Analysis of structured products issuance for 13 months through May 2011

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

Issuer

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
AB Svensk Exportkredit	0.119	0.067	0.111	0.12	0.125	0.108	0.315	0.191	0.296	0.719	0.260	0.202	0.282
Bank of America Corp.	0.718	0.605	0.669	0.438	0.524	0.553	0.403	0.271	0.613	0.39	0.360	0.426	0.423
Bank of Montreal	0	0	0	0	0.001	0.004	0	0.008	0.028	0	0.021	0.021	0.015
Barclays Bank plc	0.389	0.285	0.492	6.545	2.705	4.469	1.583	0.331	4.195	0.429	9.152	1.834	0.827
CMT Linked Trust Units Series 2010-01	0	0	0	0.013	0	0	0	0	0	0	0	0	0
Citigroup Funding Inc.	0.112	0.088	0.182	0.069	0.349	0.195	0.309	0.353	0.460	0.354	0.425	0.118	0.150
Credit Suisse AG, Nassau Branch	0.136	0.074	0.095	0.063	0.131	0.168	0.132	0.145	0.189	0.313	0.228	0.194	0.227
Deutsche Bank AG, London Branch	0.287	0.073	0.160	0.119	0.166	0.162	0.600	0.197	0.337	0.34	0.265	0.331	0.148
Eksportfinans ASA	0.074	0.053	0.105	0.153	0.140	0.219	0.105	0.512	0.399	0.138	0.202	0.205	0.179
Federal Home Loan Banks	0.040	0	0.040	0.01	0	0.08	0.035	0.11	0.105	0	0	0.147	0
Freddie Mac	0	0	0	0	0	0.025	0.063	0.05	0.100	0.15	0.100	0.105	0
Goldman Sachs Group, Inc.	0.240	0.275	0.168	0.169	0.150	0.334	0.275	0.118	0.109	0.275	0.610	0.112	0.165
HSBC USA Inc.	0.267	0.038	0.057	0.082	0.192	0.209	0.117	0.145	0.122	0.177	0.194	0.16	0.125
JPMorgan Chase & Co.	0.479	0.153	0.363	0.204	0.161	0.317	0.781	0.199	0.451	0.682	0.131	0.357	0.265
JPMorgan Chase Bank, NA	0.019	0	0	0	0	0	0	0	0	0	0	0	0
Morgan Stanley	0.364	0.307	0.519	0.421	0.608	0.325	0.130	0.282	0.499	0.258	0.318	0.303	0.315
Nomura America Finance, LLC	0	0	0	0	0	0	0.006	0.009	0.010	0.006	0.001	0	0
Royal Bank of Canada	0.086	0.136	0.102	0.081	0.148	0.122	0.124	0.087	0.296	0.117	0.245	0.312	0.205
Royal Bank of Scotland NV	0.013	0.011	0.010	0.033	0.005	0.004	0.023	0.018	0.016	0.018	0.028	0.06	0.012
SunTrust Banks, Inc.	0	0	0	0	0	0.001	0.002	0	0.004	0	0.001	0	0
UBS AG	0.195	0.217	0.378	0.156	0.343	0.201	0.383	0.398	0.194	0.121	0.279	0.126	0.197
Union Bank, NA	0	0	0	0	0	0.034	0.009	0	0	0	0	0	0
Wells Fargo & Co.	0	0.022	0.020	0.032	0.048	0.026	0.043	0.061	0.045	0.046	0.045	0.03	0.015
Total	3.538	2.402	3.470	8.707	5.796	7.555	5.436	3.486	8.468	4.536	12.868	5.043	3.552
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AB Svensk Exportkredit	0.356	37	0.614	77	1.276	60	0.484	26	1.761	86	2.917	214	2.798	207	5.11%
Bank of America Corp.	1.631	54	1.227	44	1.363	61	0.849	50	2.212	111	6.394	264	5.675	235	6.42%
Bank of Montreal	0.001	1	0.012	20	0.049	72	0.037	93	0.086	165	0.099	186	0.099	186	0.25%
