Analysis of structured products issuance for 12 months through June 2009

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

Issuer

	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
AB Svensk ExportKredit	0.053	0.355	0.308	0.485	0.119	0.225	0.318	0.168	0.276	0	0.053	0.066
ABN Amro Bank NV	0.075	0.119	0.045	0.009	0.021	0.014	0.036	0.007	0.001	0.012	0.016	0.008
Allegro Investment Corp. SA	0	0	0	0	0	0	0	0	0	0	0	0
Bank Hapoalim	0	0	0	0	0	0	0	0	0.020	0	0	0
Bank of America Corp.	0.080	0.108	0.104	0.082	0.072	0.071	0.325	0.192	0.144	0.063	0.370	0.356
Barclays Bank plc	0.421	0.414	0.389	0.107	0.177	1.223	1.682	2.683	0.188	0.274	0.426	1.125
Citigroup Funding Inc.	0.218	0.333	0.152	0.040	0.024	0.060	0.037	0.053	0.077	0.085	0.143	0.133
Credit Suisse, Nassau Branch	0.054	0.108	0.129	0.076	0.011	0.018	0.016	0.051	0.081	0.198	0.186	0.259
Depfa ACS Bank	0	0	0.020	0	0	0	0	0	0	0	0	0
Deutsche Bank AG, London Branch	0.242	0.868	0.232	0.711	0.100	0.068	0.020	0.084	0.090	0.074	0.225	0.115
Eksportfinans ASA	0.226	0.299	0.126	0.280	0.108	0.143	0.018	0.151	0.059	0.019	0.281	0.072
Fannie Mae	0	0	0	0	0	0	0	0	0	0	0	0.025
Federal Home Loan Banks	0.010	0	0.102	0.035	0	0	0	0.065	0.010	0	0.075	0.070
Freddie Mac	0	0	0	0	0	0	0	0	0.010	0.010	0.075	0.025
Goldman Sachs Group, Inc.	0.244	0.241	0.137	0.100	0.049	0.143	0.129	0.033	0.113	0.057	0.449	0.143
HSBC Bank USA NA, New York Branch	0	0.002	0	0	0	0	0	0	0	0	0	0
HSBC USA Inc.	0.068	0.044	0.019	0.008	0.084	0.043	0.139	0.155	0.062	0.099	0.160	0.114
Harris NA	0	0	0	0	0	0	0	0	0	0	0	0
Hartford Life Insurance Co.	0.013	0.028	0	0	0	0	0	0	0	0	0	0
JPMorgan Chase & Co.	0.326	0.177	0.229	0.496	0.282	0.083	0.158	0.243	0.215	0.187	0.139	0.144
JPMorgan Chase Bank, NA	0	0	0	0	0	0	0	0	0	0	0.011	0
KfW	0.010	0	0	0	0	0	0	0	0	0	0	0
Lehman Brothers Holdings Inc.	0.021	0.082	0.002	0	0	0	0	0	0	0	0	0
Merrill Lynch & Co., Inc.	0.559	0.865	0.343	0.442	0.338	0.058	0	0	0	0	0	0
Morgan Stanley	0.268	0.476	0.169	0.086	0.037	0.041	0.103	0.078	0.167	0.251	0.402	0.240
Royal Bank of Canada	0.086	0.033	0.023	0.016	0.010	0.021	0.006	0.045	0.175	0.036	0.026	0.125
Safety First Trust (Citigroup Funding Inc.)	0	0.022	0.028	0.033	0.033	0	0	0	0.021	0.024	0	0.006
SunTrust Bank	0	0	0	0	0	0	0	0	0	0.002	0	0.005
Toyota Motor Credit Corp.	0	0	0	0	0.005	0	0	0	0	0	0	0
UBS AG	0.182	0.296	0.139	0.024	0.043	0.014	0.088	0.081	0.040	0.056	0.010	0.091
Union Bank of California, N.A.	0	0	0	0	0	0	0	0	0	0	0	0
Wells Fargo & Co.	0	0	0	0	0	0	0	0	0.016	0	0	0
Total	3.158	4.871	2.696	3.031	1.513	2.224	3.077	4.090	1.765	1.444	3.046	3.121
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
AB Svensk ExportKredit	0.716	40	0.828	58	0.762	67	0.120	13	0.882	80	2.426	178	5.33%
ABN Amro Bank NV	0.239	192	0.044	72	0.045	54	0.036	68	0.080	122	0.364	386	0.48%
Allegro Investment Corp. SA	0	1	0	0	0	0	0	0	0	0	0	1	0.00%
Bank Hapoalim	0	0	0	0	0.020	1	0	0	0.020	1	0.020	1	0.12%
