Analysis of structured products issuance for 12 months through November 2009

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

Issuer

	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
AB Svensk ExportKredit	0.225	0.318	0.168	0.276	0	0.053	0.066	0.051	0.091	0.047	0.082	0.065
ABN Amro Bank NV	0.014	0.036	0.007	0.001	0.012	0.016	0.008	0.016	0.013	0.019	0.016	0.013
BNP Paribas	0	0	0	0	0	0	0	0	0	0	0	0.010
Bank Hapoalim	0	0	0	0.020	0	0	0	0	0	0	0	0
Bank of America Corp.	0.071	0.325	0.192	0.144	0.063	0.370	0.356	0.363	0.529	0.769	0.584	0.417
Barclays Bank plc	1.223	1.682	2.683	0.188	0.274	0.426	1.129	1.271	0.966	0.766	0.632	2.585
Citigroup Funding Inc.	0.060	0.037	0.053	0.077	0.085	0.143	0.138	0.140	0.149	0.117	0.123	0.150
Credit Suisse, Nassau Branch	0.018	0.016	0.051	0.081	0.197	0.186	0.269	0.174	0.198	0.097	0.056	0.026
Deutsche Bank AG, London Branch	0.068	0.020	0.084	0.090	0.074	0.225	0.115	0.570	0.150	0.050	0.089	0.077
Eksportfinans ASA	0.143	0.018	0.151	0.059	0.019	0.281	0.098	0.052	0.089	0.258	0.205	0.119
Fannie Mae	0	0	0	0	0	0	0.025	0	0	0	0	0
Federal Home Loan Banks	0	0	0.065	0.010	0	0.075	0.195	0.122	0.124	0.110	0.160	0
Freddie Mac	0	0	0	0.010	0.010	0.075	0.025	0	0	0	0	0
Goldman Sachs Group, Inc.	0.143	0.129	0.033	0.113	0.057	0.449	0.143	0.141	0.059	0.141	0.309	0.641
HSBC Bank USA, NA	0	0	0.003	0	0	0.028	0.031	0.033	0.012	0.052	0.011	0
HSBC USA Inc.	0.043	0.139	0.155	0.062	0.099	0.160	0.136	0.230	0.203	0.169	0.137	0.106
Harris, NA	0	0	0	0.013	0.009	0	0	0	0	0	0	0
Inter-American Development Bank	0	0	0	0	0	0	0	0	0	0.025	0	0
International Bank for Reconstruction and Development	0	0	0	0	0	0	0	0.035	0	0	0	0
JPMorgan Chase & Co.	0.083	0.158	0.243	0.215	0.187	0.139	0.148	0.196	0.190	0.256	0.073	0.124
JPMorgan Chase Bank, NA	0	0	0	0	0	0.011	0	0	0	0	0	0
KfW	0	0	0	0	0	0	0	0	0	0	0	0.010
Merrill Lynch & Co., Inc.	0.058	0	0	0	0	0	0	0	0	0	0	0
Morgan Stanley	0.041	0.103	0.078	0.167	0.251	0.402	0.243	0.157	0.305	0.188	0.363	0.110
Royal Bank of Canada	0.021	0.006	0.045	0.045	0.036	0.026	0.125	0.061	0.073	0.112	0.093	0.114
Safety First Trust Series for Citigroup Funding Inc.	0	0	0	0.021	0.024	0	0.006	0	0	0	0	0
SunTrust Bank	0	0	0	0	0.002	0	0.005	0	0	0	0	0.003
UBS AG	0.014	0.088	0.081	0.040	0.056	0.010	0.091	0.062	0.063	0.071	0.225	0.048
Wells Fargo & Co.	0	0.006	0.003	0.016	0.006	0	0.033	0.020	0.030	0.017	0.031	0.006
Wells Fargo Bank, NA	0	0	0	0	0	0	0	0.120	0.100	0.009	0.093	0.028
Total	2.224	3.082	4.096	1.648	1.459	3.074	3.385	3.814	3.347	3.273	3.282	4.650
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
AB Svensk ExportKredit	0.762	67	0.120	13	0.190	44	0.147	28	1.219	152	1.444	170	3.47%
ABN Amro Bank NV	0.045	54	0.036	68	0.048	95	0.028	54	0.156	271	0.170	300	0.44%
BNP Paribas	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.03%
Bank Hapoalim	0.020	1	0	0	0	0	0	0	0.020	1	0.020	1	0.06%
