Analysis of structured products issuance for 12 months through February 2010

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

Issuer

	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
AB Svensk ExportKredit	0.276	0	0.053	0.066	0.051	0.091	0.047	0.082	0.104	0.128	0.256	0.096
ABN Amro Bank NV	0.001	0.012	0.016	0.008	0.016	0.013	0.019	0.016	0.013	0.015	0.011	0.002
BNP Paribas	0	0	0	0	0	0	0	0	0.010	0	0	0
Bank Hapoalim	0.020	0	0	0	0	0	0	0	0	0	0	0
Bank of America Corp.	0.144	0.063	0.370	0.356	0.363	0.529	0.769	0.584	0.417	0.387	0.783	0.526
Barclays Bank plc	0.188	0.274	0.426	1.129	1.271	0.966	0.766	0.632	2.591	0.459	3.302	0.637
Citigroup Funding Inc.	0.077	0.085	0.143	0.138	0.140	0.149	0.117	0.123	0.150	0.116	0.179	0.071
Credit Suisse, Nassau Branch	0.081	0.197	0.186	0.269	0.174	0.198	0.097	0.056	0.037	0.119	0.144	0.035
Deutsche Bank AG, London Branch	0.090	0.074	0.225	0.122	0.570	0.150	0.050	0.089	0.093	0.044	0.132	0.177
Eksportfinans ASA	0.059	0.019	0.281	0.098	0.052	0.089	0.258	0.205	0.119	0.072	0.228	0.134
Fannie Mae	0	0	0	0.025	0	0	0	0	0	0	0	0
Federal Home Loan Banks	0.010	0	0.075	0.195	0.122	0.124	0.110	0.160	0.070	0.176	0.035	0
Freddie Mac	0.010	0.010	0.075	0.025	0	0	0	0	0.025	0	0.050	0
Goldman Sachs Group, Inc.	0.113	0.057	0.449	0.143	0.141	0.059	0.141	0.309	0.640	0.134	0.203	0.219
HSBC Bank USA, NA	0	0	0.028	0.031	0.033	0.012	0.052	0.011	0	0.031	0	0
HSBC USA Inc.	0.062	0.099	0.160	0.136	0.230	0.203	0.169	0.137	0.106	0.060	0.197	0.135
Harris, NA	0.013	0.009	0	0	0	0	0	0	0	0	0	0
Inter-American Development Bank	0	0	0	0	0	0	0.025	0	0	0	0	0
International Bank for Reconstruction and Development	0	0	0	0	0.035	0	0	0	0	0	0	0
JPMorgan Chase & Co.	0.215	0.187	0.139	0.148	0.196	0.190	0.256	0.073	0.124	0.260	0.219	0.347
JPMorgan Chase Bank, NA	0	0	0.011	0	0	0	0	0	0	0	0	0
KfW	0	0	0	0	0	0	0	0	0.010	0.008	0	0
Morgan Stanley	0.167	0.251	0.402	0.243	0.157	0.305	0.188	0.363	0.128	0.249	0.224	0.443
Royal Bank of Canada	0.045	0.036	0.026	0.125	0.061	0.073	0.112	0.093	0.114	0.093	0.068	0.138
Royal Bank of Scotland NV	0	0	0	0	0	0	0	0	0	0	0	0.007
Safety First Trust Series for Citigroup Funding Inc.	0.021	0.024	0	0.006	0	0	0	0	0	0	0	0
SunTrust Bank	0	0.002	0	0.005	0	0	0	0	0.003	0	0	0
UBS AG	0.040	0.056	0.010	0.091	0.062	0.063	0.071	0.225	0.048	0.100	0.204	0.080
Wells Fargo & Co.	0.016	0.006	0	0.033	0.020	0.030	0.017	0.031	0.006	0	0.019	0
Wells Fargo Bank, NA	0	0	0	0	0.120	0.100	0.009	0.093	0.028	0.022	0.031	0
Total	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.285	3.047
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
AB Svensk ExportKredit	0.120	13	0.190	44	0.315	58	0.353	27	0.353	27	1.253	167	3.78%
ABN Amro Bank NV	0.036	68	0.048	95	0.044	95	0.012	29	0.012	29	0.140	297	0.13%
BNP Paribas	0	0	0	0	0.010	1	0	0	0	0	0.010	1	0.00%
Bank Hapoalim	0	0	0	0	0	0	0	0	0	0	0.020	1	0.00%
Bank of America Corp.	0.789	32	1.661	43	1.388	43	1.308	39	1.308	39	5.290	163	14.01%
Barclays Bank plc	1.828	214	3.003	295	3.682	455	3.939	473	3.939	473	12.640	1490	42.21%
Citigroup Funding Inc.	0.366	16	0.405	22	0.389	33	0.250	23	0.250	23	1.487	97	2.68%
Credit Suisse, Nassau Branch	0.653	71	0.470	63	0.212	61	0.179	42	0.179	42	1.594	253	1.92%
