.	0.237	0.152	0.204	0.222	0.180	0.142
KfW	0	0.050	0	0	0	0
Lehman Brothers Holdings Inc.	0.560	0.417	0.451	0.257	0.327	0.211
Merrill Lynch & Co., Inc.	0.413	0.562	1.299	0.151	1.316	0.161
Morgan Stanley	0.744	0.771	0.666	0.467	1.244	0.946
Royal Bank of Canada	0.022	0.042	0.048	0.078	0.072	0.035
SG Structured Products, Inc.	0	0	0.030	0	0.034	0
Safety First Trust Series 2007-1 (Citigroup Funding Inc.)	0	0.076	0	0	0	0
Safety First Trust Series 2007-2 (Citigroup Funding Inc.)	0	0	0	0.023	0	0
Safety First Trust Series 2007-3 (Citigroup Funding Inc.)	0	0	0	0	0	0.067
Societe Generale, New York Branch	0.013	0.051	0	0.030	0	0
UBS AG	0.074	0.149	0.148	0.139	0.234	0.110
Wachovia Corp.	0.042	0.062	0.061	0	0.072	0.010
Wells Fargo & Co.	0	0	0	0	0.080	0
Total	3.453	3.807	4.742	3.150	6.795	3.398
	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
AB Svensk ExportKredit	0.240	13	0.170	14	0.410	27	0.41	27	1.62%
ABN Amro Bank NV	0.196	103	0.363	120	0.560	223	0.56	223	2.21%
American International Group, Inc.	0.040	3	0.196	14	0.236	17	0.236	17	0.93%
BNP Paribas, SA	0	0	0.022	3	0.022	3	0.022	3	0.09%
Bank of America	0.265	12	0.238	11	0.504	23	0.504	23	1.99%
Barclays Bank plc	1.099	193	2.942	312	4.041	505	4.041	505	15.94%
Bear Stearns Cos. Inc.	0.055	21	0.091	9	0.146	30	0.146	30	0.58%
Citigroup Funding Inc.	0.962	29	1.142	26	2.104	55	2.104	55	8.30%
Credit Suisse (USA) Inc.	0.126	37	0.024	2	0.151	39	0.151	39	0.60%
Credit Suisse, Nassau branch	0	0	0.027	20	0.027	20	0.027	20	0.11%
Deutsche Bank AG, London Branch	0.489	49	0.572	58	1.061	107	1.061	107	4.19%
Eksportfinans ASA	0.251	23	0.513	32	0.765	55	0.765	55	3.02%
Goldman Sachs Group, Inc.	0.893	16	0.339	12	1.232	28	1.232	28	4.86%
HSBC USA Inc.	0.039	38	0.096	45	0.135	83	0.135	83	0.53%
Hartford Life Insurance Co.	0.002	3	0.001	4	0.003	7	0.003	7	0.01%
JPMorgan Chase & Co.	0.592	145	0.544	188	1.136	333	1.136	333	4.48%
KfW	0.050	1	0	0	0.050	1	0.05	1	0.20%
Lehman Brothers Holdings Inc.	1.429	65	0.794	122	2.223	187	2.223	187	8.77%
Merrill Lynch & Co., Inc.	2.273	50	1.627	45	3.901	95	3.901	95	15.39%
Morgan Stanley	2.181	90	2.657	90	4.838	180	4.838	180	19.09%
Royal Bank of Canada	0.112	57	0.185	120	0.298	177	0.298	177	1.18%
SG Structured Products, Inc.	0.030	21	0.034	16	0.064	37	0.064	37	0.25%
Safety First Trust Series 2007-1 (Citigroup Funding Inc.)	0.076	1	0	0	0.076	1	0.076	1	0.30%
Safety First Trust Series 2007-2 (Citigroup Funding Inc.)	0	0	0.023	1	0.023	1	0.023	1	0.09%
Safety First Trust Series 2007-3 (Citigroup Funding Inc.)	0	0	0.067	1	0.067	1	0.067	1	0.26%
Societe Generale, New York Branch	0.064	28	0.030	22	0.094	50	0.094	50	0.37%
UBS AG	0.371	37	0.483	38	0.854	75	0.854	75	3.37%
Wachovia Corp.	0.165	15	0.081	7	0.246	22	0.246	22	0.97%
Wells Fargo & Co.	0	0	0.080	2	0.080	2	0.08	2	0.32%
Total	12.002	1050	13.343	1334	25.345	2384	25.345	2384	100.00%
Proceeds
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Less than $1 million	0.022	0.031	0.031	0.035	0.035	0.045
$1-1.99 million	0.091	0.101	0.120	0.127	0.134	0.163
$2-2.99 million	0.098	0.096	0.101	0.141	0.143	0.122
$3-4.99 million	0.086	0.130	0.164	0.200	0.220	0.229
$5-9.99 million	0.174	0.332	0.353	0.238	0.394	0.313
$10-14.99 million	0.317	0.323	0.342	0.280	0.484	0.284