Barclays Bank plc	9.741	301	6.383	290	13.776	294	2.661	118	16.437	412	33.234	1341	32.845	1162	47.69%
CMT Linked Trust Units Series 2010-01	0.013	1	0	0	0	0	0	0	0	0	0.013	1	0.013	1	0.00%
Citigroup Funding Inc.	0.600	32	0.858	35	1.239	40	0.268	15	1.507	55	3.166	150	3.053	134	4.37%
Credit Suisse AG, Nassau Branch	0.289	88	0.444	132	0.730	162	0.421	107	1.151	269	2.094	543	1.958	510	3.34%
Deutsche Bank AG, London Branch	0.445	52	0.959	79	0.942	101	0.479	49	1.421	150	3.186	327	2.899	295	4.13%
Eksportfinans ASA	0.399	18	0.836	28	0.738	30	0.384	18	1.123	48	2.485	109	2.411	101	3.26%
Federal Home Loan Banks	0.050	4	0.225	11	0.105	4	0.147	2	0.252	6	0.567	23	0.527	21	0.73%
Freddie Mac	0	0	0.138	4	0.350	3	0.105	1	0.455	4	0.593	8	0.593	8	1.32%
Goldman Sachs Group, Inc.	0.487	66	0.727	70	0.994	91	0.277	44	1.272	135	3.001	333	2.760	306	3.69%
HSBC USA Inc.	0.330	82	0.470	90	0.494	100	0.285	61	0.779	161	1.885	390	1.617	358	2.26%
JPMorgan Chase & Co.	0.727	198	1.297	211	1.264	248	0.621	153	1.885	401	4.541	959	4.062	874	5.47%
JPMorgan Chase Bank, NA	0	0	0	0	0	0	0	0	0	0	0.019	1	0	0	0.00%
Morgan Stanley	1.548	74	0.737	62	1.076	92	0.618	68	1.694	160	4.650	346	4.286	321	4.91%
Nomura America Finance, LLC	0	0	0.014	3	0.017	6	0	0	0.017	6	0.032	9	0.032	9	0.05%
Royal Bank of Canada	0.331	226	0.333	208	0.658	214	0.517	201	1.175	415	2.061	1014	1.975	935	3.41%
Royal Bank of Scotland NV	0.048	45	0.045	35	0.062	29	0.073	10	0.135	39	0.252	182	0.239	148	0.39%
SunTrust Banks, Inc.	0	0	0.003	2	0.005	2	0	0	0.005	2	0.008	4	0.008	4	0.01%
UBS AG	0.876	59	0.983	86	0.595	88	0.322	47	0.917	135	3.186	319	2.992	300	2.66%
Union Bank, NA	0	0	0.043	2	0	0	0	0	0	0	0.043	2	0.043	2	0.00%
Wells Fargo & Co.	0.100	20	0.129	25	0.137	22	0.045	6	0.182	28	0.434	78	0.434	78	0.53%
Total	17.973	1358	16.477	1514	25.871	1719	8.595	1069	34.466	2788	74.857	6803	71.319	6195	100.00%
Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Less than $1 million	0.072	0.099	0.056	0.07	0.066	0.064	0.075	0.055	0.069	0.059	0.085	0.078	0.081
$1-1.99 million	0.171	0.088	0.111	0.11	0.110	0.136	0.168	0.131	0.167	0.123	0.151	0.111	0.109
$2-2.99 million	0.122	0.082	0.102	0.082	0.105	0.068	0.069	0.156	0.107	0.106	0.132	0.109	0.086
$3-4.99 million	0.202	0.152	0.152	0.153	0.172	0.197	0.216	0.176	0.193	0.24	0.275	0.172	0.197
$5-9.99 million	0.413	0.416	0.298	0.26	0.352	0.422	0.526	0.514	0.507	0.439	0.548	0.43	0.450
$10-14.99 million	0.408	0.334	0.249	0.327	0.335	0.399	0.449	0.362	0.408	0.446	0.532	0.319	0.450
$15-$49.99 million	1.422	0.706	1.027	0.937	0.919	1.397	1.391	0.841	1.603	1.513	2.125	1.467	1.068
$50 million and higher	0.729	0.525	1.474	6.768	3.737	4.873	2.541	1.251	5.414	1.609	9.021	2.358	1.110
