Analysis of structured products issuance for 13 months through September 2010

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

Issuer

	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
AB Svensk Exportkredit	0.047	0.082	0.104	0.128	0.256	0.125	0.092	0.141	0.119	0.067	0.111	0.120	0.096
ABN Amro Bank NV	0.019	0.016	0.013	0.015	0.011	0.002	0	0	0	0	0	0	0
BNP Paribas	0	0	0.010	0	0	0	0	0	0	0	0	0	0
Bank of America Corp.	0.768	0.584	0.417	0.387	0.783	0.660	0.679	0.597	0.718	0.605	0.686	0.451	0.524
Bank of Montreal	0	0	0	0	0	0	0	0.050	0	0	0	0	0.001
Barclays Bank plc	0.766	0.632	2.591	0.459	3.302	0.665	5.253	1.067	0.389	0.285	0.492	6.567	2.690
CMT Linked Trust Units Series 2010-01	0	0	0	0	0	0	0	0	0	0	0	0.013	0
Citigroup Funding Inc.	0.117	0.123	0.150	0.116	0.179	0.071	0.181	0.107	0.112	0.088	0.182	0.069	0.338
Commonwealth Bank of Australia	0	0	0	0	0	0	0.060	0	0	0	0	0	0
Credit Suisse AG, Nassau Branch	0.097	0.056	0.037	0.119	0.144	0.052	0.160	0.446	0.135	0.074	0.095	0.062	0.116
Deutsche Bank AG, London Branch	0.050	0.089	0.093	0.044	0.132	0.227	0.195	0.100	0.287	0.073	0.160	0.119	0.154
Eksportfinans ASA	0.258	0.205	0.119	0.072	0.228	0.202	0.091	0.337	0.074	0.053	0.105	0.153	0.125
Federal Home Loan Banks	0.110	0.160	0.070	0.176	0.075	0.095	0.148	0.065	0.040	0	0.040	0.010	0
Freddie Mac	0	0	0.025	0	0.050	0	0	0	0	0	0	0	0
Goldman Sachs Group, Inc.	0.141	0.309	0.640	0.134	0.203	0.219	0.310	0.398	0.240	0.275	0.168	0.169	0.150
HSBC Bank USA, NA	0.052	0.011	0	0.031	0	0.021	0.020	0	0	0	0	0	0
HSBC USA Inc.	0.169	0.137	0.106	0.060	0.197	0.190	0.110	0.163	0.267	0.038	0.057	0.082	0.189
Inter-American Development Bank	0.025	0	0	0	0	0	0	0	0	0	0	0	0
JPMorgan Chase & Co.	0.256	0.073	0.124	0.260	0.219	0.363	0.270	0.476	0.479	0.153	0.363	0.204	0.156
JPMorgan Chase Bank, NA	0	0	0	0	0	0.022	0	0	0.019	0	0	0	0
KfW	0	0	0.010	0.008	0	0	0	0	0	0	0	0	0
Morgan Stanley	0.188	0.363	0.128	0.249	0.224	0.624	0.659	0.473	0.364	0.307	0.519	0.421	0.601
Royal Bank of Canada	0.112	0.093	0.114	0.093	0.068	0.139	0.165	0.176	0.086	0.136	0.102	0.081	0.145
Royal Bank of Scotland NV	0	0	0	0	0	0.007	0.016	0.016	0.013	0.011	0.010	0.033	0.005
SunTrust Bank	0	0	0.003	0	0	0	0	0	0	0	0	0	0
UBS AG	0.071	0.225	0.048	0.100	0.204	0.080	0.206	0.116	0.195	0.217	0.378	0.156	0.343
Wells Fargo & Co.	0.017	0.031	0.006	0	0.019	0	0.018	0.011	0	0.022	0.020	0.032	0.048
Wells Fargo Bank, NA	0.009	0.093	0.028	0.022	0.031	0	0	0	0	0	0	0	0
Total	3.273	3.282	4.836	2.474	6.325	3.763	8.632	4.738	3.538	2.402	3.488	8.743	5.681
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AB Svensk Exportkredit	0.315	58	0.473	50	0.326	37	0.327	31	1.127	118	1.489	189	1.441	176	2.43%
ABN Amro Bank NV	0.044	95	0.012	29	0	0	0	0	0.012	29	0.075	158	0.056	124	0.12%
BNP Paribas	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.02%
