Analysis of structured products issuance for 13 months through September 2011

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

Issuer

	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
AB Svensk Exportkredit	0.125	0.108	0.315	0.191	0.296	0.719	0.260	0.202	0.337	0.159	0.096	0.159	0.067
Bank of America Corp.	0.524	0.553	0.403	0.271	0.613	0.390	0.360	0.426	0.424	0.503	0.439	0.063	0.269
Bank of Montreal	0.001	0.004	0	0.008	0.028	0	0.021	0.021	0.018	0.029	0.018	0.021	0.019
Barclays Bank plc	2.705	4.469	1.583	0.331	4.195	0.429	9.152	1.834	0.930	0.486	1.129	0.739	0.432
Citigroup Funding Inc.	0.349	0.195	0.309	0.353	0.460	0.354	0.425	0.118	0.150	0.127	0.142	0.130	0.102
Credit Suisse AG, Nassau Branch	0.131	0.168	0.132	0.145	0.189	0.313	0.228	0.194	0.127	0.373	0.251	0.720	0.072
Deutsche Bank AG, London Branch	0.166	0.162	0.600	0.197	0.337	0.340	0.265	0.331	0.180	0.269	0.370	0.321	0.110
Eksportfinans ASA	0.140	0.219	0.105	0.512	0.399	0.138	0.202	0.205	0.179	0.039	0.154	0.056	0.014
Federal Home Loan Banks	0	0.080	0.035	0.110	0.204	0.200	0.051	0.217	0.132	0.105	0.010	0	0
Freddie Mac	0	0.025	0.063	0.050	0.100	0.150	0.100	0.105	0	0	0	0	0
Goldman Sachs Group, Inc.	0.150	0.334	0.275	0.118	0.109	0.275	0.610	0.112	0.194	0.204	0.263	0.582	0.237
HSBC USA Inc.	0.192	0.209	0.117	0.145	0.122	0.177	0.194	0.160	0.129	0.265	0.100	0.177	0.170
JPMorgan Chase & Co.	0.161	0.317	0.781	0.199	0.451	0.682	0.131	0.357	0.316	0.404	0.529	0.539	0.590
JPMorgan Chase Bank, NA	0	0	0	0	0	0.001	0	0	0	0	0	0	0
Morgan Stanley	0.608	0.325	0.130	0.282	0.499	0.264	0.318	0.303	0.318	0.368	0.442	0.508	0.346
Nomura America Finance, LLC	0	0	0.006	0.009	0.010	0.006	0.001	0	0	0	0	0	0
Royal Bank of Canada	0.148	0.122	0.124	0.087	0.296	0.117	0.245	0.312	0.208	0.116	0.345	0.399	0.128
Royal Bank of Scotland	0.005	0.004	0.023	0.018	0.016	0.018	0.028	0.060	0.012	0.007	0.005	0.011	0.004
SG Structured Products, Inc.	0	0	0	0	0	0.002	0.002	0.002	0	0	0	0	0
SunTrust Banks, Inc.	0	0.001	0.002	0	0.004	0	0.001	0	0	0	0	0	0
UBS AG	0.343	0.201	0.383	0.398	0.194	0.121	0.279	0.126	0.197	0.158	0.138	0.154	0.243
Union Bank, NA	0	0.034	0.009	0	0	0	0	0	0	0	0	0	0
Wells Fargo & Co.	0.048	0.026	0.043	0.061	0.045	0.046	0.045	0.030	0.035	0.042	0.063	0.035	0.064
Total	5.796	7.555	5.436	3.486	8.567	4.745	12.921	5.115	3.887	3.654	4.494	4.612	2.868
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AB Svensk Exportkredit	0.614	77	1.276	60	0.698	65	0.321	49	2.295	174	3.034	262	2.909	251	4.51%
Bank of America Corp.	1.227	44	1.363	61	1.354	73	0.770	48	3.487	182	5.238	246	4.714	226	6.86%
Bank of Montreal	0.012	20	0.049	72	0.068	142	0.057	146	0.175	360	0.188	381	0.187	380	0.34%
