Analysis of structured products issuance for 13 months through January 2011

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

Issuer

	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
AB Svensk Exportkredit	0.256	0.125	0.092	0.141	0.119	0.067	0.111	0.120	0.125	0.108	0.315	0.191	0.294
ABN Amro Bank NV	0.011	0.002	0	0	0	0	0	0	0	0	0	0	0
Bank of America Corp.	0.783	0.660	0.679	0.597	0.718	0.605	0.669	0.438	0.524	0.553	0.403	0.271	0.613
Bank of Montreal	0	0	0	0.050	0	0	0	0	0.001	0.004	0	0.008	0.025
Barclays Bank plc	3.302	0.665	5.253	1.067	0.389	0.285	0.492	6.545	2.705	4.469	1.583	0.331	4.053
CMT Linked Trust Units Series 2010-01	0	0	0	0	0	0	0	0.013	0	0	0	0	0
Citigroup Funding Inc.	0.179	0.071	0.181	0.107	0.112	0.088	0.182	0.069	0.349	0.195	0.309	0.353	0.460
Commonwealth Bank of Australia	0	0	0.120	0	0	0	0	0	0	0	0	0	0
Credit Suisse AG, Nassau Branch	0.144	0.052	0.160	0.446	0.135	0.074	0.095	0.062	0.131	0.168	0.132	0.145	0.140
Deutsche Bank AG, London Branch	0.132	0.227	0.195	0.100	0.287	0.073	0.160	0.119	0.166	0.162	0.589	0.197	0.317
Eksportfinans ASA	0.228	0.202	0.086	0.337	0.074	0.053	0.105	0.153	0.140	0.219	0.105	0.512	0.387
Federal Home Loan Banks	0.075	0.095	0.148	0.065	0.040	0	0.040	0.010	0	0.080	0.035	0.110	0.095
Freddie Mac	0.050	0	0	0	0	0	0	0	0	0.025	0.063	0.050	0
Goldman Sachs Group, Inc.	0.203	0.219	0.310	0.398	0.240	0.275	0.168	0.169	0.150	0.334	0.275	0.118	0.062
HSBC Bank USA, NA	0	0.021	0.020	0	0	0	0	0	0	0	0	0	0
HSBC USA Inc.	0.197	0.190	0.110	0.163	0.267	0.038	0.057	0.082	0.192	0.209	0.117	0.145	0.082
JPMorgan Chase & Co.	0.219	0.363	0.270	0.476	0.479	0.153	0.363	0.204	0.161	0.317	0.781	0.199	0.427
JPMorgan Chase Bank, NA	0	0.022	0	0	0.019	0	0	0	0	0	0	0	0
Morgan Stanley	0.224	0.624	0.656	0.473	0.364	0.307	0.519	0.421	0.608	0.325	0.130	0.282	0.402
Nomura America Finance, LLC	0	0	0	0	0	0	0	0	0	0	0.006	0.009	0.010
Royal Bank of Canada	0.068	0.139	0.165	0.176	0.086	0.136	0.102	0.081	0.148	0.122	0.124	0.087	0.290
Royal Bank of Scotland NV	0	0.007	0.016	0.016	0.013	0.011	0.010	0.033	0.005	0.004	0.023	0.018	0.016
SunTrust Banks, Inc.	0	0	0	0	0	0	0	0	0	0.001	0.002	0	0.004
UBS AG	0.204	0.080	0.206	0.116	0.195	0.217	0.378	0.156	0.343	0.201	0.383	0.398	0.194
Union Bank, NA	0	0	0	0	0	0	0	0	0	0.034	0.009	0	0
Wells Fargo & Co.	0.019	0	0.018	0.011	0	0.022	0.020	0.032	0.048	0.026	0.043	0.061	0.001
Wells Fargo Bank, NA	0.031	0	0	0	0	0	0	0	0	0	0	0	0
Westpac	0	0.075	0	0	0	0	0	0	0	0	0	0	0
Total	6.325	3.838	8.685	4.738	3.538	2.402	3.470	8.707	5.796	7.555	5.425	3.486	7.872
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AB Svensk Exportkredit	0.473	50	0.326	37	0.356	37	0.614	77	0.294	22	0.294	22	2.064	223	1.808	200	3.73%
ABN Amro Bank NV	0.012	29	0	0	0	0	0	0	0	0	0	0	0.012	29	0.002	2	0.00%
Bank of America Corp.	2.122	64	1.921	78	1.631	54	1.227	44	0.613	21	0.613	21	7.513	261	6.730	241	7.79%
Bank of Montreal	0	0	0.050	2	0.001	1	0.012	20	0.025	35	0.025	35	0.088	58	0.088	58	0.32%