Bank of America Corp.	1.388	43	2.122	64	1.921	78	1.661	56	5.704	198	7.860	255	7.092	241	12.85%
Bank of Montreal	0	0	0	0	0.050	2	0.001	1	0.051	3	0.051	3	0.051	3	0.08%
Barclays Bank plc	3.682	455	9.221	762	1.740	597	9.749	301	20.710	1660	25.157	2241	24.391	2115	41.12%
CMT Linked Trust Units Series 2010-01	0	0	0	0	0	0	0.013	1	0.013	1	0.013	1	0.013	1	0.02%
Citigroup Funding Inc.	0.389	33	0.431	40	0.308	43	0.589	30	1.328	113	1.833	153	1.716	146	3.00%
Commonwealth Bank of Australia	0	0	0.060	1	0	0	0	0	0.060	1	0.060	1	0.060	1	0.10%
Credit Suisse AG, Nassau Branch	0.212	61	0.355	69	0.656	83	0.274	78	1.284	230	1.593	307	1.496	291	2.60%
Deutsche Bank AG, London Branch	0.227	43	0.554	57	0.460	64	0.433	49	1.447	170	1.724	224	1.673	213	2.82%
Eksportfinans ASA	0.396	48	0.522	46	0.464	26	0.384	17	1.369	89	2.024	155	1.766	137	3.31%
Federal Home Loan Banks	0.406	22	0.318	22	0.105	8	0.050	4	0.473	34	0.990	61	0.879	56	1.62%
Freddie Mac	0.025	1	0.050	2	0	0	0	0	0.050	2	0.075	3	0.075	3	0.12%
Goldman Sachs Group, Inc.	1.083	47	0.732	45	0.913	82	0.487	66	2.132	193	3.356	258	3.214	240	5.49%
HSBC Bank USA, NA	0.043	2	0.041	2	0	0	0	0	0.041	2	0.135	6	0.084	4	0.22%
HSBC USA Inc.	0.302	66	0.496	86	0.468	81	0.328	80	1.292	247	1.763	327	1.594	313	2.88%
Inter-American Development Bank	0	0	0	0	0	0	0	0	0	0	0.025	1	0	0	0.04%
JPMorgan Chase & Co.	0.457	110	0.852	146	1.108	212	0.722	195	2.682	553	3.395	699	3.139	663	5.55%
JPMorgan Chase Bank, NA	0	0	0.022	1	0.019	1	0	0	0.041	2	0.041	2	0.041	2	0.07%
KfW	0.018	2	0	0	0	0	0	0	0	0	0.018	2	0.018	2	0.03%
Morgan Stanley	0.740	64	1.507	86	1.144	74	1.541	73	4.192	233	5.119	314	4.932	297	8.37%
Royal Bank of Canada	0.300	191	0.371	216	0.398	260	0.328	224	1.097	700	1.509	968	1.397	891	2.47%
Royal Bank of Scotland NV	0	0	0.023	63	0.040	93	0.048	45	0.110	201	0.110	201	0.110	201	0.18%
SunTrust Bank	0.003	1	0	0	0	0	0	0	0	0	0.003	1	0.003	1	0.00%
UBS AG	0.373	59	0.490	50	0.527	50	0.876	59	1.893	159	2.337	240	2.267	218	3.82%
Wells Fargo & Co.	0.037	4	0.037	6	0.034	7	0.100	20	0.171	33	0.224	40	0.207	37	0.37%
Wells Fargo Bank, NA	0.144	5	0.031	2	0	0	0	0	0.031	2	0.185	8	0.175	7	0.30%
Total	10.591	1411	18.721	1845	10.678	1798	17.911	1330	47.310	4973	61.174	6819	57.901	6384	100.00%
Proceeds
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Less than $1 million	0.045	0.053	0.040	0.053	0.044	0.048	0.067	0.084	0.071	0.099	0.056	0.070	0.061
$1-1.99 million	0.087	0.083	0.121	0.119	0.134	0.171	0.194	0.239	0.171	0.088	0.111	0.110	0.102
$2-2.99 million	0.089	0.133	0.150	0.142	0.369	0.300	0.225	0.121	0.122	0.082	0.102	0.084	0.094
$3-4.99 million	0.243	0.294	0.287	0.159	0.158	0.201	0.222	0.179	0.202	0.152	0.152	0.153	0.152
$5-9.99 million	0.447	0.393	0.345	0.253	0.371	0.360	0.375	0.378	0.413	0.416	0.298	0.260	0.315
$10-14.99 million	0.207	0.324	0.307	0.496	0.170	0.544	0.420	0.388	0.408	0.334	0.249	0.340	0.335