Deutsche Bank AG, London Branch	0.421	49	0.770	46	0.227	43	0.308	30	0.308	30	1.816	185	3.30%
Eksportfinans ASA	0.398	49	0.400	46	0.396	48	0.362	35	0.362	35	1.616	193	3.88%
Fannie Mae	0.025	1	0	0	0	0	0	0	0	0	0.025	1	0.00%
Federal Home Loan Banks	0.270	16	0.357	17	0.406	22	0.035	2	0.035	2	1.078	58	0.38%
Freddie Mac	0.110	5	0	0	0.025	1	0.050	2	0.050	2	0.195	9	0.54%
Goldman Sachs Group, Inc.	0.649	43	0.341	50	1.083	47	0.422	28	0.422	28	2.609	175	4.52%
HSBC Bank USA, NA	0.059	2	0.097	4	0.043	2	0	0	0	0	0.199	8	0.00%
HSBC USA Inc.	0.394	38	0.603	54	0.302	66	0.331	59	0.331	59	1.692	232	3.55%
Harris, NA	0.009	1	0	0	0	0	0	0	0	0	0.021	2	0.00%
Inter-American Development Bank	0	0	0.025	1	0	0	0	0	0	0	0.025	1	0.00%
International Bank for Reconstruction and Development	0	0	0.035	1	0	0	0	0	0	0	0.035	1	0.00%
JPMorgan Chase & Co.	0.475	105	0.641	111	0.457	110	0.566	96	0.566	96	2.355	462	6.06%
JPMorgan Chase Bank, NA	0.011	1	0	0	0	0	0	0	0	0	0.011	1	0.00%
KfW	0	0	0	0	0.018	2	0	0	0	0	0.018	2	0.00%
Morgan Stanley	0.895	67	0.649	59	0.740	64	0.667	48	0.667	48	3.117	263	7.15%
Royal Bank of Canada	0.187	162	0.246	226	0.300	191	0.207	121	0.207	121	0.985	734	2.22%
Royal Bank of Scotland NV	0	0	0	0	0	0	0.007	12	0.007	12	0.007	12	0.08%
Safety First Trust Series for Citigroup Funding Inc.	0.030	2	0	0	0	0	0	0	0	0	0.051	3	0.00%
SunTrust Bank	0.006	2	0	0	0.003	1	0	0	0	0	0.009	3	0.00%
UBS AG	0.157	31	0.195	50	0.373	59	0.285	34	0.285	34	1.050	187	3.06%
Wells Fargo & Co.	0.039	4	0.067	12	0.037	4	0.019	3	0.019	3	0.176	24	0.20%
Wells Fargo Bank, NA	0	0	0.229	3	0.144	5	0.031	2	0.031	2	0.405	10	0.33%
Total	7.925	992	10.433	1242	10.591	1411	9.333	1105	9.333	1105	39.930	5035	100.00%
Proceeds
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Less than $1 million	0.019	0.023	0.027	0.035	0.036	0.046	0.045	0.053	0.040	0.053	0.044	0.046
$1-1.99 million	0.047	0.036	0.051	0.066	0.065	0.073	0.087	0.083	0.121	0.119	0.134	0.166
$2-2.99 million	0.045	0.061	0.072	0.071	0.060	0.085	0.089	0.133	0.150	0.142	0.369	0.293
$3-4.99 million	0.272	0.205	0.192	0.198	0.179	0.275	0.243	0.294	0.287	0.159	0.158	0.158
$5-9.99 million	0.303	0.299	0.329	0.423	0.446	0.420	0.447	0.393	0.345	0.253	0.371	0.315
$10-14.99 million	0.218	0.163	0.297	0.401	0.352	0.308	0.207	0.324	0.307	0.496	0.160	0.415
$15-$49.99 million	0.636	0.488	1.314	1.321	0.746	0.965	1.123	1.250	0.768	0.909	1.570	1.008
$50 million and higher	0.108	0.184	0.792	0.876	1.929	1.175	1.032	0.753	2.818	0.343	3.479	0.646
Total	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.285	3.047
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.086	263	0.127	357	0.146	369	0.090	200	0.090	200	0.468	1257	0.96%
$1-1.99 million	0.153	116	0.224	175	0.322	265	0.300	246	0.300	246	1.047	835	3.21%
$2-2.99 million	0.203	85	0.235	100	0.425	194	0.662	303	0.662	303	1.571	701	7.09%
$3-4.99 million	0.595	161	0.698	189	0.739	204	0.316	83	0.316	83	2.621	711	3.39%
$5-9.99 million	1.051	158	1.312	207	0.991	143	0.686	102	0.686	102	4.344	656	7.35%
$10-14.99 million	0.861	75	0.866	73	1.127	99	0.575	51	0.575	51	3.648	317	6.16%
$15-$49.99 million	3.124	117	2.834	112	2.926	110	2.577	97	2.577	97	12.097	460	27.61%
$50 million and higher	1.851	17	4.136	29	3.914	27	4.125	23	4.125	23	14.134	98	44.20%
