Analysis of structured products issuance for 12 months through March 2010

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

Issuer

	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
AB Svensk ExportKredit	0	0.053	0.066	0.051	0.091	0.047	0.082	0.104	0.128	0.256	0.125	0.096
ABN Amro Bank NV	0.012	0.016	0.008	0.016	0.013	0.019	0.016	0.013	0.015	0.011	0.002	0
BNP Paribas	0	0	0	0	0	0	0	0.010	0	0	0	0
Bank of America Corp.	0.063	0.370	0.356	0.363	0.529	0.769	0.584	0.417	0.387	0.783	0.660	0.645
Barclays Bank plc	0.274	0.426	1.129	1.271	0.966	0.766	0.632	2.591	0.459	3.302	0.665	5.238
Citigroup Funding Inc.	0.085	0.143	0.138	0.140	0.149	0.117	0.123	0.150	0.116	0.179	0.071	0.181
Commonwealth Bank of Australia	0	0	0	0	0	0	0	0	0	0	0	0.060
Credit Suisse, Nassau Branch	0.197	0.186	0.269	0.174	0.198	0.097	0.056	0.037	0.119	0.144	0.052	0.150
Deutsche Bank AG, London Branch	0.074	0.225	0.122	0.570	0.150	0.050	0.089	0.093	0.044	0.132	0.227	0.194
Eksportfinans ASA	0.019	0.281	0.098	0.052	0.089	0.258	0.205	0.119	0.072	0.228	0.202	0.086
Fannie Mae	0	0	0.025	0	0	0	0	0	0	0	0	0
Federal Home Loan Banks	0	0.075	0.195	0.122	0.124	0.110	0.160	0.070	0.176	0.075	0.095	0.020
Freddie Mac	0.010	0.075	0.025	0	0	0	0	0.025	0	0.050	0	0
Goldman Sachs Group, Inc.	0.057	0.449	0.143	0.141	0.059	0.141	0.309	0.640	0.134	0.203	0.219	0.310
HSBC Bank USA, NA	0	0.028	0.031	0.033	0.012	0.052	0.011	0	0.031	0	0.021	0.020
HSBC USA Inc.	0.099	0.160	0.136	0.230	0.203	0.169	0.137	0.106	0.060	0.197	0.190	0.107
Harris, NA	0.009	0	0	0	0	0	0	0	0	0	0	0
Inter-American Development Bank	0	0	0	0	0	0.025	0	0	0	0	0	0
International Bank for Reconstruction and Development	0	0	0	0.035	0	0	0	0	0	0	0	0
JPMorgan Chase & Co.	0.187	0.139	0.148	0.196	0.190	0.256	0.073	0.124	0.260	0.219	0.363	0.270
JPMorgan Chase Bank, NA	0	0.011	0	0	0	0	0	0	0	0	0.022	0
KfW	0	0	0	0	0	0	0	0.010	0.008	0	0	0
Morgan Stanley	0.251	0.402	0.243	0.157	0.305	0.188	0.363	0.128	0.249	0.224	0.624	0.642
Royal Bank of Canada	0.036	0.026	0.125	0.061	0.073	0.112	0.093	0.114	0.093	0.068	0.139	0.165
Royal Bank of Scotland NV	0	0	0	0	0	0	0	0	0	0	0.007	0.016
Safety First Trust Citigroup Funding Inc.	0.024	0	0.006	0	0	0	0	0	0	0	0	0
SunTrust Bank	0.002	0	0.005	0	0	0	0	0.003	0	0	0	0
UBS AG	0.056	0.010	0.091	0.062	0.063	0.071	0.225	0.048	0.100	0.204	0.080	0.206
Wells Fargo & Co.	0.006	0	0.033	0.020	0.030	0.017	0.031	0.006	0	0.019	0	0.018
Wells Fargo Bank, NA	0	0	0	0.120	0.100	0.009	0.093	0.028	0.022	0.031	0	0
Total	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.325	3.763	8.423
	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	0.478	46	0.478	46	1.102	161	2.58%
ABN Amro Bank NV	0.036	68	0.048	95	0.044	95	0.012	29	0.012	29	0.139	287	0.06%
BNP Paribas	0	0	0	0	0.010	1	0	0	0	0	0.010	1	0.00%
Bank of America Corp.	0.789	32	1.661	43	1.388	43	2.088	61	2.088	61	5.925	179	11.28%
Barclays Bank plc	1.828	214	3.003	295	3.682	455	9.206	760	9.206	760	17.718	1724	49.73%
Citigroup Funding Inc.	0.366	16	0.405	22	0.389	33	0.431	40	0.431	40	1.591	111	2.33%
Commonwealth Bank of Australia	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.32%
Credit Suisse, Nassau Branch	0.653	71	0.470	63	0.212	61	0.345	63	0.345	63	1.679	258	1.86%