Bank of America Corp.	0.661	24	0.789	32	1.661	43	1.001	31	4.112	130	4.182	134	11.71%
Barclays Bank plc	4.553	148	1.828	214	3.003	295	3.217	302	12.601	959	13.824	1007	35.89%
Citigroup Funding Inc.	0.167	10	0.366	16	0.405	22	0.273	21	1.211	69	1.271	71	3.45%
Credit Suisse, Nassau Branch	0.148	41	0.653	71	0.470	63	0.082	33	1.353	208	1.370	217	3.85%
Deutsche Bank AG, London Branch	0.195	36	0.414	48	0.770	46	0.165	27	1.544	157	1.612	178	4.40%
Eksportfinans ASA	0.229	30	0.398	49	0.400	46	0.324	40	1.351	165	1.494	173	3.85%
Fannie Mae	0	0	0.025	1	0	0	0	0	0.025	1	0.025	1	0.07%
Federal Home Loan Banks	0.075	5	0.270	16	0.357	17	0.160	8	0.862	46	0.862	46	2.46%
Freddie Mac	0.010	1	0.110	5	0	0	0	0	0.120	6	0.120	6	0.34%
Goldman Sachs Group, Inc.	0.275	20	0.649	43	0.341	50	0.949	35	2.215	148	2.358	157	6.31%
HSBC Bank USA, NA	0.003	1	0.059	2	0.097	4	0.011	1	0.171	8	0.171	8	0.49%
HSBC USA Inc.	0.356	51	0.394	38	0.603	54	0.242	47	1.596	190	1.639	200	4.55%
Harris, NA	0.013	2	0.009	1	0	0	0	0	0.021	3	0.021	3	0.06%
Inter-American Development Bank	0	0	0	0	0.025	1	0	0	0.025	1	0.025	1	0.07%
International Bank for Reconstruction and Development	0	0	0	0	0.035	1	0	0	0.035	1	0.035	1	0.10%
JPMorgan Chase & Co.	0.616	140	0.475	105	0.641	111	0.197	68	1.929	424	2.012	458	5.49%
JPMorgan Chase Bank, NA	0	0	0.011	1	0	0	0	0	0.011	1	0.011	1	0.03%
KfW	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.03%
Merrill Lynch & Co., Inc.	0	0	0	0	0	0	0	0	0	0	0.058	4	0.00%
Morgan Stanley	0.348	55	0.895	67	0.649	59	0.473	48	2.364	229	2.405	235	6.73%
Royal Bank of Canada	0.096	90	0.187	162	0.246	226	0.207	129	0.736	607	0.757	628	2.10%
Safety First Trust Series 2009-1 for Citigroup Funding Inc.	0.021	1	0.030	2	0	0	0	0	0.051	3	0.051	3	0.15%
SunTrust Bank	0	3	0.007	2	0	0	0.003	1	0.010	6	0.010	6	0.03%
UBS AG	0.209	44	0.157	31	0.195	50	0.273	40	0.834	165	0.848	170	2.38%
Wells Fargo & Co.	0.024	3	0.039	4	0.067	12	0.037	4	0.166	23	0.166	23	0.47%
Wells Fargo Bank, NA	0	0	0	0	0.229	3	0.122	3	0.351	6	0.351	6	1.00%
Total	8.826	827	7.918	991	10.433	1242	7.932	922	35.109	3982	37.333	4210	100.00%
Proceeds
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Less than $1 million	0.024	0.023	0.023	0.019	0.023	0.027	0.035	0.036	0.046	0.045	0.053	0.036
$1-1.99 million	0.073	0.068	0.054	0.047	0.036	0.051	0.066	0.065	0.073	0.087	0.083	0.112
$2-2.99 million	0.055	0.076	0.062	0.045	0.061	0.072	0.071	0.060	0.085	0.089	0.133	0.143
$3-4.99 million	0.102	0.159	0.134	0.272	0.205	0.192	0.198	0.179	0.275	0.243	0.294	0.266
$5-9.99 million	0.153	0.183	0.245	0.303	0.299	0.329	0.416	0.446	0.420	0.447	0.393	0.338
$10-14.99 million	0.126	0.142	0.220	0.218	0.163	0.297	0.401	0.352	0.308	0.207	0.324	0.273
$15-$49.99 million	0.455	0.606	0.639	0.636	0.488	1.314	1.321	0.746	0.965	1.123	1.250	0.725
$50 million and higher	1.235	1.826	2.720	0.108	0.184	0.792	0.876	1.929	1.175	1.032	0.753	2.758