Total	7.925	992	10.433	1242	10.591	1411	9.333	1105	9.333	1105	39.930	5035	100.00%
Type
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Basket of stocks	0.001	0.003	0.028	0.039	0.045	0.016	0.051	0.026	0.011	0.042	0.032	0.007
Commodities	0.288	0.149	0.345	0.555	0.294	0.601	0.268	0.493	0.397	0.298	0.720	0.034
ETF	0.112	0.089	0.125	0.151	0.260	0.155	0.120	0.146	0.159	0.127	0.267	0.130
Equity index	0.875	0.742	1.393	0.863	0.787	1.241	1.403	1.198	2.309	0.798	1.342	1.149
Foreign exchange	0.005	0.013	0.153	0.259	0.669	0.191	0.354	0.181	0.083	0.100	0.261	0.146
Fund	0.002	0.003	0.001	0.005	0.001	0.001	0.001	0	0	0.001	0	0
Interest rate	0.055	0.184	0.356	0.486	0.366	0.449	0.231	0.416	0.216	0.389	0.283	0.272
Multiple/Other	0.078	0.023	0.056	0.635	1.089	0.031	0.079	0.092	1.070	0.105	2.558	0.300
Single stock	0.233	0.253	0.617	0.399	0.303	0.663	0.766	0.729	0.591	0.614	0.822	1.009
Total	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.285	3.047
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Basket of stocks	0.070	5	0.111	11	0.079	9	0.039	10	0.039	10	0.301	36	0.42%
Commodities	1.049	75	1.163	124	1.188	128	0.754	68	0.754	68	4.442	434	8.08%
ETF	0.364	69	0.535	86	0.432	89	0.397	91	0.397	91	1.840	350	4.25%
Equity index	2.998	264	3.431	266	4.305	283	2.491	192	2.491	192	14.100	1107	26.69%
Foreign exchange	0.426	34	1.214	56	0.364	53	0.407	32	0.407	32	2.415	178	4.36%
Fund	0.009	6	0.002	3	0.001	2	0	0	0	0	0.015	12	0.00%
Interest rate	1.026	70	1.046	69	1.021	81	0.555	50	0.555	50	3.704	277	5.95%
Multiple/Other	0.714	20	1.199	24	1.266	37	2.858	40	2.858	40	6.115	130	30.62%
Single stock	1.269	449	1.732	603	1.933	729	1.831	622	1.831	622	6.999	2511	19.62%
Total	7.925	992	10.433	1242	10.591	1411	9.333	1105	9.333	1105	39.930	5035	100.00%
Structure
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
callable reverse convertible	0.003	0.003	0	0.003	0	0.004	0	0	0.008	0.006	0.006	0.006
convertible/linked	0.139	0.103	0.202	0.370	0.016	0.740	0.156	0.169	0.981	0.201	0.198	0.306
downside protection	0.082	0.057	0.065	0.138	0.123	0.092	0.102	0.129	0.150	0.107	0.134	0.084
increasing calls	0.170	0.046	0.140	0.081	0.112	0.130	0.109	0.070	0.293	0.109	0.216	0.066
leveraged return	0.206	0.133	0.368	0.321	0.253	0.230	0.236	0.353	0.275	0.277	0.945	0.311
leveraged return, downside protection	0.027	0.044	0.030	0.101	0.038	0.029	0.024	0.038	0.011	0.016	0.009	0.002
leveraged return, partial downside protection	0.438	0.323	0.784	0.662	0.912	0.433	0.543	0.528	0.344	0.473	0.659	0.313
other/NA	0.292	0.375	0.476	0.945	1.808	0.897	1.215	1.056	2.074	0.466	3.301	1.021
range	0.053	0.143	0.353	0.418	0.199	0.252	0.191	0.350	0.120	0.237	0.144	0.120
reverse convertible	0	0	0	0	0	0	0	0	0	0.020	0	0.025
steepener	0	0.005	0	0.013	0.029	0.055	0.069	0.016	0.014	0.006	0.001	0.011
trigger reverse convertible	0.238	0.228	0.655	0.341	0.322	0.484	0.628	0.571	0.567	0.557	0.672	0.781
Total	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.285	3.047
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
callable reverse convertible	0.006	2	0.004	3	0.014	7	0.012	8	0.012	8	0.038	21	0.13%
convertible/linked	0.675	25	0.912	49	1.351	62	0.504	33	0.504	33	3.581	186	5.40%
downside protection	0.259	16	0.317	21	0.386	29	0.218	21	0.218	21	1.262	95	2.34%