Barclays Bank plc	6.383	290	13.776	295	3.251	182	2.301	215	19.328	692	28.416	1087	25.711	982	38.00%
Citigroup Funding Inc.	0.858	35	1.239	40	0.395	23	0.374	37	2.008	100	3.215	149	2.866	135	3.95%
Credit Suisse AG, Nassau Branch	0.444	132	0.730	162	0.694	166	1.042	141	2.466	469	3.041	630	2.910	601	4.85%
Deutsche Bank AG, London Branch	0.959	79	0.942	101	0.780	96	0.801	72	2.523	269	3.648	364	3.482	348	4.96%
Eksportfinans ASA	0.836	28	0.738	30	0.423	25	0.224	18	1.385	73	2.362	108	2.221	101	2.72%
Federal Home Loan Banks	0.225	11	0.455	20	0.454	16	0.010	1	0.919	37	1.144	48	1.144	48	1.81%
Freddie Mac	0.138	4	0.350	3	0.105	1	0	0	0.455	4	0.593	8	0.593	8	0.89%
Goldman Sachs Group, Inc.	0.727	70	0.994	91	0.511	75	1.082	101	2.587	267	3.464	358	3.314	337	5.09%
HSBC USA Inc.	0.470	90	0.494	100	0.554	96	0.447	100	1.495	296	2.157	417	1.966	386	2.94%
JPMorgan Chase & Co.	1.297	211	1.264	248	1.077	234	1.659	303	3.999	785	5.457	1064	5.296	996	7.86%
JPMorgan Chase Bank, NA	0	0	0.001	1	0	0	0	0	0.001	1	0.001	1	0.001	1	0.00%
Morgan Stanley	0.737	62	1.082	93	0.989	110	1.296	134	3.368	337	4.713	418	4.105	399	6.62%
Nomura America Finance, LLC	0.014	3	0.017	6	0	0	0	0	0.017	6	0.032	9	0.032	9	0.03%
Royal Bank of Canada	0.333	208	0.658	214	0.636	296	0.872	234	2.166	744	2.647	1043	2.498	952	4.26%
Royal Bank of Scotland NV	0.045	35	0.062	29	0.080	14	0.020	17	0.162	60	0.212	103	0.207	95	0.32%
SG Structured Products, Inc.	0	0	0.004	2	0.002	1	0	0	0.006	3	0.006	3	0.006	3	0.01%
SunTrust Banks, Inc.	0.003	2	0.005	2	0	0	0	0	0.005	2	0.008	4	0.008	4	0.01%
UBS AG	0.983	86	0.595	88	0.480	77	0.536	461	1.610	626	2.936	738	2.592	712	3.17%
Union Bank, NA	0.043	2	0	0	0	0	0	0	0	0	0.043	2	0.043	2	0.00%
Wells Fargo & Co.	0.129	25	0.137	22	0.107	17	0.162	22	0.406	61	0.583	95	0.536	86	0.80%
Total	16.477	1514	26.233	1740	12.656	1709	11.974	2099	50.863	5548	73.136	7538	67.340	7062	100.00%
Proceeds
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Less than $1 million	0.066	0.064	0.075	0.055	0.069	0.059	0.085	0.078	0.085	0.079	0.090	0.104	0.108
$1-1.99 million	0.110	0.136	0.168	0.131	0.167	0.124	0.151	0.112	0.126	0.120	0.111	0.129	0.115
$2-2.99 million	0.105	0.068	0.069	0.156	0.107	0.108	0.134	0.109	0.112	0.116	0.084	0.174	0.133
$3-4.99 million	0.172	0.197	0.216	0.176	0.193	0.240	0.275	0.172	0.251	0.272	0.175	0.295	0.168
$5-9.99 million	0.352	0.422	0.526	0.514	0.507	0.445	0.548	0.430	0.481	0.376	0.452	0.593	0.405
$10-14.99 million	0.335	0.399	0.449	0.362	0.460	0.466	0.563	0.339	0.526	0.613	0.643	0.549	0.385
$15-$49.99 million	0.919	1.397	1.391	0.841	1.650	1.538	2.145	1.517	1.154	1.646	1.460	1.451	1.007
$50 million and higher	3.737	4.873	2.541	1.251	5.414	1.764	9.021	2.358	1.153	0.432	1.480	1.316	0.547