Total	2.224	3.082	4.096	1.648	1.459	3.074	3.385	3.814	3.347	3.273	3.282	4.650
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.064	228	0.086	263	0.127	357	0.088	230	0.365	1078	0.390	1146	1.04%
$1-1.99 million	0.169	118	0.153	116	0.224	175	0.194	157	0.741	566	0.814	623	2.11%
$2-2.99 million	0.183	77	0.203	85	0.235	100	0.276	128	0.897	390	0.952	412	2.55%
$3-4.99 million	0.565	155	0.595	161	0.698	189	0.560	155	2.418	660	2.520	687	6.89%
$5-9.99 million	0.731	112	1.044	157	1.312	207	0.731	106	3.818	582	3.972	604	10.87%
$10-14.99 million	0.580	49	0.861	75	0.866	73	0.597	52	2.905	249	3.031	260	8.27%
$15-$49.99 million	1.880	73	3.124	117	2.834	112	1.975	72	9.812	374	10.267	391	27.95%
$50 million and higher	4.654	15	1.851	17	4.136	29	3.511	22	14.152	83	15.386	87	40.31%
Total	8.826	827	7.918	991	10.433	1242	7.932	922	35.109	3982	37.333	4210	100.00%
Coupon
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
0%-0.99%	1.844	2.750	3.483	1.222	0.832	1.960	2.264	2.971	2.095	2.029	1.970	3.838
1%-4.99%	0	0	0.018	0.011	0	0.005	0.003	0	0.006	0	0.026	0.001
5%-9.99%	0.003	0.006	0.011	0.007	0.005	0.032	0.037	0.032	0.081	0.118	0.194	0.153
10%-14.99%	0.047	0.104	0.090	0.127	0.132	0.206	0.215	0.209	0.344	0.362	0.284	0.353
15%-19.99%	0.048	0.073	0.054	0.061	0.066	0.110	0.102	0.046	0.130	0.293	0.101	0.074
20% plus	0.018	0.053	0.050	0.047	0.026	0.026	0.020	0.031	0.018	0.027	0.024	0.024
Floater	0.265	0.089	0.372	0.126	0.329	0.456	0.686	0.459	0.438	0.433	0.477	0.194
NA	0	0.006	0.016	0.048	0.068	0.279	0.057	0.061	0.233	0.009	0.205	0.013
Total	2.224	3.082	4.096	1.648	1.459	3.074	3.385	3.814	3.347	3.273	3.282	4.650
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
0%-0.99%	7.456	409	5.056	439	7.095	532	5.808	350	25.414	1730	27.257	1839	72.39%
1%-4.99%	0.029	5	0.008	3	0.006	2	0.027	3	0.070	13	0.070	13	0.20%
5%-9.99%	0.024	10	0.073	19	0.231	65	0.348	84	0.676	178	0.678	179	1.92%
10%-14.99%	0.321	160	0.554	212	0.917	324	0.639	266	2.430	962	2.476	1014	6.92%
15%-19.99%	0.188	82	0.278	131	0.469	142	0.176	103	1.113	458	1.164	489	3.17%
20% plus	0.155	107	0.072	89	0.080	90	0.045	49	0.353	335	0.370	352	1.00%
Floater	0.587	42	1.471	84	1.330	76	0.671	60	4.059	262	4.323	280	11.56%
NA	0.069	12	0.404	14	0.304	11	0.217	7	0.994	44	0.994	44	2.83%
Total	8.826	827	7.918	991	10.433	1242	7.932	922	35.109	3982	37.333	4210	100.00%
Type
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Basket of stocks	0	0.004	0.008	0.001	0.003	0.028	0.039	0.045	0.016	0.051	0.026	0.011
Commodities	1.265	1.173	2.990	0.288	0.149	0.345	0.555	0.294	0.601	0.268	0.493	0.343
ETF	0.024	0.125	0.037	0.112	0.089	0.125	0.151	0.260	0.155	0.120	0.146	0.156
Equity index	0.721	0.981	0.767	0.875	0.742	1.393	0.863	0.787	1.241	1.403	1.198	2.301
Foreign exchange	0	0.001	0.011	0.005	0.013	0.153	0.259	0.669	0.191	0.354	0.181	0.079
Fund	0	0	0.002	0.002	0.003	0.001	0.005	0.001	0.001	0.001	0	0