increasing calls	0.267	19	0.351	18	0.472	14	0.282	26	0.282	26	1.543	91	3.02%
leveraged return	0.821	84	0.720	73	0.905	108	1.256	102	1.256	102	3.908	383	13.45%
leveraged return, downside protection	0.176	27	0.092	21	0.064	13	0.011	4	0.011	4	0.369	71	0.12%
leveraged return, partial downside protection	1.769	174	1.888	180	1.345	193	0.972	117	0.972	117	6.412	727	10.41%
other/NA	1.796	132	3.920	207	3.596	193	4.323	139	4.323	139	13.927	711	46.32%
range	0.913	58	0.643	36	0.707	45	0.265	22	0.265	22	2.582	169	2.84%
reverse convertible	0	0	0	0	0.020	1	0.025	1	0.025	1	0.045	2	0.27%
steepener	0.018	4	0.152	23	0.036	10	0.012	5	0.012	5	0.218	42	0.13%
trigger reverse convertible	1.224	451	1.434	611	1.695	736	1.453	627	1.453	627	6.045	2537	15.57%
Total	7.925	992	10.433	1242	10.591	1411	9.333	1105	9.333	1105	39.930	5035	100.00%
Tenor
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Less than 1 year	0.275	0.177	0.688	0.363	0.444	0.473	0.702	0.601	1.210	0.490	0.822	0.658
1/1900	0.331	0.255	0.462	0.444	0.351	0.448	0.584	0.680	0.524	0.496	1.095	0.826
1.25	0.126	0.061	0.292	0.104	0.112	0.175	0.271	0.199	0.145	0.071	0.410	0.159
1.5	0.302	0.163	0.247	0.219	0.154	0.235	0.216	0.150	0.089	0.114	0.178	0.469
1.75	0	0	0.020	0.001	0.005	0	0	0.004	0.011	0	0	0
2	0.211	0.240	0.411	0.388	0.906	0.489	0.787	0.589	0.365	0.405	0.488	0.203
2.25 to 4.75 years	0.032	0.067	0.163	0.331	0.280	0.143	0.159	0.134	0.142	0.157	0.124	0.143
5	0.144	0.228	0.123	0.197	0.115	0.067	0.065	0.160	1.034	0.090	0.118	0.081
5.25 to 9.75	0.005	0	0.039	0.068	0.046	0.044	0.080	0.096	0.044	0.088	1.630	0.051
10	0	0.010	0.045	0.566	1.120	0.158	0.043	0.122	1.002	0.057	1.003	0.139
10.25 to 14.75	0.134	0	0.053	0.011	0.009	0.075	0.027	0.065	0.048	0.040	0.053	0
15	0.041	0.115	0.245	0.287	0.202	0.241	0.175	0.262	0.172	0.287	0.193	0.093
Longer than 15	0.012	0.088	0.035	0.358	0.019	0.691	0.164	0.121	0.038	0.164	0.153	0.225
NA	0.035	0.054	0.251	0.054	0.050	0.110	0	0.100	0.011	0.016	0.017	0
Total	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.285	3.047
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 1 year	1.228	408	1.619	555	2.301	603	1.480	438	1.480	438	6.903	2103	15.86%
1	1.162	161	1.383	175	1.700	283	1.921	317	1.921	317	6.498	991	20.58%
1.25	0.457	36	0.557	38	0.415	40	0.569	36	0.569	36	2.124	158	6.10%
1.5	0.628	69	0.604	85	0.353	83	0.647	85	0.647	85	2.534	358	6.93%
1.75	0.021	4	0.005	2	0.015	4	0	0	0	0	0.040	10	0.00%
2	1.039	104	2.182	151	1.359	136	0.691	75	0.691	75	5.483	504	7.40%
2.25 to 4.75 years	0.561	71	0.582	79	0.433	70	0.267	41	0.267	41	1.875	268	2.86%
5	0.548	53	0.247	33	1.283	42	0.199	18	0.199	18	2.421	159	2.13%
5.25 to 9.75	0.107	7	0.170	11	0.228	24	1.681	23	1.681	23	2.191	67	18.01%
10	0.621	9	1.321	8	1.181	12	1.143	14	1.143	14	4.266	43	12.25%
10.25 to 14.75	0.065	10	0.110	38	0.153	47	0.054	17	0.054	17	0.516	128	0.58%
15	0.647	39	0.618	45	0.721	52	0.286	25	0.286	25	2.314	167	3.06%
Longer than 15	0.481	11	0.874	17	0.323	11	0.377	15	0.377	15	2.068	56	4.04%
NA	0.359	10	0.160	5	0.127	4	0.017	1	0.017	1	0.698	23	0.18%
Total	7.925	992	10.433	1242	10.591	1411	9.333	1105	9.333	1105	39.930	5035	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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