Bank of America Corp.	0.292	22	0.225	16	0.661	24	0.789	32	1.450	56	1.967	94	8.77%
Barclays Bank plc	1.224	322	1.507	97	4.553	148	1.824	214	6.377	362	9.108	781	38.55%
Citigroup Funding Inc.	0.703	32	0.124	12	0.167	10	0.361	15	0.528	25	1.355	69	3.19%
Credit Suisse, Nassau Branch	0.291	48	0.105	18	0.148	41	0.643	67	0.791	108	1.187	174	4.78%
Depfa ACS Bank	0.020	1	0	0	0	0	0	0	0	0	0.020	1	0.00%
Deutsche Bank AG, London Branch	1.343	86	0.879	67	0.195	36	0.414	48	0.608	84	2.831	237.000	3.68%
Eksportfinans ASA	0.650	65	0.532	37	0.229	30	0.372	40	0.601	70	1.783	172	3.63%
Fannie Mae	0	0	0	0	0	0	0.025	1	0.025	1	0.025	1	0.15%
Federal Home Loan Banks	0.112	7	0.035	4	0.075	5	0.145	8	0.220	13	0.366	24	1.33%
Freddie Mac	0	0	0	0	0.010	1	0.110	5	0.120	6	0.120	6	0.73%
Goldman Sachs Group, Inc.	0.621	42	0.292	21	0.275	20	0.649	43	0.924	63	1.838	126	5.59%
HSBC Bank USA NA, New York Branch	0.002	1	0	2	0	0	0	0	0	0	0.002	3	0.00%
HSBC USA Inc.	0.131	53	0.134	25	0.356	51	0.373	36	0.729	87	0.995	165	4.41%
Harris NA	0	0	0	0	0	1	0	0	0	1	0	1	0.00%
Hartford Life Insurance Co.	0.042	3	0	0	0	0	0	0	0	0	0.042	3	0.00%
JPMorgan Chase & Co.	0.732	267	0.861	137	0.616	140	0.470	103	1.086	243	2.680	647	6.56%
JPMorgan Chase Bank, NA	0	0	0	0	0	0	0.011	1	0.011	1	0.011	1	0.07%
KfW	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.00%
Lehman Brothers Holdings Inc.	0.105	42	0	0	0	0	0	0	0	0	0.105	42	0.00%
Merrill Lynch & Co., Inc.	1.768	47	0.839	32	0	0	0	0	0	0	2.606	79	0.00%
Morgan Stanley	0.914	94	0.164	22	0.348	55	0.892	66	1.239	121	2.317	237	7.49%
Royal Bank of Canada	0.142	166	0.046	69	0.226	90	0.187	162	0.413	252	0.602	487	2.50%
Safety First Trust (Citigroup Funding Inc.)	0.050	2	0.066	2	0.021	1	0.030	2	0.051	3	0.167	7	0.32%
SunTrust Bank	0	0	0	0	0	3	0.007	2	0.007	5	0.007	5	0.04%
Toyota Motor Credit Corp.	0	0	0.005	1	0	0	0	0	0	0	0.005	1	0.00%
UBS AG	0.618	55	0.081	25	0.209	44	0.157	31	0.366	75	1.064	155	2.21%
Union Bank of California, N.A.	0	0	0	1	0	0	0	0	0	0	0	1	0.00%
Wells Fargo & Co.	0	0	0	0	0.016	1	0	0	0.016	1	0.016	1	0.10%
Total	10.725	1589	6.768	718	8.932	823	7.612	957	16.544	1780	34.037	4087	100.00%
Proceeds
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Less than $1 million	0.058	0.056	0.043	0.028	0.026	0.024	0.023	0.023	0.019	0.023	0.027	0.035
$1-1.99 million	0.147	0.117	0.080	0.043	0.031	0.073	0.068	0.054	0.047	0.036	0.051	0.057
$2-2.99 million	0.171	0.123	0.117	0.052	0.044	0.055	0.076	0.059	0.045	0.061	0.072	0.066
$3-4.99 million	0.324	0.386	0.206	0.081	0.147	0.102	0.159	0.131	0.272	0.205	0.192	0.176
$5-9.99 million	0.560	0.412	0.339	0.229	0.081	0.153	0.177	0.245	0.303	0.284	0.329	0.394
$10-14.99 million	0.355	0.328	0.406	0.431	0.139	0.126	0.142	0.220	0.206	0.163	0.297	0.318
$15-$49.99 million	1.064	1.284	1.030	0.973	0.724	0.455	0.606	0.639	0.636	0.488	1.286	1.200
$50 million and higher	0.479	2.164	0.474	1.193	0.322	1.235	1.826	2.720	0.238	0.184	0.792	0.876