Total	5.796	7.555	5.436	3.486	8.567	4.745	12.921	5.115	3.887	3.654	4.494	4.612	2.868
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.195	408	0.213	474	0.242	601	0.302	971	0.757	2046	1.017	2618	0.951	2454	1.49%
$1-1.99 million	0.436	321	0.442	318	0.358	263	0.356	265	1.156	846	1.701	1257	1.591	1167	2.27%
$2-2.99 million	0.293	124	0.349	148	0.338	138	0.391	164	1.078	450	1.475	618	1.371	574	2.12%
$3-4.99 million	0.589	155	0.708	189	0.695	181	0.638	168	2.041	538	2.802	741	2.630	693	4.01%
$5-9.99 million	1.462	215	1.500	223	1.286	189	1.450	212	4.237	624	6.051	891	5.699	839	8.33%
$10-14.99 million	1.209	101	1.489	126	1.477	129	1.577	137	4.543	392	6.088	521	5.752	493	8.93%
$15-$49.99 million	3.629	140	5.333	197	4.317	160	3.918	151	13.569	508	18.117	683	17.197	648	26.68%
$50 million and higher	8.665	50	16.199	65	3.943	48	3.342	31	23.484	144	35.886	209	32.149	194	46.17%
Total	16.477	1514	26.233	1740	12.656	1709	11.974	2099	50.863	5548	73.136	7538	67.340	7062	100.00%
Type
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Basket of stocks	0.041	0.037	0.028	0.006	0.013	0.066	0.061	0.083	0.028	0.033	0.015	0.025	0.035
Commodities	0.400	0.497	1.115	0.449	0.902	0.865	0.741	2.044	0.951	0.421	0.283	0.485	0.263
ETF	0.141	0.271	0.196	0.205	0.154	0.155	0.135	0.141	0.136	0.123	0.108	0.157	0.148
Equity index	1.341	1.474	2.422	1.015	1.859	1.628	1.734	1.189	0.994	1.247	1.665	2.127	1.343
Foreign exchange	0.026	0.105	0.119	0.101	0.131	0.130	0.077	0.050	0.344	0.123	0.187	0.061	0.266
Interest rate	0.227	0.229	0.468	0.317	0.499	0.597	0.486	0.480	0.332	0.281	0.631	0.059	0.032
Multiple/Other	2.643	4.204	0.228	0.187	3.435	0.195	8.365	0.204	0.103	0.565	0.496	1.017	0.292
Single stock	0.977	0.738	0.858	1.205	1.573	1.109	1.322	0.923	0.998	0.860	1.110	0.681	0.487
Total	5.796	7.555	5.436	3.486	8.567	4.745	12.921	5.115	3.887	3.654	4.494	4.612	2.868
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Basket of stocks	0.071	10	0.140	17	0.144	15	0.075	12	0.358	44	0.471	57	0.430	54	0.70%
Commodities	2.062	160	2.508	163	3.416	181	1.031	126	6.955	470	9.416	657	9.016	630	13.67%
ETF	0.672	129	0.444	98	0.399	120	0.413	141	1.257	359	2.070	525	1.929	488	2.47%
Equity index	4.911	355	5.222	432	3.430	377	5.135	505	13.787	1314	20.039	1794	18.698	1669	27.11%
Foreign exchange	0.326	40	0.338	46	0.517	45	0.514	42	1.370	133	1.722	179	1.696	173	2.69%
Interest rate	1.014	53	1.582	90	1.094	61	0.722	38	3.398	189	4.639	258	4.412	242	6.68%
Multiple/Other	4.620	104	11.995	122	0.873	136	1.806	156	14.674	414	21.937	537	19.294	518	28.85%
Single stock	2.801	663	4.004	772	2.782	774	2.278	1079	9.064	2625	12.842	3531	11.865	3288	17.82%
Total	16.477	1514	26.233	1740	12.656	1709	11.974	2099	50.863	5548	73.136	7538	67.340	7062	100.00%