Interest rate	0.015	0.076	0.081	0.055	0.184	0.356	0.486	0.366	0.449	0.231	0.416	0.120
Multiple/Other	0.104	0.531	0.026	0.078	0.023	0.056	0.628	1.089	0.031	0.079	0.092	1.049
Single stock	0.095	0.192	0.174	0.233	0.253	0.617	0.399	0.303	0.663	0.766	0.729	0.591
Total	2.224	3.082	4.096	1.648	1.459	3.074	3.385	3.814	3.347	3.273	3.282	4.650
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Basket of stocks	0.013	5	0.070	5	0.111	11	0.037	7	0.231	28	0.231	28	0.66%
Commodities	4.451	94	1.049	75	1.163	124	0.837	76	7.499	369	8.764	398	21.36%
ETF	0.274	45	0.364	69	0.535	86	0.302	57	1.475	257	1.499	273	4.20%
Equity index	2.623	297	2.998	264	3.431	266	3.499	192	12.551	1019	13.272	1104	35.75%
Foreign exchange	0.016	8	0.426	34	1.214	56	0.260	39	1.916	137	1.916	137	5.46%
Fund	0.004	2	0.009	6	0.002	3	0	1	0.016	12	0.016	12	0.05%
Interest rate	0.212	20	1.026	70	1.046	69	0.536	43	2.821	202	2.836	204	8.03%
Multiple/Other	0.635	25	0.707	19	1.199	24	1.141	21	3.681	89	3.785	98	10.48%
Single stock	0.598	331	1.269	449	1.732	603	1.319	486	4.918	1869	5.014	1956	14.01%
Total	8.826	827	7.918	991	10.433	1242	7.932	922	35.109	3982	37.333	4210	100.00%
Structure
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
callable reverse convertible	0	0.008	0.002	0.003	0.003	0	0.003	0	0.004	0	0	0.008
convertible/linked	0.024	0.023	0.040	0.139	0.103	0.202	0.363	0.016	0.740	0.156	0.169	0.937
downside protection	0.002	0.002	0.030	0.082	0.057	0.065	0.138	0.123	0.092	0.102	0.129	0.150
increasing calls	0.016	0.333	0.331	0.170	0.046	0.140	0.081	0.112	0.130	0.109	0.070	0.293
leveraged return	0.105	0.273	0.043	0.206	0.133	0.368	0.321	0.253	0.230	0.236	0.353	0.263
leveraged return, downside protection	0.061	0.039	0.051	0.027	0.044	0.030	0.101	0.038	0.029	0.024	0.038	0.008
leveraged return, partial downside protection	0.523	0.442	0.430	0.438	0.323	0.784	0.662	0.912	0.433	0.543	0.528	0.335
other/NA	1.377	1.695	2.905	0.292	0.375	0.476	0.945	1.808	0.897	1.215	1.056	2.079
range	0	0.032	0.074	0.053	0.143	0.353	0.418	0.199	0.252	0.191	0.350	0.007
steepener	0	0	0	0	0.005	0	0.013	0.029	0.055	0.069	0.016	0.014
trigger reverse convertible	0.116	0.235	0.191	0.238	0.228	0.655	0.341	0.322	0.484	0.628	0.571	0.557
Total	2.224	3.082	4.096	1.648	1.459	3.074	3.385	3.814	3.347	3.273	3.282	4.650
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
callable reverse convertible	0.013	4	0.006	2	0.004	3	0.008	2	0.030	11	0.030	11	0.09%
convertible/linked	0.202	40	0.668	24	0.912	49	1.106	32	2.889	145	2.912	155	8.23%
downside protection	0.114	19	0.259	16	0.317	21	0.279	17	0.969	73	0.970	74	2.76%
increasing calls	0.834	53	0.267	19	0.351	18	0.363	10	1.815	100	1.832	104	5.17%
leveraged return	0.522	40	0.821	84	0.720	73	0.616	68	2.680	265	2.784	274	7.63%
leveraged return, downside protection	0.117	18	0.176	27	0.092	21	0.045	8	0.430	74	0.491	84	1.22%