$15-$49.99 million	1.123	1.250	0.768	0.909	1.600	1.309	1.357	1.292	1.422	0.706	1.045	0.957	0.885
$50 million and higher	1.032	0.753	2.818	0.343	3.479	0.830	5.772	2.057	0.729	0.525	1.474	6.768	3.737
Total	3.273	3.282	4.836	2.474	6.325	3.763	8.632	4.738	3.538	2.402	3.488	8.743	5.681
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.146	369	0.159	394	0.254	640	0.187	460	0.600	1494	0.791	1980	0.746	1863	1.29%
$1-1.99 million	0.322	265	0.499	420	0.499	428	0.323	262	1.320	1110	1.729	1444	1.643	1375	2.83%
$2-2.99 million	0.425	194	0.894	410	0.324	140	0.281	117	1.499	667	2.014	901	1.924	861	3.29%
$3-4.99 million	0.739	204	0.581	150	0.533	144	0.458	124	1.572	418	2.554	690	2.311	622	4.17%
$5-9.99 million	0.991	143	1.106	163	1.207	175	0.873	126	3.186	464	4.623	675	4.177	607	7.56%
$10-14.99 million	1.127	99	1.135	101	1.130	100	0.925	78	3.190	279	4.524	396	4.318	378	7.40%
$15-$49.99 million	2.926	110	4.265	164	3.420	138	2.886	113	10.571	415	14.621	570	13.498	525	23.90%
$50 million and higher	3.914	27	10.081	43	3.311	33	11.979	50	25.372	126	30.317	163	29.285	153	49.56%
Total	10.591	1411	18.721	1845	10.678	1798	17.911	1330	47.310	4973	61.174	6819	57.901	6384	100.00%
Type
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Basket of stocks	0.051	0.026	0.011	0.042	0.032	0.028	0.100	0.018	0.004	0.004	0.028	0.003	0.040
Commodities	0.268	0.493	0.397	0.298	0.720	0.190	0.493	0.514	0.607	0.357	0.648	0.260	0.369
ETF	0.120	0.146	0.159	0.127	0.267	0.148	0.089	0.136	0.211	0.139	0.110	0.152	0.140
Equity index	1.403	1.198	2.309	0.798	1.342	1.308	1.308	1.811	1.269	0.889	1.558	1.024	1.298
Foreign exchange	0.354	0.181	0.083	0.100	0.261	0.231	0.242	0.136	0.191	0.094	0.088	0.016	0.024
Fund	0.001	0	0	0.001	0	0	0	0	0	0	0	0	0
Interest rate	0.231	0.416	0.216	0.389	0.323	0.367	0.450	0.427	0.297	0.159	0.212	2.242	0.220
Multiple/Other	0.079	0.092	1.070	0.105	2.558	0.310	4.944	0.811	0.270	0.153	0.339	4.404	2.638
Single stock	0.766	0.729	0.591	0.614	0.822	1.181	1.006	0.885	0.689	0.607	0.505	0.643	0.952
Total	3.273	3.282	4.836	2.474	6.325	3.763	8.632	4.738	3.538	2.402	3.488	8.743	5.681
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Basket of stocks	0.079	9	0.160	18	0.026	7	0.071	11	0.257	36	0.387	49	0.336	45	0.63%
Commodities	1.188	128	1.403	122	1.477	115	1.277	87	4.157	324	5.613	489	5.345	452	9.18%
ETF	0.432	89	0.504	124	0.486	135	0.402	111	1.391	370	1.944	477	1.823	459	3.18%
Equity index	4.305	283	3.958	298	3.970	356	3.879	340	11.807	994	17.515	1366	16.112	1277	28.63%
Foreign exchange	0.364	53	0.735	63	0.421	50	0.127	23	1.283	136	2.000	211	1.647	189	3.27%
Fund	0.001	2	0	0	0	1	0	0	0	1	0.002	4	0.001	3	0.00%
Interest rate	1.021	81	1.140	95	0.883	106	2.674	57	4.697	258	5.950	358	5.718	339	9.73%
Multiple/Other	1.266	37	7.812	80	1.234	93	7.380	64	16.426	237	17.772	282	17.692	274	29.05%