Structure
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
ETN	2.638	4.273	1.999	0.147	3.594	0.531	8.486	1.813	0.668	0.325	1.053	1.082	0.539
callable reverse convertible	0.023	0.002	0.019	0.029	0.061	0.175	0.146	0.084	0.128	0.145	0.232	0.233	0.176
convertible/linked	0.003	0.061	0.006	0.219	0.026	0.159	0.203	0.075	0.156	0.060	0.084	0.084	0.006
downside protection	0.035	0.078	0.304	0.005	0.108	0.005	0.011	0	0	0	0	0	0
increasing calls	0.252	0.225	0.513	0.319	0.529	0.334	0.293	0.335	0.214	0.149	0.267	0.214	0.076
leveraged return	0.382	0.317	0.392	0.386	1.043	0.874	0.797	0.676	0.591	0.496	0.633	0.378	0.236
leveraged return, downside protection	0.031	0.092	0.022	0.088	0.105	0	0	0.005	0.010	0.002	0.012	0.010	0.041
leveraged return, partial downside protection	0.383	0.713	0.553	0.516	0.426	0.763	0.601	0.375	0.418	0.597	0.516	0.725	0.469
other/NA	1.093	1.160	0.969	0.847	1.482	0.992	1.445	0.973	0.959	1.258	1.121	1.511	0.975
range	0.352	0.174	0.179	0.301	0.580	0.398	0.152	0.328	0.163	0.125	0.020	0	0.033
reverse convertible	0	0	0	0	0	0.023	0.013	0	0	0	0.036	0.028	0
steepener	0.003	0.013	0.021	0.040	0.028	0.015	0.003	0.007	0	0	0	0.009	0.001
trigger reverse convertible	0.603	0.447	0.460	0.590	0.586	0.475	0.771	0.444	0.580	0.498	0.522	0.337	0.315
Total	5.796	7.555	5.436	3.486	8.567	4.745	12.921	5.115	3.887	3.654	4.494	4.612	2.868
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
ETN	6.418	120	12.611	107	2.806	136	2.674	116	18.091	359	27.147	489	24.509	479	35.57%
callable reverse convertible	0.050	39	0.382	127	0.357	133	0.641	327	1.380	587	1.452	643	1.430	626	2.71%
convertible/linked	0.287	6	0.388	34	0.290	34	0.175	25	0.853	93	1.143	100	1.140	99	1.68%
downside protection	0.386	18	0.124	12	0	0	0	0	0.124	12	0.545	35	0.510	30	0.24%
increasing calls	1.058	82	1.155	88	0.697	70	0.557	82	2.409	240	3.719	341	3.467	322	4.74%
leveraged return	1.095	82	2.713	147	1.762	119	1.248	114	5.723	380	7.201	495	6.819	462	11.25%
leveraged return, downside protection	0.202	17	0.105	2	0.017	9	0.063	9	0.184	20	0.418	39	0.387	37	0.36%
leveraged return, partial downside protection	1.782	222	1.790	194	1.391	192	1.710	240	4.890	626	7.055	906	6.672	848	9.61%
other/NA	2.975	325	3.920	360	3.190	345	3.608	387	10.718	1092	14.786	1520	13.693	1417	21.07%
range	0.654	45	1.130	51	0.616	24	0.052	5	1.798	80	2.804	142	2.452	125	3.53%
reverse convertible	0	0	0.036	2	0	0	0.065	6	0.101	8	0.101	8	0.101	8	0.20%
steepener	0.074	10	0.047	9	0.007	1	0.010	5	0.064	15	0.140	26	0.138	25	0.13%
trigger reverse convertible	1.497	548	1.831	607	1.522	646	1.173	783	4.526	2036	6.626	2794	6.023	2584	8.90%