Total	3.538	2.402	3.470	8.707	5.796	7.555	5.436	3.486	8.468	4.536	12.868	5.043	3.552
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.192	469	0.195	408	0.212	473	0.159	402	0.371	875	0.928	2210	0.856	2014	1.08%
$1-1.99 million	0.331	268	0.436	321	0.441	317	0.220	159	0.660	476	1.687	1279	1.516	1134	1.91%
$2-2.99 million	0.288	120	0.293	124	0.345	146	0.195	80	0.540	226	1.325	557	1.204	504	1.57%
$3-4.99 million	0.478	129	0.589	155	0.708	189	0.369	95	1.077	284	2.498	662	2.296	609	3.12%
$5-9.99 million	0.910	132	1.462	215	1.494	222	0.880	129	2.374	351	5.575	821	5.162	760	6.89%
$10-14.99 million	0.912	77	1.209	101	1.386	116	0.769	66	2.155	182	5.018	427	4.610	390	6.25%
$15-$49.99 million	2.883	113	3.629	140	5.242	193	2.534	97	7.776	290	16.416	628	14.995	573	22.56%
$50 million and higher	11.979	50	8.665	50	16.044	63	3.468	41	19.512	104	41.410	219	40.681	211	56.61%
Total	17.973	1358	16.477	1514	25.871	1719	8.595	1069	34.466	2788	74.857	6803	71.319	6195	100.00%
Type
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Basket of stocks	0.004	0.004	0.028	0.003	0.041	0.037	0.028	0.006	0.013	0.066	0.061	0.083	0.028
Commodities	0.607	0.357	0.648	0.260	0.408	0.516	1.115	0.449	0.902	0.865	0.741	2.044	0.789
ETF	0.211	0.139	0.110	0.152	0.141	0.271	0.196	0.205	0.154	0.155	0.135	0.141	0.123
Equity index	1.269	0.889	1.558	1.024	1.328	1.455	2.422	0.985	1.857	1.622	1.734	1.187	0.882
Foreign exchange	0.191	0.094	0.088	0.016	0.026	0.105	0.119	0.101	0.131	0.129	0.077	0.050	0.343
Interest rate	0.297	0.159	0.194	2.206	0.227	0.229	0.468	0.317	0.400	0.397	0.435	0.410	0.187
Multiple/Other	0.270	0.153	0.339	4.404	2.647	4.204	0.228	0.218	3.437	0.195	8.365	0.207	0.224
Single stock	0.689	0.607	0.505	0.643	0.977	0.738	0.858	1.205	1.573	1.107	1.319	0.922	0.976
Total	3.538	2.402	3.470	8.707	5.796	7.555	5.436	3.486	8.468	4.536	12.868	5.043	3.552
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Basket of stocks	0.072	12	0.071	10	0.140	17	0.110	12	0.250	29	0.403	55	0.398	53	0.73%
Commodities	1.316	95	2.080	165	2.508	163	2.833	95	5.340	258	9.700	587	9.093	550	15.49%
ETF	0.403	112	0.672	129	0.444	98	0.264	73	0.708	171	2.133	505	1.921	457	2.05%
Equity index	3.910	347	4.862	348	5.213	430	2.068	223	7.282	653	18.212	1596	16.943	1470	21.13%
Foreign exchange	0.130	24	0.326	40	0.337	45	0.393	27	0.730	72	1.471	171	1.280	148	2.12%
Interest rate	2.628	54	1.014	53	1.232	74	0.597	33	1.829	107	5.927	278	5.630	241	5.31%
Multiple/Other	7.389	70	4.651	106	11.998	123	0.431	85	12.429	208	24.892	446	24.622	411	36.06%
Single stock	2.125	644	2.801	663	4.000	769	1.898	521	5.898	1290	12.120	3165	11.431	2865	17.11%
Total	17.973	1358	16.477	1514	25.871	1719	8.595	1069	34.466	2788	74.857	6803	71.319	6195	100.00%