Barclays Bank plc	9.221	762	1.740	597	9.741	301	6.383	290	4.053	91	4.053	91	31.138	2041	27.835	1795	51.49%
CMT Linked Trust Units Series 2010-01	0	0	0	0	0.013	1	0	0	0	0	0	0	0.013	1	0.013	1	0.00%
Citigroup Funding Inc.	0.431	40	0.308	43	0.600	32	0.857	35	0.460	7	0.460	7	2.657	157	2.479	147	5.84%
Commonwealth Bank of Australia	0.120	2	0	0	0	0	0	0	0	0	0	0	0.120	2	0.120	2	0.00%
Credit Suisse AG, Nassau Branch	0.355	69	0.656	84	0.289	88	0.445	132	0.140	35	0.140	35	1.884	408	1.740	382	1.78%
Deutsche Bank AG, London Branch	0.554	57	0.460	64	0.445	52	0.948	79	0.317	28	0.317	28	2.724	280	2.592	269	4.03%
Eksportfinans ASA	0.516	45	0.464	26	0.399	18	0.836	28	0.387	9	0.387	9	2.602	126	2.374	106	4.92%
Federal Home Loan Banks	0.318	22	0.105	8	0.050	4	0.225	11	0.095	3	0.095	3	0.793	48	0.718	43	1.21%
Freddie Mac	0.050	2	0	0	0	0	0.138	4	0	0	0	0	0.188	6	0.138	4	0.00%
Goldman Sachs Group, Inc.	0.732	45	0.913	82	0.487	66	0.727	70	0.062	13	0.062	13	2.921	276	2.718	264	0.79%
HSBC Bank USA, NA	0.041	2	0	0	0	0	0	0	0	0	0	0	0.041	2	0.041	2	0.00%
HSBC USA Inc.	0.496	86	0.468	81	0.330	82	0.470	90	0.082	28	0.082	28	1.847	367	1.651	335	1.04%
JPMorgan Chase & Co.	0.852	146	1.108	212	0.727	198	1.297	211	0.427	86	0.427	86	4.411	853	4.192	810	5.42%
JPMorgan Chase Bank, NA	0.022	1	0.019	1	0	0	0	0	0	0	0	0	0.041	2	0.041	2	0.00%
Morgan Stanley	1.504	86	1.144	74	1.548	74	0.737	62	0.402	28	0.402	28	5.335	324	5.111	303	5.11%
Nomura America Finance, LLC	0	0	0	0	0	0	0.014	3	0.010	3	0.010	3	0.024	6	0.024	6	0.13%
Royal Bank of Canada	0.371	216	0.398	260	0.331	226	0.333	208	0.290	56	0.290	56	1.723	966	1.654	912	3.68%
Royal Bank of Scotland NV	0.023	63	0.040	93	0.048	45	0.045	35	0.016	14	0.016	14	0.171	250	0.171	250	0.20%
SunTrust Banks, Inc.	0	0	0	0	0	0	0.003	2	0.004	1	0.004	1	0.007	3	0.007	3	0.05%
UBS AG	0.490	50	0.527	50	0.876	59	0.983	86	0.194	29	0.194	29	3.069	274	2.864	258	2.47%
Union Bank, NA	0	0	0	0	0	0	0.043	2	0	0	0	0	0.043	2	0.043	2	0.00%
Wells Fargo & Co.	0.037	6	0.034	7	0.100	20	0.129	25	0.001	1	0.001	1	0.301	59	0.282	56	0.01%
Wells Fargo Bank, NA	0.031	2	0	0	0	0	0	0	0	0	0	0	0.031	2	0	0	0.00%
Westpac	0.075	1	0	0	0	0	0	0	0	0	0	0	0.075	1	0.075	1	0.00%
Total	18.848	1846	10.679	1799	17.973	1358	16.466	1514	7.872	510	7.872	510	71.837	7027	65.512	6454	100.00%
Proceeds
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Less than $1 million	0.044	0.048	0.067	0.084	0.072	0.099	0.056	0.070	0.066	0.064	0.075	0.055	0.063
$1-1.99 million	0.134	0.171	0.194	0.239	0.171	0.088	0.111	0.110	0.110	0.136	0.168	0.131	0.160
$2-2.99 million	0.369	0.300	0.223	0.121	0.122	0.082	0.102	0.082	0.105	0.068	0.069	0.156	0.091
$3-4.99 million	0.158	0.201	0.222	0.179	0.202	0.152	0.152	0.153	0.172	0.197	0.216	0.176	0.163
$5-9.99 million	0.371	0.360	0.369	0.378	0.413	0.416	0.298	0.260	0.352	0.422	0.526	0.514	0.411
$10-14.99 million	0.170	0.544	0.420	0.388	0.408	0.334	0.249	0.327	0.335	0.399	0.438	0.362	0.315
