Morgan Stanley leads year-to-date league tables with $2.219 billion of products

• Overall market doubles year-on-year with $14.095 billion in first two months

• Nuveen rides new Elements to capture February lead

By Kenneth Lim

Boston, Feb. 29 - Morgan Stanley continued to lead the year-to-date structured product league tables at the end of February, with Goldman Sachs and Lehman Brothers close behind.

For the month, Nuveen Investments sold the most products as it rode a wave of Elements exchange-traded notes.

Morgan Stanley sold $2.219 billion worth of new structured products through the first two months of 2008 from 93 offerings. That represented 15.75% of the total new products offered during the period.

Stock and equity index-linked products constituted about 75%, or $1.662 billion, of Morgan Stanley's new offerings to date. Excluding interest rate-linked products, Morgan Stanley sold $1.847 billion worth of new products.

Goldman Sachs was a close second in terms of overall structured offerings, with $2.086 billion from 52 deals in the year-to-date figures. But Goldman Sachs, which has not priced any new interest rate products, led the table when those products are excluded. Counting just stock and equity index-linked products, Goldman again led the pack with offerings worth $1.931 billion.

As at end-February, $14.095 billion worth of new structured products were sold in the United States, almost double the $7.304 billion in the first two months of 2007.

In February alone, $6.612 billion worth of new structured products came to market, a 73% year-on-year improvement.

The month was good for Nuveen, which led the banks in February thanks to a surge in sales of its Elements exchange-traded notes.

"We've done very well this month, and the Elements definitely represent a very substantial part of that," said Michael Forstl, managing director of Nuveen's structured products consulting group.

Nuveen sold $1.155 billion worth of new products in February from 23 deals. It was followed by Lehman, with $952 million from 43 offerings, and Goldman Sachs, which had $907 million from 22 deals.

"I think this shows the broad appeal that our ETN platforms, the Elements, represents in the marketplace," Forstl said. "It's a very user-friendly structure, and it's evidence that there's a big market for it out there."

"It's also a testament to our product and the breadth of distribution that Nuveen brings to the structured products marketplace."

Encouraged by the success of the Elements, Nuveen will continue to seek different structures to bring to the market, Forstl said.

"Our global structured products group at Nuveen is fully dedicated to looking at new and innovative structures that appeal and bring value to the marketplace, and we'll continue to be innovative," he said.