Total	3.158	4.871	2.696	3.031	1.513	2.224	3.077	4.090	1.765	1.444	3.046	3.121
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.157	447	0.078	220	0.064	227	0.085	263	0.149	490	0.384	1157	0.90%
$1-1.99 million	0.345	263	0.147	115	0.169	118	0.144	110	0.313	228	0.805	606	1.89%
$2-2.99 million	0.411	176	0.151	62	0.180	76	0.198	83	0.379	159	0.940	397	2.29%
$3-4.99 million	0.916	256	0.330	89	0.562	154	0.573	155	1.135	309	2.381	654	6.86%
$5-9.99 million	1.312	196	0.463	68	0.725	111	1.008	151	1.733	262	3.508	526	10.48%
$10-14.99 million	1.089	91	0.696	59	0.568	48	0.778	67	1.346	115	3.131	265	8.14%
$15-$49.99 million	3.379	130	2.153	86	1.880	73	2.974	111	4.854	184	10.385	400	29.34%
$50 million and higher	3.118	30	2.751	19	4.784	16	1.851	17	6.635	33	12.503	82	40.11%
Total	10.725	1589	6.768	718	8.932	823	7.612	957	16.544	1780	34.037	4087	100.00%
Coupon
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
0%-0.99%	2.244	3.593	1.721	2.058	1.148	1.844	2.750	3.483	1.222	0.832	1.960	2.192
1%-4.99%	0.022	0.040	0	0	0	0	0	0.018	0.011	0	0.005	0.003
5%-9.99%	0.138	0.399	0.058	0	0.002	0.003	0.006	0.011	0.007	0.005	0.032	0.029
10%-14.99%	0.297	0.326	0.222	0.040	0.051	0.047	0.104	0.090	0.127	0.132	0.206	0.198
15%-19.99%	0.113	0.170	0.090	0.012	0.044	0.048	0.073	0.054	0.061	0.066	0.110	0.096
20% plus	0.078	0.094	0.044	0.046	0.033	0.018	0.053	0.050	0.177	0.026	0.026	0.020
Floater	0.204	0.089	0.468	0.872	0.236	0.265	0.089	0.372	0.126	0.329	0.456	0.516
NA	0.062	0.158	0.092	0	0	0	0	0.010	0.035	0.054	0.251	0.067
Total	3.158	4.871	2.696	3.031	1.513	2.224	3.077	4.090	1.765	1.444	3.046	3.121
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
0%-0.99%	7.558	591	5.050	359	7.456	409	4.984	427	12.440	836	25.047	1786	75.19%
1%-4.99%	0.062	2	0	0	0.029	5	0.008	3	0.037	8	0.099	10	0.22%
5%-9.99%	0.595	103	0.004	3	0.024	10	0.065	17	0.090	27	0.689	133	0.53%
10%-14.99%	0.845	459	0.138	121	0.321	160	0.538	207	0.859	367	1.842	947	5.19%
15%-19.99%	0.375	203	0.105	87	0.188	82	0.272	128	0.460	210	0.939	500	2.78%
20% plus	0.219	135	0.095	63	0.285	107	0.072	89	0.355	196	0.670	394	2.15%
Floater	0.760	73	1.373	84	0.587	42	1.300	74	1.887	116	4.021	273	11.41%
NA	0.312	23	0	1	0.045	8	0.372	12	0.417	20	0.728	44	2.52%
Total	10.725	1589	6.768	718	8.932	823	7.612	957	16.544	1780	34.037	4087	100.00%
Type
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Basket of stocks	0.023	0.041	0.007	0.030	0.001	0	0.004	0.005	0.001	0.003	0	0.007
Commodities	0.405	0.343	0.411	1.281	0.234	1.265	1.173	2.990	0.288	0.149	0.345	0.553
ETF	0.138	0.144	0.113	0.112	0.119	0.024	0.125	0.037	0.099	0.089	0.125	0.148
Equity index	1.530	2.989	1.371	1.327	1.037	0.721	0.975	0.765	0.875	0.728	1.393	0.802
Foreign exchange	0.169	0.224	0.221	0.037	0.009	0	0.001	0.011	0.005	0.013	0.153	0.244
Fund	0.014	0	0	0	0	0	0	0.002	0.002	0.003	0.001	0.005