Total	16.477	1514	26.233	1740	12.656	1709	11.974	2099	50.863	5548	73.136	7538	67.340	7062	100.00%
Tenor
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Less than 1 year	0.549	0.323	0.466	0.511	0.722	0.813	0.680	0.487	0.590	0.393	0.562	0.360	0.223
1	0.839	1.010	1.309	1.121	2.033	1.481	1.527	1.281	1.132	1.203	1.232	1.143	0.768
1.25	0.239	0.223	0.174	0.283	0.481	0.435	0.559	0.322	0.319	0.273	0.394	0.190	0.129
1.5	0.131	0.213	0.120	0.380	0.142	0.157	0.210	0.108	0.217	0.197	0.298	0.484	0.126
1.75	0.013	0.029	0	0.002	0	0	0.006	0	0	0	0.001	0	0.003
2	0.298	0.398	0.370	0.224	0.296	0.233	0.201	0.198	0.188	0.237	0.161	0.351	0.238
2.25 to 4.75 years	0.235	0.284	0.275	0.221	0.338	0.192	0.309	0.183	0.265	0.176	0.311	0.570	0.384
5	0.150	0.196	0.166	0.126	0.210	0.161	0.249	0.087	0.107	0.173	0.092	0.207	0.158
5.25 to 9.75	2.542	4.104	0.335	0.144	3.255	0.069	8.111	0.052	0.075	0.179	0.113	0.061	0.103
10	0.073	0.101	1.149	0.017	0.338	0.252	0.155	0.045	0.050	0.062	0.636	0.274	0.106
10.25 to 14.75	0.299	0.042	0.148	0.109	0.098	0.349	0.022	0.094	0.529	0.077	0.026	0.084	0.017
15	0.225	0.228	0.141	0.289	0.383	0.368	0.387	0.446	0.204	0.301	0.184	0.042	0.126
Longer than 15	0.202	0.392	0.773	0.061	0.271	0.236	0.505	1.813	0.211	0.383	0.482	0.845	0.488
NA	0	0.012	0.009	0	0	0	0	0	0	0	0	0	0
Total	5.796	7.555	5.436	3.486	8.567	4.745	12.921	5.115	3.887	3.654	4.494	4.612	2.868
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1 year	1.300	482	2.215	590	1.470	623	1.145	640	4.831	1853	6.680	2506	6.131	2335	9.50%
1	3.440	391	5.042	456	3.616	409	3.143	690	11.800	1555	16.079	2080	15.240	1946	23.20%
1.25	0.680	51	1.475	69	0.914	58	0.713	51	3.103	178	4.022	250	3.783	229	6.10%
1.5	0.713	99	0.508	100	0.522	102	0.907	150	1.938	352	2.783	489	2.651	451	3.81%
1.75	0.031	5	0.006	1	0	0	0.004	2	0.010	3	0.054	10	0.041	8	0.02%
2	0.992	120	0.730	115	0.623	109	0.751	120	2.103	344	3.393	504	3.095	464	4.13%
2.25 to 4.75 years	0.780	98	0.839	106	0.624	103	1.265	153	2.727	362	3.742	482	3.507	460	5.36%
5	0.488	45	0.620	52	0.367	48	0.458	68	1.445	168	2.083	224	1.933	213	2.84%
5.25 to 9.75	4.583	41	11.436	52	0.306	60	0.276	59	12.018	171	19.143	218	16.601	212	23.63%
10	1.266	34	0.746	37	0.157	16	1.016	17	1.919	70	3.258	115	3.184	104	3.77%
10.25 to 14.75	0.299	65	0.468	36	0.700	49	0.127	37	1.295	122	1.894	194	1.594	187	2.55%
15	0.658	50	1.137	60	0.951	52	0.352	25	2.441	137	3.323	195	3.099	187	4.80%
Longer than 15	1.226	31	1.012	66	2.407	80	1.815	87	5.234	233	6.662	269	6.460	264	10.29%
NA	0.021	2	0	0	0	0	0	0	0	0	0.021	2	0.021	2	0.00%
Total	16.477	1514	26.233	1740	12.656	1709	11.974	2099	50.863	5548	73.136	7538	67.340	7062	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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