Deutsche Bank AG, London Branch	0.421	49	0.770	46	0.227	43	0.552	56	0.552	56	1.970	194.000	2.98%
Eksportfinans ASA	0.398	49	0.400	46	0.396	48	0.516	45	0.516	45	1.711	188	2.79%
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	0.190	15	0.190	15	1.223	70	1.03%
Freddie Mac	0.110	5	0	0	0.025	1	0.050	2	0.050	2	0.185	8	0.27%
Goldman Sachs Group, Inc.	0.649	43	0.341	50	1.083	47	0.732	45	0.732	45	2.805	185	3.95%
HSBC Bank USA, NA	0.059	2	0.097	4	0.043	2	0.041	2	0.041	2	0.240	10	0.22%
HSBC USA Inc.	0.394	38	0.603	54	0.302	66	0.493	84	0.493	84	1.792	242	2.66%
Harris, NA	0.009	1	0	0	0	0	0	0	0	0	0.009	1	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	0.852	146	0.852	146	2.425	472	4.60%
JPMorgan Chase Bank, NA	0.011	1	0	0	0	0	0.022	1	0.022	1	0.033	2	0.12%
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	1.490	85	1.490	85	3.774	275	8.05%
Royal Bank of Canada	0.187	162	0.246	226	0.300	191	0.371	216	0.371	216	1.104	795	2.00%
Royal Bank of Scotland NV	0	0	0	0	0	0	0.023	63	0.023	63	0.023	63	0.12%
Safety First Trust Series 2009-2 for Citigroup Funding Inc.	0.030	2	0	0	0	0	0	0	0	0	0.030	2	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	0.490	50	0.490	50	1.215	190	2.65%
Wells Fargo & Co.	0.039	4	0.067	12	0.037	4	0.037	6	0.037	6	0.179	26	0.20%
Wells Fargo Bank, NA	0	0	0.229	3	0.144	5	0.031	2	0.031	2	0.405	10	0.17%
Total	7.925	992	10.433	1242	10.591	1411	18.511	1818	18.511	1818	47.460	5463	100.00%
Proceeds
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Less than $1 million	0.023	0.027	0.035	0.036	0.046	0.045	0.053	0.040	0.053	0.044	0.048	0.065
$1-1.99 million	0.036	0.051	0.066	0.065	0.073	0.087	0.083	0.121	0.119	0.134	0.171	0.189
$2-2.99 million	0.061	0.072	0.071	0.060	0.085	0.089	0.133	0.150	0.142	0.369	0.300	0.211
$3-4.99 million	0.205	0.192	0.198	0.179	0.275	0.243	0.294	0.287	0.159	0.158	0.201	0.222
$5-9.99 million	0.299	0.329	0.423	0.446	0.420	0.447	0.393	0.345	0.253	0.371	0.360	0.349
$10-14.99 million	0.163	0.297	0.401	0.352	0.308	0.207	0.324	0.307	0.496	0.170	0.544	0.386
$15-$49.99 million	0.488	1.314	1.321	0.746	0.965	1.123	1.250	0.768	0.909	1.600	1.309	1.229
$50 million and higher	0.184	0.792	0.876	1.929	1.175	1.032	0.753	2.818	0.343	3.479	0.830	5.772
Total	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.325	3.763	8.423
	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	0.157	390	0.157	390	0.516	1379	0.85%
$1-1.99 million	0.153	116	0.224	175	0.322	265	0.494	416	0.494	416	1.194	972	2.67%
$2-2.99 million	0.203	85	0.235	100	0.425	194	0.880	404	0.880	404	1.743	783	4.75%
$3-4.99 million	0.595	161	0.698	189	0.739	204	0.581	150	0.581	150	2.614	704	3.14%
$5-9.99 million	1.051	158	1.312	207	0.991	143	1.081	159	1.081	159	4.435	667	5.84%
$10-14.99 million	0.861	75	0.866	73	1.127	99	1.101	98	1.101	98	3.956	345	5.95%
$15-$49.99 million	3.124	117	2.834	112	2.926	110	4.137	158	4.137	158	13.021	497	22.35%
$50 million and higher	1.851	17	4.136	29	3.914	27	10.081	43	10.081	43	19.983	116	54.46%
Total	7.925	992	10.433	1242	10.591	1411	18.511	1818	18.511	1818	47.460	5463	100.00%
Type
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Basket of stocks	0.003	0.028	0.039	0.045	0.016	0.051	0.026	0.011	0.042	0.032	0.028	0.100