Interest rate	0.238	0.092	0.170	0.107	0.019	0.015	0.076	0.081	0.055	0.184	0.356	0.357
Multiple/Other	0.035	0.040	0.055	0.073	0.009	0.104	0.531	0.026	0.078	0.023	0.056	0.628
Single stock	0.607	0.997	0.349	0.065	0.086	0.095	0.192	0.174	0.362	0.253	0.617	0.376
Total	3.158	4.871	2.696	3.031	1.513	2.224	3.077	4.090	1.765	1.444	3.046	3.121
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Basket of stocks	0.071	18	0.031	2	0.010	4	0.010	3	0.020	7	0.123	27	0.12%
Commodities	1.158	94	2.780	98	4.451	94	1.047	74	5.498	168	9.436	360	33.23%
ETF	0.395	91	0.254	55	0.261	44	0.362	68	0.623	112	1.272	258	3.77%
Equity index	5.890	390	3.085	269	2.615	295	2.922	250	5.538	545	14.512	1204	33.47%
Foreign exchange	0.614	64	0.046	11	0.016	8	0.410	33	0.427	41	1.087	116	2.58%
Fund	0.014	1	0	0	0.004	2	0.009	6	0.013	8	0.027	9	0.08%
Interest rate	0.500	53	0.141	20	0.212	20	0.897	62	1.109	82	1.750	155	6.70%
Multiple/Other	0.131	28	0.186	22	0.635	25	0.707	19	1.341	44	1.657	94	8.11%
Single stock	1.952	850	0.246	241	0.728	331	1.246	442	1.974	773	4.173	1864	11.93%
Total	10.725	1589	6.768	718	8.932	823	7.612	957	16.544	1780	34.037	4087	100.00%
Structure
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
callable reverse convertible	0.004	0.048	0	0	0.001	0	0.008	0.002	0.003	0.003	0	0
convertible/linked	0.059	0.843	0.122	0.507	0.014	0.024	0.023	0.040	0.139	0.103	0.202	0.363
downside protection	0.075	0.084	0.104	0.145	0.066	0.002	0.002	0.030	0.082	0.057	0.065	0.138
increasing calls	0.238	0.229	0.138	0.113	0.019	0.016	0.333	0.331	0.170	0.046	0.140	0.077
leveraged return	0.313	0.551	0.269	0.449	0.303	0.105	0.273	0.043	0.206	0.133	0.368	0.309
leveraged return, downside protection	0.179	0.247	0.108	0.020	0.003	0.061	0.039	0.051	0.027	0.044	0.030	0.101
leveraged return, partial downside protection	0.724	1.116	0.573	0.724	0.657	0.523	0.442	0.430	0.438	0.323	0.784	0.621
other/NA	0.910	0.938	0.838	0.963	0.333	1.377	1.689	2.899	0.279	0.361	0.448	0.899
range	0.013	0	0.121	0.039	0.008	0	0.032	0.074	0.053	0.143	0.353	0.291
reverse convertible	0.076	0	0	0	0	0	0	0	0	0	0	0
steepener	0.021	0.002	0.003	0	0	0	0	0	0	0.005	0	0.010
trigger reverse convertible	0.546	0.812	0.418	0.070	0.110	0.116	0.235	0.191	0.368	0.228	0.655	0.313
Total	3.158	4.871	2.696	3.031	1.513	2.224	3.077	4.090	1.765	1.444	3.046	3.121
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
callable reverse convertible	0.052	4	0.001	1	0.013	4	0.003	1	0.016	5	0.069	10	0.10%
convertible/linked	1.024	25	0.545	19	0.202	40	0.668	24	0.870	64	2.439	108	5.26%
downside protection	0.263	25	0.213	17	0.114	19	0.259	16	0.373	35	0.849	77	2.25%
increasing calls	0.606	27	0.148	14	0.834	53	0.263	18	1.097	71	1.851	112	6.63%
leveraged return	1.134	78	0.857	53	0.522	40	0.809	83	1.331	123	3.322	254	8.05%
leveraged return, downside protection	0.535	79	0.084	24	0.117	18	0.176	27	0.293	45	0.911	148	1.77%