$15-$49.99 million	1.600	1.309	1.357	1.292	1.422	0.706	1.027	0.937	0.919	1.397	1.391	0.841	1.419
$50 million and higher	3.479	0.905	5.832	2.057	0.729	0.525	1.474	6.768	3.737	4.873	2.541	1.251	5.251
Total	6.325	3.838	8.685	4.738	3.538	2.402	3.470	8.707	5.796	7.555	5.425	3.486	7.872
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.159	395	0.254	641	0.192	469	0.195	409	0.063	144	0.063	144	0.863	2058	0.819	1954	0.80%
$1-1.99 million	0.499	420	0.499	428	0.331	268	0.436	321	0.160	116	0.160	116	1.924	1553	1.790	1445	2.03%
$2-2.99 million	0.891	409	0.324	140	0.288	120	0.293	124	0.091	39	0.091	39	1.888	832	1.518	657	1.16%
$3-4.99 million	0.581	150	0.533	144	0.478	129	0.589	155	0.163	44	0.163	44	2.344	622	2.186	580	2.07%
$5-9.99 million	1.101	162	1.207	175	0.910	132	1.462	215	0.411	61	0.411	61	5.090	745	4.718	690	5.22%
$10-14.99 million	1.135	101	1.130	100	0.912	77	1.198	100	0.315	27	0.315	27	4.691	405	4.520	390	4.00%
$15-$49.99 million	4.265	164	3.420	138	2.883	113	3.629	140	1.419	50	1.419	50	15.616	605	14.016	546	18.03%
$50 million and higher	10.216	45	3.311	33	11.979	50	8.665	50	5.251	29	5.251	29	39.423	207	35.943	192	66.70%
Total	18.848	1846	10.679	1799	17.973	1358	16.466	1514	7.872	510	7.872	510	71.837	7027	65.512	6454	100.00%
Type
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Basket of stocks	0.032	0.028	0.100	0.018	0.004	0.004	0.028	0.003	0.041	0.037	0.028	0.006	0.010
Commodities	0.720	0.190	0.493	0.514	0.607	0.357	0.648	0.260	0.408	0.516	1.115	0.449	0.771
ETF	0.267	0.148	0.089	0.136	0.211	0.139	0.110	0.152	0.141	0.271	0.185	0.205	0.118
Equity index	1.342	1.308	1.303	1.811	1.269	0.889	1.558	1.024	1.328	1.455	2.422	0.985	1.624
Foreign exchange	0.261	0.231	0.239	0.136	0.191	0.094	0.088	0.016	0.026	0.105	0.119	0.101	0.028
Fund	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest rate	0.323	0.442	0.510	0.427	0.297	0.159	0.194	2.206	0.227	0.229	0.468	0.317	0.264
Multiple/Other	2.558	0.310	4.944	0.811	0.270	0.153	0.339	4.404	2.647	4.204	0.228	0.218	3.518
Single stock	0.822	1.181	1.006	0.885	0.689	0.607	0.505	0.643	0.977	0.738	0.858	1.205	1.538
Total	6.325	3.838	8.685	4.738	3.538	2.402	3.470	8.707	5.796	7.555	5.425	3.486	7.872
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Basket of stocks	0.160	18	0.026	7	0.072	12	0.071	10	0.010	3	0.010	3	0.340	50	0.307	43	0.13%
Commodities	1.403	122	1.477	115	1.316	95	2.080	165	0.771	51	0.771	51	7.048	548	6.328	491	9.79%
ETF	0.504	124	0.486	136	0.403	112	0.661	129	0.118	23	0.118	23	2.172	524	1.905	471	1.50%
Equity index	3.953	297	3.970	356	3.910	347	4.862	348	1.624	117	1.624	117	18.319	1465	16.977	1369	20.63%
Foreign exchange	0.732	63	0.421	50	0.130	24	0.326	40	0.028	8	0.028	8	1.637	185	1.376	171	0.36%
Fund	0	0	0	1	0	0	0	0	0	0	0	0	0	1	0	1	0.00%
Interest rate	1.275	97	0.883	106	2.628	54	1.014	53	0.264	21	0.264	21	6.063	331	5.740	307	3.35%