$15-$49.99 million	0.782	0.818	1.221	0.949	1.172	0.906
$50 million and higher	1.882	1.977	2.409	1.182	4.212	1.335
Total	3.453	3.807	4.742	3.150	6.795	3.398
	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.084	192	0.115	261	0.199	453	0.199	453	0.79%
$1-1.99 million	0.312	240	0.424	324	0.736	564	0.736	564	2.90%
$2-2.99 million	0.295	127	0.406	179	0.701	306	0.701	306	2.77%
$3-4.99 million	0.380	105	0.649	177	1.029	282	1.029	282	4.06%
$5-9.99 million	0.859	130	0.945	140	1.804	270	1.804	270	7.12%
$10-14.99 million	0.982	85	1.048	89	2.030	174	2.03	174	8.01%
$15-$49.99 million	2.821	111	3.027	114	5.848	225	5.848	225	23.07%
$50 million and higher	6.269	60	6.729	50	12.998	110	12.998	110	51.28%
Total	12.002	1050	13.343	1334	25.345	2384	25.345	2384	100.00%
Coupon
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
0%-0.99%	2.017	2.212	2.829	1.716	4.310	1.502
1%-4.99%	0.053	0.091	0.095	0	0.035	0.068
5%-9.99%	0.078	0.391	0.562	0.357	0.382	0.201
10%-14.99%	0.474	0.287	0.435	0.367	0.473	0.428
15%-19.99%	0.083	0.042	0.076	0.064	0.096	0.119
20% plus	0.038	0.214	0.180	0.033	0.036	0.040
Floater	0.394	0.214	0.368	0.317	0.689	0.347
NA	0.314	0.357	0.199	0.297	0.775	0.693
Total	3.453	3.807	4.742	3.150	6.795	3.398
	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
0%-0.99%	7.058	394	7.528	415	14.586	809	14.586	809	57.55%
1%-4.99%	0.239	11	0.103	6	0.343	17	0.343	17	1.35%
5%-9.99%	1.030	106	0.940	165	1.970	271	1.97	271	7.77%
10%-14.99%	1.197	315	1.268	435	2.465	750	2.465	750	9.73%
15%-19.99%	0.201	103	0.278	123	0.480	226	0.48	226	1.90%
20% plus	0.431	42	0.108	78	0.539	120	0.539	120	2.12%
Floater	0.976	49	1.353	90	2.329	139	2.329	139	9.19%
NA	0.870	30	1.766	22	2.635	52	2.635	52	10.40%
Total	12.002	1050	13.343	1334	25.345	2384	25.345	2384	100.00%
Type
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Basket of stocks	0.027	0.216	0.008	0.052	0.050	0.055
Commodities	0.278	0.371	0.168	0.091	0.566	0.084
Foreign exchange	0.300	0.157	0.268	0.173	1.282	0.142
Index linked	1.331	1.529	2.516	1.361	2.168	1.359
Interest rate	0.442	0.233	0.210	0.314	0.487	0.305
Multiple/Other	0.185	0.017	0.170	0.033	0.329	0.021
Single stock	0.889	1.284	1.402	1.126	1.914	1.432
Total	3.453	3.807	4.742	3.150	6.795	3.398
	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Basket of stocks	0.251	14	0.157	35	0.408	49	0.408	49	1.61%
Commodities	0.817	64	0.742	49	1.559	113	1.559	113	6.15%
Foreign exchange	0.725	58	1.597	65	2.322	123	2.322	123	9.16%
Index linked	5.376	297	4.888	306	10.264	603	10.264	603	40.50%
Interest rate	0.885	48	1.106	81	1.991	129	1.991	129	7.86%
Multiple/Other	0.372	14	0.383	13	0.755	27	0.755	27	2.98%
Single stock	3.576	555	4.471	785	8.047	1340	8.047	1340	31.75%
Total	12.002	1050	13.343	1334	25.345	2384	25.345	2384	100.00%
Structure
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
callable reverse convertible	0.075	0.050	0.044	0.019	0.079	0.044
convertible/linked	0.713	0.300	0.403	0.814	1.457	0.323
downside protection	0.176	0.283	0.357	0.131	0.279	0.136
increasing calls	0.079	0.067	0.122	0.116	0.096	0.106
leveraged return	0.291	0.911	1.096	0.271	1.134	0.265
leveraged return, downside protection	0.265	0.089	0.417	0.136	0.742	0.163