leveraged return, partial downside protection	2.413	214	1.904	184	1.311	181	1.728	168	3.038	349	7.355	747	18.36%
other/NA	2.687	232	2.673	133	4.867	98	1.708	124	6.575	222	11.935	587	39.74%
range	0.135	9	0.047	8	0.159	17	0.787	50	0.946	67	1.128	84	5.72%
reverse convertible	0.076	5	0	0	0	0	0	0	0	0	0.076	5	0.00%
steepener	0.026	7	0	2	0	0	0.016	4	0.016	4	0.041	13	0.10%
trigger reverse convertible	1.775	884	0.296	263	0.793	353	1.196	442	1.989	795	4.061	1942	12.02%
Total	10.725	1589	6.768	718	8.932	823	7.612	957	16.544	1780	34.037	4087	100.00%
Tenor
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Less than 1 year	0.436	0.622	0.360	0.441	0.460	0.143	0.268	0.204	0.404	0.177	0.688	0.321
1	0.700	0.775	0.824	0.992	0.396	0.415	0.227	0.501	0.331	0.255	0.462	0.419
1.25	0.442	0.670	0.180	0.251	0.188	0.047	0.209	0.007	0.126	0.061	0.292	0.096
1.5	0.576	0.835	0.437	0.286	0.244	0.133	0.309	0.302	0.302	0.163	0.247	0.213
1.75	0.001	0.003	0	0.040	0	0	0.023	0.021	0	0	0.020	0.001
2	0.317	0.647	0.275	0.208	0.075	0.258	0.305	0.308	0.211	0.240	0.411	0.368
2.25-4.75 years	0.312	0.162	0.182	0.101	0.040	0.096	0.119	0.042	0.032	0.061	0.162	0.330
5	0.174	0.177	0.136	0.069	0.060	0.080	0.033	0.087	0.131	0.220	0.123	0.171
5.25-9.75 years	0.037	0.015	0.016	0.040	0.037	0.030	0.039	0.003	0.005	0	0.011	0.035
10	0.027	0	0	0.023	0	0	0.512	0.013	0	0.010	0.045	0.555
10.25-14.75 years	0.021	0.050	0.022	0.004	0.007	0.024	0.021	0.029	0.134	0	0.053	0.011
15	0.049	0.759	0.124	0.036	0.005	0	0.011	0.061	0.041	0.115	0.245	0.170
More than 15	0.006	0	0.105	0.540	0	1.000	1.000	2.501	0.012	0.088	0.035	0.358
NA	0.062	0.158	0.037	0	0.001	0	0	0.010	0.035	0.054	0.251	0.074
Total	3.158	4.871	2.696	3.031	1.513	2.224	3.077	4.090	1.765	1.444	3.046	3.121
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 1 year	1.418	713	1.044	279	0.877	319	1.186	400	2.063	719	4.524	1711	12.47%
1	2.298	356	1.804	167	1.060	164	1.137	156	2.196	320	6.298	843	13.27%
1.25	1.292	67	0.486	17	0.342	19	0.449	34	0.791	53	2.569	137	4.78%
1.5	1.847	119	0.663	85	0.913	88	0.622	67	1.535	155	4.045	359	9.28%
1.75	0.003	3	0.040	2	0.044	4	0.021	4	0.065	8	0.109	13	0.39%
2	1.239	85	0.540	56	0.824	98	1.018	102	1.842	200	3.621	341	11.13%
2.25-4.75 years	0.655	117	0.238	54	0.192	30	0.554	69	0.746	99	1.636	270	4.51%
5	0.487	58	0.209	21	0.251	29	0.513	49	0.764	78	1.460	157	4.62%
5.25-9.75 years	0.067	17	0.106	9	0.047	9	0.046	4	0.093	13	0.266	39	0.57%
10	0.027	3	0.023	3	0.525	4	0.611	8	1.136	12	1.186	18	6.87%
10.25-14.75 years	0.093	7	0.035	10	0.185	35	0.065	10	0.250	45	0.379	62	1.51%
15	0.932	22	0.041	7	0.114	13	0.530	32	0.643	45	1.617	74	3.89%
More than 15	0.111	5	1.540	4	3.513	5	0.481	11	3.994	16	5.645	25	24.15%
NA	0.257	17	0.001	4	0.045	6	0.379	11	0.424	17	0.682	38	2.56%
Total	10.725	1589	6.768	718	8.932	823	7.612	957	16.544	1780	34.037	4087	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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