Structure
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
ETN	0.162	0.086	0.714	6.280	2.638	4.273	1.999	0.147	3.594	0.531	8.486	1.813	0.728
callable reverse convertible	0.012	0.008	0.001	0.053	0.023	0.002	0.019	0.029	0.061	0.270	0.219	0.114	0.141
convertible/linked	0.010	0.038	0.008	0	0.003	0.061	0.006	0.219	0.026	0.159	0.203	0.075	0.124
downside protection	0.094	0.120	0.097	0.038	0.035	0.078	0.304	0.005	0.108	0.005	0.011	0	0
increasing calls	0.158	0.237	0.249	0.303	0.252	0.225	0.513	0.319	0.529	0.238	0.219	0.305	0.183
leveraged return	0.488	0.234	0.469	0.165	0.382	0.317	0.392	0.386	1.043	0.874	0.797	0.676	0.577
leveraged return, downside protection	0.008	0.044	0.007	0.002	0.031	0.092	0.022	0.088	0.105	0	0	0.005	0.010
leveraged return, partial downside protection	0.660	0.590	0.569	0.604	0.383	0.713	0.553	0.516	0.426	0.763	0.601	0.375	0.387
other/NA	1.183	0.532	0.590	0.381	1.093	1.160	0.969	0.847	1.482	0.985	1.445	0.973	0.803
range	0.098	0.041	0.262	0.419	0.352	0.174	0.179	0.301	0.481	0.198	0.101	0.258	0.031
reverse convertible	0	0	0	0	0	0	0	0	0	0.023	0.013	0	0
steepener	0.096	0.068	0.114	0.016	0.003	0.013	0.021	0.040	0.028	0.015	0.003	0.007	0
trigger reverse convertible	0.568	0.405	0.391	0.445	0.603	0.447	0.460	0.590	0.586	0.473	0.769	0.442	0.568
Total	3.538	2.402	3.470	8.707	5.796	7.555	5.436	3.486	8.468	4.536	12.868	5.043	3.552
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
ETN	9.632	46	6.418	120	12.611	107	2.541	73	15.152	180	31.450	357	31.288	350	43.96%
callable reverse convertible	0.076	34	0.050	39	0.550	142	0.256	86	0.806	228	0.952	311	0.939	305	2.34%
convertible/linked	0.011	6	0.287	6	0.388	34	0.199	20	0.587	54	0.932	76	0.922	73	1.70%
downside protection	0.170	22	0.386	18	0.124	12	0	0	0.124	12	0.893	81	0.800	63	0.36%
increasing calls	0.804	56	1.058	82	0.987	72	0.488	42	1.474	114	3.731	288	3.573	273	4.28%
leveraged return	1.016	84	1.095	82	2.713	147	1.253	77	3.966	224	6.800	477	6.312	428	11.51%
leveraged return, downside protection	0.040	5	0.202	17	0.105	2	0.015	7	0.119	9	0.414	43	0.406	38	0.35%
leveraged return, partial downside protection	1.556	209	1.782	222	1.790	194	0.761	106	2.551	300	7.139	899	6.479	816	7.40%
other/NA	2.064	272	2.975	325	3.913	358	1.776	210	5.689	568	12.443	1362	11.260	1253	16.51%
range	1.033	44	0.654	45	0.780	35	0.289	9	1.069	44	2.895	141	2.797	136	3.10%
reverse convertible	0	0	0	0	0.036	2	0	0	0.036	2	0.036	2	0.036	2	0.10%
steepener	0.133	9	0.074	10	0.047	9	0.007	1	0.054	10	0.424	54	0.328	39	0.16%
trigger reverse convertible	1.439	571	1.497	548	1.828	605	1.010	438	2.838	1043	6.746	2712	6.178	2419	8.23%