Single stock	1.933	729	3.009	1045	2.182	935	2.101	637	7.292	2617	9.991	3583	9.225	3346	16.33%
Total	10.591	1411	18.721	1845	10.678	1798	17.911	1330	47.310	4973	61.174	6819	57.901	6384	100.00%
Structure
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
ETN	0.150	0.166	1.923	0.170	2.647	0.163	4.637	0.713	0.162	0.086	0.714	6.280	2.608
callable reverse convertible	0	0	0.008	0.006	0.006	0.011	0.007	0.001	0.012	0.008	0.001	0.053	0.023
convertible/linked	0.006	0.003	0.058	0.031	0.052	0.216	0.071	0.024	0.010	0.038	0.008	0	0
downside protection	0.102	0.129	0.129	0.107	0.114	0.084	0.159	0.146	0.094	0.120	0.097	0.038	0.035
increasing calls	0.109	0.070	0.293	0.109	0.216	0.066	0.094	0.086	0.158	0.237	0.249	0.303	0.252
leveraged return	0.236	0.353	0.275	0.277	0.945	0.430	0.640	0.530	0.488	0.234	0.469	0.165	0.382
leveraged return, downside protection	0.020	0.038	0.011	0.016	0.009	0.003	0.046	0.018	0.008	0.044	0.007	0.002	0.031
leveraged return, partial downside protection	0.548	0.528	0.344	0.473	0.659	0.428	0.512	0.407	0.660	0.590	0.569	0.604	0.373
other/NA	1.256	1.143	1.052	0.413	0.753	1.288	1.480	1.948	1.183	0.532	0.590	0.383	1.046
range	0.111	0.185	0.120	0.225	0.180	0.176	0.155	0.106	0.098	0.041	0.280	0.452	0.345
reverse convertible	0	0	0	0.020	0	0.025	0	0	0	0	0	0	0
steepener	0.107	0.094	0.057	0.070	0.073	0.063	0.070	0.109	0.096	0.068	0.114	0.016	0.003
trigger reverse convertible	0.628	0.571	0.567	0.557	0.672	0.810	0.761	0.649	0.568	0.405	0.391	0.445	0.584
Total	3.273	3.282	4.836	2.474	6.325	3.763	8.632	4.738	3.538	2.402	3.488	8.743	5.681
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
ETN	2.259	54	7.446	42	0.961	32	9.602	40	18.009	114	20.418	181	20.268	168	33.38%
callable reverse convertible	0.014	7	0.024	13	0.021	11	0.076	34	0.121	58	0.135	65	0.135	65	0.22%
convertible/linked	0.092	9	0.338	20	0.072	16	0.008	5	0.418	41	0.517	52	0.510	50	0.85%
downside protection	0.365	28	0.357	31	0.359	40	0.170	22	0.886	93	1.352	126	1.251	121	2.21%
increasing calls	0.472	14	0.376	32	0.481	48	0.804	56	1.662	136	2.243	158	2.134	150	3.67%
leveraged return	0.905	108	2.015	160	1.253	134	1.016	84	4.284	378	5.425	505	5.188	486	8.87%
leveraged return, downside protection	0.064	13	0.058	10	0.070	20	0.040	5	0.168	35	0.252	53	0.233	48	0.41%
leveraged return, partial downside protection	1.345	193	1.599	194	1.658	222	1.546	207	4.803	623	6.696	874	6.148	816	10.95%
other/NA	2.608	191	3.521	244	3.663	317	2.019	256	9.202	817	13.066	1079	11.811	1008	21.36%
range	0.531	35	0.512	40	0.245	16	1.077	46	1.834	102	2.476	143	2.365	137	4.05%
reverse convertible	0.020	1	0.025	1	0	0	0	0	0.025	1	0.045	2	0.045	2	0.07%
steepener	0.221	22	0.207	23	0.273	38	0.133	9	0.612	70	0.941	102	0.833	92	1.54%
trigger reverse convertible	1.695	736	2.243	1035	1.622	904	1.419	565	5.285	2504	7.607	3478	6.980	3240	12.44%