leveraged return, partial downside protection	0.362	0.360	0.388	0.306	0.499	0.281
other/NA	0.625	0.633	0.528	0.571	1.553	1.172
range	0.158	0.122	0.109	0.095	0.036	0.136
reverse convertible	0.077	0.350	0.517	0.089	0.103	0.008
steepener	0.217	0.120	0.080	0.092	0.068	0.028
trigger reverse convertible	0.414	0.523	0.682	0.510	0.748	0.736
Total	3.453	3.807	4.742	3.150	6.795	3.398
	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
callable reverse convertible	0.169	6	0.142	6	0.311	12	0.311	12	1.23%
convertible/linked	1.416	18	2.594	36	4.010	54	4.01	54	15.82%
downside protection	0.816	50	0.546	39	1.362	89	1.362	89	5.37%
increasing calls	0.268	27	0.317	27	0.585	54	0.585	54	2.31%
leveraged return	2.298	89	1.670	74	3.968	163	3.968	163	15.66%
leveraged return, downside protection	0.770	63	1.042	84	1.812	147	1.812	147	7.15%
leveraged return, partial downside protection	1.110	80	1.087	101	2.197	181	2.197	181	8.67%
other/NA	1.786	121	3.295	142	5.081	263	5.081	263	20.05%
range	0.390	25	0.267	20	0.657	45	0.657	45	2.59%
reverse convertible	0.943	30	0.200	4	1.144	34	1.144	34	4.51%
steepener	0.417	11	0.188	16	0.605	27	0.605	27	2.39%
trigger reverse convertible	1.619	530	1.995	785	3.614	1315	3.614	1315	14.26%
Total	12.002	1050	13.343	1334	25.345	2384	25.345	2384	100.00%
Tenor
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Less than 1 year	0.199	0.186	0.885	0.591	0.353	0.467
1	1.071	1.257	1.414	0.602	1.609	0.600
1.25	0.231	0.531	0.730	0.077	1.015	0.180
1.5	0.197	0.204	0.380	0.240	0.308	0.218
1.75	0	0	0.004	0	0.003	0
1/1900	0.057	0.317	0.173	0.117	0.108	0.104
2.25-4.75 years	0.179	0.417	0.437	0.226	0.513	0.372
5	0.235	0.352	0.261	0.159	0.277	0.250
5.25-9.75 years	0.091	0.020	0.020	0.032	0.025	0.031
10	0.347	0.054	0.084	0.046	0.122	0.112
12	0	0	0	0.068	0	0
15	0.030	0.048	0.141	0.169	0.251	0.112
17 and longer	0.500	0.065	0.015	0.527	1.434	0.259
NA	0.314	0.357	0.199	0.297	0.775	0.693
Total	3.453	3.807	4.742	3.150	6.795	3.398
	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Less than 1 year	1.268	273	1.411	512	2.679	785	2.679	785	10.56%
1	3.742	409	2.810	397	6.553	806	6.553	806	25.86%
1.25	1.493	26	1.272	36	2.765	62	2.765	62	10.91%
1.5	0.781	51	0.766	56	1.546	107	1.546	107	6.10%
1.75	0.004	1	0.003	1	0.007	2	0.007	2	0.03%
2	0.547	60	0.329	40	0.876	100	0.876	100	3.46%
2.25-4.75 years	1.035	97	1.110	119	2.145	216	2.145	216	8.47%
5	0.848	41	0.687	54	1.535	95	1.535	95	6.06%
5.25-9.75 years	0.131	22	0.090	14	0.221	36	0.221	36	0.88%
10	0.485	13	0.280	16	0.765	29	0.765	29	3.02%
12	0	0	0.068	2	0.068	2	0.068	2	0.27%
15	0.219	22	0.532	49	0.751	71	0.751	71	2.96%
17 and longer	0.580	5	2.220	16	2.800	21	2.8	21	11.05%
NA	0.870	30	1.766	22	2.635	52	2.635	52	10.40%
Total	12.002	1050	13.343	1334	25.345	2384	25.345	2384	100.00%

Criteria

• The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A 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).

• Each tranche is counted as a separate deal.

• Notes are included that convert into or are linked to one more stocks, indexes, commodities, currencies, interest rates or other assets. For interest rate deals, callables with no further structure are excluded.

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