Multiple/Other	7.812	80	1.234	93	7.389	70	4.651	106	3.518	33	3.518	33	24.604	382	22.046	370	44.69%
Single stock	3.009	1045	2.182	935	2.125	644	2.801	663	1.538	254	1.538	254	11.655	3541	10.833	3231	19.54%
Total	18.848	1846	10.679	1799	17.973	1358	16.466	1514	7.872	510	7.872	510	71.837	7027	65.512	6454	100.00%
Structure
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
ETN	2.647	0.163	4.637	0.713	0.162	0.086	0.714	6.280	2.638	4.273	1.999	0.147	3.514
callable reverse convertible	0.006	0.011	0.007	0.001	0.012	0.008	0.001	0.053	0.023	0.002	0.019	0.029	0.060
convertible/linked	0.052	0.216	0.071	0.024	0.010	0.038	0.008	0	0.003	0.061	0.006	0.219	0.025
downside protection	0.114	0.084	0.159	0.146	0.094	0.120	0.097	0.038	0.035	0.078	0.304	0.005	0.095
increasing calls	0.216	0.066	0.094	0.086	0.158	0.237	0.249	0.303	0.252	0.225	0.513	0.319	0.499
leveraged return	0.945	0.430	0.638	0.530	0.488	0.234	0.469	0.165	0.382	0.317	0.392	0.386	0.987
leveraged return, downside protection	0.009	0.003	0.046	0.018	0.008	0.044	0.007	0.002	0.031	0.092	0.022	0.088	0.105
leveraged return, partial downside protection	0.659	0.428	0.512	0.407	0.660	0.590	0.569	0.604	0.383	0.713	0.542	0.516	0.296
other/NA	0.753	1.288	1.535	1.948	1.183	0.532	0.590	0.381	1.093	1.160	0.969	0.847	1.375
range	0.180	0.251	0.155	0.106	0.098	0.041	0.262	0.419	0.352	0.174	0.179	0.301	0.321
reverse convertible	0	0.025	0	0	0	0	0	0	0	0	0	0	0
steepener	0.073	0.063	0.070	0.109	0.096	0.068	0.114	0.016	0.003	0.013	0.021	0.040	0.016
trigger reverse convertible	0.672	0.810	0.761	0.649	0.568	0.405	0.391	0.445	0.603	0.447	0.460	0.590	0.578
Total	6.325	3.838	8.685	4.738	3.538	2.402	3.470	8.707	5.796	7.555	5.425	3.486	7.872
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
ETN	7.446	42	0.961	32	9.632	46	6.418	120	3.514	27	3.514	27	27.971	267	25.325	249	44.64%
callable reverse convertible	0.024	13	0.021	11	0.076	34	0.050	39	0.060	25	0.060	25	0.231	122	0.225	118	0.76%
convertible/linked	0.338	20	0.072	16	0.011	6	0.287	6	0.025	3	0.025	3	0.732	51	0.680	45	0.32%
downside protection	0.357	31	0.359	40	0.170	22	0.386	18	0.095	5	0.095	5	1.367	116	1.253	107	1.21%
increasing calls	0.376	32	0.481	48	0.804	56	1.058	82	0.499	32	0.499	32	3.219	250	3.002	237	6.34%
leveraged return	2.012	160	1.253	134	1.016	84	1.095	82	0.987	40	0.987	40	6.363	500	5.419	435	12.54%
leveraged return, downside protection	0.058	10	0.070	20	0.040	5	0.202	17	0.105	2	0.105	2	0.475	54	0.466	52	1.33%
leveraged return, partial downside protection	1.599	194	1.658	223	1.556	209	1.771	222	0.296	47	0.296	47	6.881	895	6.222	831	3.76%
other/NA	3.575	244	3.663	317	2.064	272	2.975	325	1.375	106	1.375	106	13.653	1264	12.900	1206	17.47%
range	0.587	41	0.245	16	1.033	44	0.654	45	0.321	23	0.321	23	2.840	169	2.660	155	4.08%
reverse convertible	0.025	1	0	0	0	0	0	0	0	0	0	0	0.025	1	0.025	1	0.00%
steepener	0.207	23	0.273	38	0.133	9	0.074	10	0.016	5	0.016	5	0.702	85	0.628	81	0.20%