Total	10.591	1411	18.721	1845	10.678	1798	17.911	1330	47.310	4973	61.174	6819	57.901	6384	100.00%
Tenor
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Less than 1 year	0.702	0.601	1.210	0.490	0.822	0.687	0.624	0.610	0.540	0.356	0.433	0.404	0.527
1	0.584	0.680	0.524	0.496	1.095	0.919	1.090	1.495	1.055	0.810	0.706	0.753	0.806
1.25	0.271	0.199	0.145	0.071	0.410	0.263	0.599	0.352	0.237	0.059	0.315	0.098	0.239
1.5	0.216	0.150	0.089	0.114	0.178	0.568	0.137	0.318	0.498	0.211	0.270	0.095	0.129
1.75	0	0.004	0.011	0	0	0	0.001	0.005	0.005	0.014	0.002	0.002	0.013
2	0.787	0.589	0.365	0.405	0.488	0.275	0.369	0.305	0.331	0.231	0.377	0.318	0.281
2.25 to 4.75 years	0.159	0.134	0.142	0.157	0.124	0.147	0.155	0.134	0.165	0.191	0.125	0.212	0.233
5	0.065	0.160	1.034	0.090	0.118	0.082	0.203	0.183	0.101	0.210	0.131	0.097	0.150
5.25 to 9.75	0.080	0.096	0.044	0.088	1.630	0.093	2.583	0.547	0.079	0.057	0.096	4.041	2.542
10	0.043	0.122	1.002	0.057	1.003	0.149	2.115	0.220	0.155	0.107	0.269	2.337	0.073
10.25 to 14.75	0.027	0.065	0.048	0.040	0.053	0.015	0.019	0.022	0.018	0.020	0.008	0.012	0.270
15	0.175	0.262	0.172	0.287	0.233	0.178	0.258	0.188	0.165	0.056	0.253	0.122	0.225
Longer than 15	0.164	0.121	0.038	0.164	0.153	0.225	0.191	0.260	0.160	0.081	0.501	0.225	0.195
NA	0	0.100	0.011	0.016	0.017	0.163	0.288	0.100	0.029	0	0	0.025	0
Total	3.273	3.282	4.836	2.474	6.325	3.763	8.632	4.738	3.538	2.402	3.488	8.743	5.681
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1 year	2.301	603	2.133	765	1.506	771	1.363	481	5.002	2017	8.005	2823	7.303	2620	13.09%
1	1.700	283	3.104	481	3.360	394	2.265	325	8.728	1200	11.012	1558	10.428	1483	18.00%
1.25	0.415	40	1.272	58	0.648	48	0.652	51	2.572	157	3.258	210	2.987	197	5.33%
1.5	0.353	83	0.883	124	1.026	151	0.494	119	2.403	394	2.972	504	2.756	477	4.86%
1.75	0.015	4	0.001	1	0.023	7	0.016	4	0.041	12	0.055	16	0.055	16	0.09%
2	1.359	136	1.133	121	0.868	104	0.977	113	2.977	338	5.123	526	4.336	474	8.37%
2.25 to 4.75 years	0.433	70	0.426	73	0.491	98	0.570	83	1.486	254	2.078	345	1.919	324	3.40%
5	1.283	42	0.403	39	0.494	63	0.378	36	1.275	138	2.623	191	2.559	180	4.29%
5.25 to 9.75	0.228	24	4.307	37	0.682	36	6.680	27	11.669	100	11.978	127	11.897	124	19.58%
10	1.181	12	3.268	26	0.483	41	2.679	39	6.430	106	7.654	121	7.611	118	12.51%
10.25 to 14.75	0.153	47	0.088	33	0.059	18	0.291	9	0.438	60	0.618	118	0.591	107	1.01%
15	0.721	52	0.669	54	0.409	39	0.600	24	1.679	117	2.574	180	2.399	169	4.21%
Longer than 15	0.323	11	0.568	21	0.500	24	0.920	18	1.988	63	2.476	79	2.311	74	4.05%
NA	0.127	4	0.467	12	0.129	4	0.025	1	0.621	17	0.748	21	0.748	21	1.22%
Total	10.591	1411	18.721	1845	10.678	1798	17.911	1330	47.310	4973	61.174	6819	57.901	6384	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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