Total	17.973	1358	16.477	1514	25.871	1719	8.595	1069	34.466	2788	74.857	6803	71.319	6195	100.00%
Tenor
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Less than 1 year	0.540	0.356	0.433	0.404	0.549	0.323	0.466	0.511	0.722	0.811	0.677	0.485	0.583
1	1.055	0.810	0.706	0.753	0.839	1.010	1.309	1.121	2.033	1.481	1.527	1.281	0.974
1.25	0.237	0.059	0.315	0.098	0.239	0.223	0.174	0.283	0.481	0.435	0.559	0.322	0.319
1.5	0.498	0.211	0.270	0.095	0.131	0.213	0.120	0.380	0.142	0.157	0.210	0.108	0.203
1.75	0.005	0.014	0.002	0.002	0.013	0.029	0	0.002	0	0	0.006	0	0
2	0.331	0.231	0.377	0.318	0.298	0.398	0.370	0.224	0.296	0.233	0.201	0.198	0.177
2.25 to 4.75 years	0.165	0.191	0.125	0.212	0.235	0.284	0.275	0.221	0.338	0.192	0.309	0.183	0.218
5	0.101	0.210	0.131	0.097	0.150	0.196	0.166	0.126	0.210	0.155	0.238	0.087	0.101
5.25 to 9.75	0.079	0.057	0.079	4.026	2.542	4.104	0.335	0.144	3.255	0.068	8.111	0.052	0.068
10	0.155	0.107	0.269	2.317	0.073	0.101	1.149	0.017	0.328	0.152	0.155	0.045	0.050
10.25 to 14.75	0.018	0.020	0.008	0.012	0.299	0.042	0.148	0.109	0.098	0.349	0.022	0.094	0.475
15	0.165	0.056	0.253	0.122	0.225	0.228	0.141	0.289	0.316	0.268	0.347	0.376	0.059
Longer than 15	0.160	0.081	0.501	0.225	0.202	0.392	0.773	0.061	0.249	0.236	0.505	1.813	0.325
NA	0.029	0	0	0.025	0	0.012	0.009	0	0	0	0	0	0
Total	3.538	2.402	3.470	8.707	5.796	7.555	5.436	3.486	8.468	4.536	12.868	5.043	3.552
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1 year	1.386	489	1.300	482	2.210	587	1.068	419	3.278	1006	6.861	2470	6.321	2205	9.51%
1	2.298	335	3.440	391	5.042	456	2.255	256	7.296	712	14.899	1671	13.844	1550	21.17%
1.25	0.652	51	0.680	51	1.475	69	0.641	38	2.117	107	3.744	239	3.508	220	6.14%
1.5	0.497	122	0.713	99	0.508	100	0.311	66	0.819	166	2.737	496	2.239	441	2.38%
1.75	0.016	4	0.031	5	0.006	1	0	0	0.006	1	0.072	15	0.067	12	0.02%
2	0.993	115	0.992	120	0.730	115	0.376	66	1.105	181	3.653	491	3.322	451	3.21%
2.25 to 4.75 years	0.573	84	0.780	98	0.839	106	0.401	59	1.240	165	2.949	411	2.784	379	3.60%
5	0.379	37	0.488	45	0.603	50	0.188	26	0.791	76	1.969	200	1.868	184	2.30%
5.25 to 9.75	6.647	24	4.583	41	11.435	51	0.120	33	11.555	84	22.919	173	22.841	157	33.53%
10	2.659	38	1.266	34	0.636	35	0.094	12	0.730	47	4.918	140	4.763	127	2.12%
10.25 to 14.75	0.320	15	0.299	65	0.468	36	0.568	11	1.037	47	1.694	132	1.676	129	3.01%
15	0.600	24	0.658	50	0.931	49	0.435	30	1.365	79	2.845	178	2.680	162	3.96%
Longer than 15	0.927	19	1.226	31	0.990	64	2.138	53	3.128	117	5.522	181	5.363	175	9.08%
NA	0.025	1	0.021	2	0	0	0	0	0	0	0.075	6	0.045	3	0.00%
Total	17.973	1358	16.477	1514	25.871	1719	8.595	1069	34.466	2788	74.857	6803	71.319	6195	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.