Commodities	0.149	0.345	0.555	0.294	0.604	0.268	0.493	0.397	0.298	0.720	0.190	0.475
ETF	0.089	0.125	0.151	0.260	0.155	0.120	0.146	0.159	0.127	0.267	0.148	0.089
Equity index	0.742	1.393	0.863	0.787	1.241	1.403	1.198	2.309	0.798	1.342	1.308	1.280
Foreign exchange	0.013	0.153	0.259	0.669	0.188	0.354	0.181	0.083	0.100	0.261	0.231	0.242
Fund	0.003	0.001	0.005	0.001	0.001	0.001	0	0	0.001	0	0	0
Interest rate	0.184	0.356	0.486	0.366	0.449	0.231	0.416	0.216	0.389	0.323	0.367	0.322
Multiple/Other	0.023	0.056	0.635	1.089	0.031	0.079	0.092	1.070	0.105	2.558	0.310	4.917
Single stock	0.253	0.617	0.399	0.303	0.663	0.766	0.729	0.591	0.614	0.822	1.181	0.998
Total	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.325	3.763	8.423
	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	0.160	18	0.160	18	0.420	43	0.86%
Commodities	1.049	75	1.166	125	1.188	128	1.385	115	1.385	115	4.788	443	7.48%
ETF	0.364	69	0.535	86	0.432	89	0.504	124	0.504	124	1.836	368.000	2.72%
Equity index	2.998	264	3.431	266	4.305	283	3.930	291	3.930	291	14.663	1104	21.23%
Foreign exchange	0.426	34	1.211	55	0.364	53	0.735	63	0.735	63	2.735	205	3.97%
Fund	0.009	6	0.002	3	0.001	2	0	0	0	0	0.013	11	0.00%
Interest rate	1.026	70	1.046	69	1.021	81	1.012	88	1.012	88	4.105	308	5.47%
Multiple/Other	0.714	20	1.199	24	1.266	37	7.785	74	7.785	74	10.964	155	42.06%
Single stock	1.269	449	1.732	603	1.933	729	3.001	1045	3.001	1045	7.936	2826	16.21%
Total	7.925	992	10.433	1242	10.591	1411	18.511	1818	18.511	1818	47.460	5463	100.00%
Structure
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
	0	0	0	0	0	0	0	0	0	0	0	0.060
callable reverse convertible	0.003	0	0.003	0	0.004	0	0	0.008	0.006	0.006	0.011	0.007
convertible/linked	0.103	0.202	0.370	0.016	0.740	0.156	0.169	0.981	0.201	0.198	0.374	0.133
downside protection	0.057	0.065	0.138	0.123	0.092	0.102	0.129	0.150	0.107	0.134	0.084	0.159
increasing calls	0.046	0.140	0.081	0.112	0.130	0.109	0.070	0.293	0.109	0.216	0.066	0.094
leveraged return	0.133	0.368	0.321	0.253	0.230	0.236	0.353	0.275	0.277	0.945	0.430	0.618
leveraged return, downside protection	0.044	0.030	0.101	0.038	0.029	0.024	0.038	0.011	0.016	0.009	0.003	0.045
leveraged return, partial downside protection	0.323	0.784	0.662	0.912	0.433	0.543	0.528	0.344	0.473	0.659	0.428	0.512
other/NA	0.375	0.476	0.945	1.808	0.897	1.215	1.056	2.074	0.466	3.301	1.306	5.998
range	0.143	0.353	0.418	0.199	0.252	0.191	0.350	0.120	0.237	0.184	0.215	0.036
reverse convertible	0	0	0	0	0	0	0	0	0.020	0	0.025	0
steepener	0.005	0	0.013	0.029	0.055	0.069	0.016	0.014	0.006	0.001	0.011	0.010
trigger reverse convertible	0.228	0.655	0.341	0.322	0.484	0.628	0.571	0.567	0.557	0.672	0.810	0.751
Total	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.325	3.763	8.423
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.32%
callable reverse convertible	0.006	2	0.004	3	0.014	7	0.024	13	0.024	13	0.047	25	0.13%
convertible/linked	0.675	25	0.912	49	1.351	62	0.705	49	0.705	49	3.644	185	3.81%
downside protection	0.259	16	0.317	21	0.386	29	0.377	32	0.377	32	1.339	98	2.04%
increasing calls	0.267	19	0.351	18	0.472	14	0.376	32	0.376	32	1.467	83	2.03%