leveraged return, partial downside protection	1.311	181	1.769	174	1.888	180	0.863	113	5.831	648	6.354	715	16.61%
other/NA	4.891	102	1.796	132	3.920	207	3.134	151	13.742	592	15.119	621	39.14%
range	0.159	17	0.913	58	0.643	36	0.358	22	2.073	133	2.073	133	5.90%
steepener	0	0	0.018	4	0.152	23	0.030	8	0.200	35	0.200	35	0.57%
trigger reverse convertible	0.663	353	1.224	451	1.434	611	1.128	491	4.450	1906	4.566	2004	12.67%
Total	8.826	827	7.918	991	10.433	1242	7.932	922	35.109	3982	37.333	4210	100.00%
Tenor
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Less than 1 year	0.143	0.268	0.204	0.275	0.177	0.688	0.343	0.444	0.470	0.703	0.601	1.208
1	0.415	0.227	0.501	0.331	0.255	0.462	0.444	0.351	0.448	0.584	0.680	0.505
1.25	0.047	0.209	0.007	0.126	0.061	0.292	0.104	0.112	0.175	0.271	0.199	0.145
1/1900	0.133	0.309	0.302	0.302	0.163	0.247	0.219	0.154	0.235	0.216	0.150	0.089
1.75	0	0.023	0.021	0	0	0.020	0.001	0.005	0	0	0.004	0.011
2	0.258	0.305	0.308	0.211	0.240	0.411	0.388	0.906	0.489	0.787	0.589	0.360
2.25-4.75 years	0.096	0.124	0.045	0.032	0.067	0.162	0.331	0.281	0.143	0.159	0.134	0.135
5	0.080	0.033	0.090	0.144	0.228	0.123	0.190	0.115	0.067	0.065	0.160	1.034
5.25-9.75 years	0.030	0.039	0.003	0.005	0	0.039	0.068	0.046	0.044	0.080	0.096	0.045
10	0	0.512	0.013	0	0.010	0.045	0.566	1.120	0.158	0.043	0.122	1.001
10.25-14.75 years	0.024	0.021	0.029	0.134	0	0.053	0.011	0.009	0.075	0.027	0.066	0.009
15	0	0.011	0.061	0.041	0.115	0.245	0.287	0.202	0.241	0.175	0.262	0.059
More than 15	1.000	1.000	2.501	0.012	0.088	0.035	0.358	0.019	0.691	0.164	0.121	0.038
NA	0	0	0.010	0.035	0.054	0.251	0.074	0.050	0.113	0	0.100	0.013
Total	2.224	3.082	4.096	1.648	1.459	3.074	3.385	3.814	3.347	3.273	3.282	4.650
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 1 year	0.747	319	1.208	407	1.615	554	1.809	405	5.379	1685	5.523	1792	15.32%
1	1.060	164	1.162	161	1.383	175	1.185	183	4.789	683	5.205	726	13.64%
1.25	0.342	19	0.457	36	0.557	38	0.344	30	1.700	123	1.747	125	4.84%
1.5	0.913	88	0.628	69	0.604	85	0.239	53	2.384	295	2.517	316	6.79%
1.75	0.044	4	0.021	4	0.005	2	0.015	4	0.084	14	0.084	14	0.24%
2	0.824	98	1.039	104	2.182	151	0.949	91	4.994	444	5.251	465	14.22%
2.25-4.75 years	0.200	32	0.561	71	0.582	79	0.269	45	1.613	227	1.709	244	4.60%
5	0.266	31	0.541	52	0.247	33	1.194	30	2.248	146	2.328	153	6.40%
5.25-9.75 years	0.047	9	0.107	7	0.170	11	0.140	13	0.465	40	0.494	42	1.32%
10	0.525	4	0.621	9	1.321	8	1.123	6	3.590	27	3.590	27	10.23%
10.25-14.75 years	0.185	35	0.065	10	0.110	38	0.075	23	0.434	106	0.458	113	1.24%
15	0.114	13	0.647	39	0.618	45	0.321	28	1.701	125	1.701	125	4.84%
More than 15	3.513	5	0.481	11	0.874	17	0.159	7	5.027	40	6.027	41	14.32%
NA	0.045	6	0.379	11	0.163	6	0.113	4	0.700	27	0.700	27	1.99%
Total	8.826	827	7.918	991	10.433	1242	7.932	922	35.109	3982	37.333	4210	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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