Year to date, all structured products

2007 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	2.219	93	15.75%	1	1.386	46	18.97%
2	Goldman Sachs	2.086	52	14.80%	5	0.717	24	9.82%
3	Lehman	1.999	110	14.18%	2	0.977	40	13.38%
4	Barclays	1.713	214	12.15%	4	0.726	110	9.95%
5	Merrill Lynch	1.457	23	10.34%	3	0.899	19	12.31%
6	Nuveen	1.256	39	8.91%
7	JPMorgan	0.844	199	5.99%	6	0.636	104	8.71%
8	Citigroup	0.812	26	5.76%	7	0.601	23	8.23%
9	UBS	0.788	55	5.59%	8	0.498	39	6.82%
10	ABN	0.252	164	1.79%	12	0.079	47	1.08%
	Total	14.095	1232	7.304	644
	Average size:	0.011	0.011
Year to date, all structured products, excluding interest rates
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	2.086	52	16.13%	4	0.717	24	10.84%
2	Morgan Stanley	1.847	79	14.29%	1	1.321	44	19.95%
3	Barclays	1.713	214	13.25%	3	0.725	109	10.95%
4	Lehman	1.540	81	11.91%	6	0.579	28	8.75%
5	Merrill Lynch	1.405	16	10.87%	2	0.886	18	13.38%
6	Nuveen	1.256	39	9.71%
7	JPMorgan	0.817	195	6.32%	5	0.636	104	9.61%
8	UBS	0.734	53	5.68%	8	0.453	36	6.85%
9	Citigroup	0.696	21	5.38%	7	0.564	20	8.52%
10	ABN	0.252	164	1.95%	11	0.079	47	1.19%
	Total	12.926	1163	6.619	613
	Average size:	0.011	0.011
Year to date, stock, equity index structured products
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	1.931	37	20.26%	5	0.430	12	8.19%
2	Morgan Stanley	1.662	62	17.44%	1	1.120	36	21.31%
3	Merrill Lynch	1.207	13	12.67%	3	0.691	11	13.16%
4	Barclays	1.137	194	11.93%	2	0.710	100	13.51%
5	Lehman	0.903	43	9.48%	7	0.398	13	7.57%
6	JPMorgan	0.762	181	8.00%	4	0.507	92	9.65%
7	UBS	0.601	38	6.30%	8	0.372	28	7.08%
8	Citigroup	0.590	14	6.20%	6	0.398	10	7.57%
9	ABN	0.210	158	2.20%	11	0.079	47	1.50%
10	Banc of America	0.156	3	1.64%	9	0.197	7	3.75%
	Total	9.528	965	5.253	513
	Average size:	0.010	0.010
February, all structured products
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Nuveen	1.155	23	17.46%
2	Lehman	1.089	55	16.46%	5	0.417	21	10.92%
3	Goldman Sachs	0.907	22	13.72%	3	0.496	12	12.98%
4	Morgan Stanley	0.823	44	12.44%	1	0.719	27	18.81%
5	Barclays	0.681	116	10.30%	9	0.118	58	3.09%
6	Citigroup	0.551	17	8.33%	4	0.430	18	11.24%
7	JPMorgan	0.431	97	6.52%	6	0.283	57	7.41%
8	UBS	0.300	23	4.53%	7	0.278	23	7.27%
9	Banc of America	0.172	6	2.59%	8	0.188	7	4.91%
10	Merrill Lynch	0.135	7	2.05%	2	0.502	9	13.15%
	Total	6.612	607	3.821	354
	Average size:	0.011	0.011
February, all structured products, excluding interest rates
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Nuveen	1.155	23	19.63%
2	Lehman	0.952	43	16.18%	5	0.345	16	9.65%
3	Goldman Sachs	0.907	22	15.42%	3	0.496	12	13.86%
4	Barclays	0.681	116	11.58%	9	0.118	58	3.30%
5	Morgan Stanley	0.496	34	8.43%	1	0.664	26	18.55%
6	Citigroup	0.468	13	7.95%	4	0.407	16	11.37%
7	JPMorgan	0.406	94	6.90%	6	0.283	57	7.91%
8	UBS	0.267	22	4.53%	7	0.274	22	7.67%
9	Banc of America	0.164	5	2.79%	8	0.188	7	5.25%
10	ABN	0.120	70	2.04%	12	0.044	24	1.23%
	Total	5.884	565	3.578	338
	Average size:	0.010	0.011
February, stock, equity index structured products
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.824	14	24.67%	4	0.309	8	10.30%
2	Citigroup	0.410	10	12.26%	5	0.271	7	9.01%
3	JPMorgan	0.388	89	11.60%	6	0.250	49	8.32%
4	Morgan Stanley	0.379	23	11.34%	1	0.647	23	21.51%
5	Barclays	0.368	104	11.01%	9	0.107	53	3.56%
6	Lehman	0.338	14	10.12%	3	0.313	8	10.42%
7	UBS	0.201	14	6.00%	7	0.213	17	7.09%
8	Banc of America	0.156	3	4.66%	8	0.174	5	5.81%
9	ABN	0.099	69	2.97%	12	0.044	24	1.46%
10	Deutsche Bank	0.038	10	1.12%	19	0.000	4	0.01%
	Total	3.342	449	3.006	281
	Average size:	0.007	0.011
Prospect News Structured Products Manager 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. For interest-rate deals, callables with no further structure are excluded.

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