leveraged return	0.821	84	0.720	73	0.905	108	1.992	157	1.992	157	4.438	422	10.76%
leveraged return, downside protection	0.176	27	0.092	21	0.064	13	0.057	9	0.057	9	0.388	70	0.31%
leveraged return, partial downside protection	1.769	174	1.888	180	1.345	193	1.599	193	1.599	193	6.601	740	8.64%
other/NA	1.796	132	3.920	207	3.596	193	10.605	250	10.605	250	19.917	782	57.29%
range	0.913	58	0.643	36	0.707	45	0.436	38	0.436	38	2.700	177	2.36%
reverse convertible	0	0	0	0	0.020	1	0.025	1	0.025	1	0.045	2	0.14%
steepener	0.018	4	0.152	23	0.036	10	0.022	9	0.022	9	0.228	46	0.12%
trigger reverse convertible	1.224	451	1.434	611	1.695	736	2.233	1034	2.233	1034	6.587	2832	12.06%
Total	7.925	992	10.433	1242	10.591	1411	18.511	1818	18.511	1818	47.460	5463	100.00%
Tenor
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Less than 1 year	0.177	0.688	0.363	0.444	0.473	0.702	0.601	1.210	0.490	0.822	0.687	0.621
1	0.255	0.462	0.444	0.351	0.448	0.584	0.680	0.524	0.496	1.095	0.919	1.080
1.25	0.061	0.292	0.104	0.112	0.175	0.271	0.199	0.145	0.071	0.410	0.263	0.573
1.5	0.163	0.247	0.219	0.154	0.235	0.216	0.150	0.089	0.114	0.178	0.568	0.132
1.75	0	0.020	0.001	0.005	0	0	0.004	0.011	0	0	0	0.001
2	0.240	0.411	0.388	0.906	0.489	0.787	0.589	0.365	0.405	0.488	0.275	0.369
2.25 to 4.75 years	0.067	0.163	0.331	0.280	0.143	0.159	0.134	0.142	0.157	0.124	0.147	0.146
5	0.228	0.123	0.197	0.115	0.067	0.065	0.160	1.034	0.090	0.118	0.082	0.201
5.25 to 9.75	0	0.039	0.068	0.046	0.044	0.080	0.096	0.044	0.088	1.630	0.093	2.583
10	0.010	0.045	0.566	1.120	0.158	0.043	0.122	1.002	0.057	1.003	0.149	2.115
10.25 to 14.75	0	0.053	0.011	0.009	0.075	0.027	0.065	0.048	0.040	0.053	0.015	0.011
15	0.115	0.245	0.287	0.202	0.241	0.175	0.262	0.172	0.287	0.233	0.178	0.103
Longer than 15	0.088	0.035	0.358	0.019	0.691	0.164	0.121	0.038	0.164	0.153	0.225	0.191
NA	0.054	0.251	0.054	0.050	0.110	0	0.100	0.011	0.016	0.017	0.163	0.298
Total	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.474	6.325	3.763	8.423
	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	2.130	763	2.130	763	7.277	2329	11.51%
1	1.162	161	1.383	175	1.700	283	3.093	478	3.093	478	7.338	1097	16.71%
1.25	0.457	36	0.557	38	0.415	40	1.246	55	1.246	55	2.675	169	6.73%
1.5	0.628	69	0.604	85	0.353	83	0.878	123	0.878	123	2.463	360	4.74%
1.75	0.021	4	0.005	2	0.015	4	0.001	1	0.001	1	0.041	11	0.01%
2	1.039	104	2.182	151	1.359	136	1.133	121	1.133	121	5.713	512	6.12%
2.25 to 4.75 years	0.561	71	0.582	79	0.433	70	0.416	70	0.416	70	1.992	290	2.25%
5	0.548	53	0.247	33	1.283	42	0.401	37	0.401	37	2.479	165	2.17%
5.25 to 9.75	0.107	7	0.170	11	0.228	24	4.307	37	4.307	37	4.812	79	23.27%
10	0.621	9	1.321	8	1.181	12	3.268	26	3.268	26	6.390	55	17.65%
10.25 to 14.75	0.065	10	0.110	38	0.153	47	0.079	28	0.079	28	0.408	123	0.43%
15	0.647	39	0.618	45	0.721	52	0.514	45	0.514	45	2.501	181	2.78%
Longer than 15	0.481	11	0.874	17	0.323	11	0.568	21	0.568	21	2.246	60	3.07%
NA	0.359	10	0.160	5	0.127	4	0.477	13	0.477	13	1.123	32	2.58%
Total	7.925	992	10.433	1242	10.591	1411	18.511	1818	18.511	1818	47.460	5463	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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.