trigger reverse convertible	2.243	1035	1.622	904	1.439	571	1.497	548	0.578	195	0.578	195	7.379	3253	6.707	2937	7.34%
Total	18.848	1846	10.679	1799	17.973	1358	16.466	1514	7.872	510	7.872	510	71.837	7027	65.512	6454	100.00%
Tenor
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Less than 1 year	0.822	0.687	0.624	0.610	0.540	0.356	0.433	0.404	0.549	0.323	0.466	0.511	0.690
1	1.095	0.919	1.090	1.495	1.055	0.810	0.706	0.753	0.839	1.010	1.309	1.121	1.864
1.25	0.410	0.263	0.599	0.352	0.237	0.059	0.315	0.098	0.239	0.223	0.174	0.283	0.481
1.5	0.178	0.568	0.135	0.318	0.498	0.211	0.270	0.095	0.131	0.213	0.120	0.380	0.130
1.75	0	0	0.001	0.005	0.005	0.014	0.002	0.002	0.013	0.029	0	0.002	0
2	0.488	0.275	0.369	0.305	0.331	0.231	0.377	0.318	0.298	0.398	0.370	0.224	0.263
2.25 to 4.75 years	0.124	0.147	0.150	0.134	0.165	0.191	0.125	0.212	0.235	0.284	0.264	0.221	0.282
5	0.118	0.082	0.203	0.183	0.101	0.210	0.131	0.097	0.150	0.196	0.166	0.126	0.180
5.25 to 9.75	1.630	0.093	2.583	0.547	0.079	0.057	0.079	4.026	2.542	4.104	0.335	0.144	3.242
10	1.003	0.149	2.115	0.220	0.155	0.107	0.269	2.317	0.073	0.101	1.149	0.017	0.328
10.25 to 14.75	0.053	0.015	0.019	0.022	0.018	0.020	0.008	0.012	0.299	0.042	0.148	0.109	0.096
15	0.233	0.178	0.258	0.188	0.165	0.056	0.253	0.122	0.225	0.228	0.141	0.289	0.196
Longer than 15	0.153	0.225	0.191	0.260	0.160	0.081	0.501	0.225	0.202	0.392	0.773	0.061	0.119
NA	0.017	0.238	0.348	0.100	0.029	0	0	0.025	0	0.012	0.009	0	0
Total	6.325	3.838	8.685	4.738	3.538	2.402	3.470	8.707	5.796	7.555	5.425	3.486	7.872
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1 year	2.133	765	1.506	771	1.386	489	1.300	482	0.690	181	0.690	181	7.015	2688	6.193	2469	8.77%
1	3.104	481	3.360	394	2.298	335	3.440	391	1.864	150	1.864	150	14.066	1751	12.971	1565	23.68%
1.25	1.272	58	0.648	48	0.652	51	0.680	51	0.481	18	0.481	18	3.733	226	3.323	206	6.11%
1.5	0.881	124	1.027	152	0.497	122	0.713	99	0.130	26	0.130	26	3.247	523	3.069	488	1.65%
1.75	0.001	1	0.023	7	0.016	4	0.031	5	0	0	0	0	0.072	17	0.072	17	0.00%
2	1.133	121	0.868	104	0.993	115	0.992	120	0.263	27	0.263	27	4.248	487	3.760	452	3.34%
2.25 to 4.75 years	0.420	72	0.491	98	0.573	84	0.769	98	0.282	27	0.282	27	2.535	379	2.411	365	3.58%
5	0.403	39	0.494	63	0.379	37	0.488	45	0.180	14	0.180	14	1.944	198	1.827	189	2.29%
5.25 to 9.75	4.307	37	0.682	36	6.647	24	4.583	41	3.242	17	3.242	17	19.461	155	17.830	143	41.18%
10	3.268	26	0.483	41	2.659	38	1.266	34	0.328	7	0.328	7	8.004	146	7.001	144	4.17%
10.25 to 14.75	0.088	33	0.059	18	0.320	15	0.299	65	0.096	14	0.096	14	0.862	145	0.809	129	1.22%
15	0.669	54	0.409	39	0.600	24	0.658	50	0.196	19	0.196	19	2.533	186	2.300	167	2.49%
Longer than 15	0.568	21	0.500	24	0.927	19	1.226	31	0.119	10	0.119	10	3.341	105	3.188	100	1.51%
NA	0.602	14	0.129	4	0.025	1	0.021	2	0	0	0	0	0.776	21	0.759	20	0.00%
Total	18.848	1846	10.679	1799	17.973	1358	16.466	1514	7.872	510	7.872	510	71.837	7027	65.512	6454	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.