Analysis of structured products issuance for 13 months through January 2012

Columns are amount in billions of dollars, count of deals, percentage of total in dollars. All tables exclude exchange-traded notes except "structure".

Issuer

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
AB Svensk Exportkredit	0.261	0.375	0.245	0.194	0.108	0.132	0.077	0.102	0.074	0.106	0.081	0.022	0.052
Bank of America Corp.	0.613	0.390	0.360	0.426	0.424	0.503	0.439	0.063	0.609	0.476	0.409	0.081	0.628
Bank of Montreal	0.028	0	0.021	0.021	0.018	0.029	0.018	0.021	0.019	0.009	0.019	0.113	0.087
Barclays Bank plc	0.795	0.367	0.812	0.234	0.580	0.486	0.539	0.489	0.418	0.128	0.392	0.201	0.243
Citigroup Funding Inc.	0.460	0.354	0.425	0.118	0.150	0.126	0.142	0.130	0.102	0.081	0.070	0.043	0.080
Credit Suisse AG, Nassau Branch	0.134	0.287	0.142	0.142	0.061	0.104	0.105	0.128	0.073	0.045	0.047	0.049	0.141
Deutsche Bank AG, London Branch	0.337	0.340	0.241	0.331	0.172	0.269	0.370	0.138	0.119	0.417	0.099	0.229	0.121
Eksportfinans ASA	0.399	0.138	0.202	0.205	0.179	0.039	0.154	0.056	0.061	0.149	0.017	0	0
Federal Home Loan Banks	0.204	0.200	0.051	0.217	0.132	0.105	0.010	0	0	0	0	0	0
Freddie Mac	0.100	0.150	0.100	0.105	0	0	0	0	0	0	0	0	0
Goldman Sachs Group, Inc.	0.109	0.243	0.610	0.112	0.194	0.204	0.263	0.582	0.295	0.468	0.245	0.180	0.169
HSBC USA Inc.	0.122	0.177	0.194	0.160	0.129	0.265	0.100	0.177	0.257	0.579	0.187	0.176	0.455
JPMorgan Chase & Co.	0.451	0.587	0.131	0.261	0.311	0.404	0.251	0.539	0.417	0.390	0.262	0.211	0.357
JPMorgan Chase Bank, NA	0	0.001	0	0	0	0	0	0	0	0	0	0	0
Morgan Stanley	0.399	0.264	0.298	0.303	0.318	0.358	0.442	0.508	0.370	0.129	0.163	0.216	0.178
Nomura America Finance, LLC	0.010	0.006	0.001	0	0	0	0	0	0	0	0	0	0
Royal Bank of Canada	0.296	0.117	0.245	0.312	0.208	0.116	0.345	0.399	0.402	0.106	0.266	0.162	0.177
Royal Bank of Scotland	0.012	0.014	0.028	0.012	0.012	0.007	0.005	0.011	0.004	0.003	0.003	0.024	0.001
SG Structured Products, Inc.	0	0.002	0.002	0.002	0	0	0	0	0	0	0	0	0
SunTrust Banks, Inc.	0.004	0	0.001	0	0	0	0	0	0	0.008	0	0	0
UBS AG	0.194	0.121	0.279	0.116	0.187	0.138	0.118	0.154	0.103	0.067	0.096	0.084	0.089
Wells Fargo & Co.	0.045	0.046	0.045	0.030	0.035	0.042	0.063	0.035	0.064	0.071	0.031	0.037	0.003
eUnits 2 Year U.S. Market Participation Trust: Upside to Cap/Buffered Downside	0	0	0	0	0	0	0	0	0	0	0	0	0.026
Total	4.973	4.181	4.436	3.302	3.219	3.329	3.442	3.531	3.388	3.233	2.386	1.827	2.807
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AB Svensk Exportkredit	0.881	29	0.434	25	0.253	21	0.209	19	0.052	4	0.052	4	1.829	98	1.567	87	1.85%
Bank of America Corp.	1.363	61	1.354	73	1.110	58	0.966	56	0.628	30	0.628	30	5.421	278	4.809	257	22.37%
Bank of Montreal	0.049	72	0.068	142	0.057	146	0.141	134	0.087	44	0.087	44	0.404	538	0.376	501	3.10%
Barclays Bank plc	1.974	275	1.301	160	1.447	218	0.720	151	0.243	56	0.243	56	5.685	860	4.890	765	8.66%
Citigroup Funding Inc.	1.239	40	0.395	23	0.374	37	0.193	38	0.080	10	0.080	10	2.282	148	1.822	141	2.85%
Credit Suisse AG, Nassau Branch	0.564	118	0.308	103	0.307	88	0.142	82	0.141	32	0.141	32	1.461	423	1.327	389	5.02%
Deutsche Bank AG, London Branch	0.918	95	0.772	94	0.627	74	0.745	82	0.121	17	0.121	17	3.182	362	2.846	330	4.31%
Eksportfinans ASA	0.738	30	0.423	25	0.271	19	0.166	8	0	0	0	0	1.598	82	1.200	70	0.00%
Federal Home Loan Banks	0.455	20	0.454	16	0.010	1	0	0	0	0	0	0	0.919	37	0.715	26	0.00%
Freddie Mac	0.350	3	0.105	1	0	0	0	0	0	0	0	0	0.455	4	0.355	3	0.00%
Goldman Sachs Group, Inc.	0.962	90	0.511	75	1.140	106	0.893	101	0.169	30	0.169	30	3.675	402	3.566	385	6.02%
HSBC USA Inc.	0.494	100	0.554	96	0.534	104	0.941	153	0.455	53	0.455	53	2.979	506	2.856	475	16.21%
JPMorgan Chase & Co.	1.169	247	0.976	232	1.207	307	0.863	226	0.357	85	0.357	85	4.572	1097	4.121	1006	12.72%
JPMorgan Chase Bank, NA	0.001	1	0	0	0	0	0	0	0	0	0	0	0.001	1	0.001	1	0.00%
Morgan Stanley	0.962	90	0.979	109	1.320	136	0.508	64	0.178	28	0.178	28	3.947	427	3.548	396	6.34%
Nomura America Finance, LLC	0.017	6	0	0	0	0	0	0	0	0	0	0	0.017	6	0.007	3	0.00%
Royal Bank of Canada	0.658	214	0.636	296	1.146	248	0.534	195	0.177	66	0.177	66	3.150	1019	2.854	960	6.31%
Royal Bank of Scotland	0.054	27	0.032	12	0.020	16	0.031	12	0.001	1	0.001	1	0.137	68	0.125	55	0.04%
SG Structured Products, Inc.	0.004	2	0.002	1	0	0	0	0	0	0	0	0	0.006	3	0.006	3	0.00%
SunTrust Banks, Inc.	0.005	2	0	0	0	0	0.008	1	0	0	0	0	0.013	3	0.009	2	0.00%
UBS AG	0.595	88	0.440	73	0.376	446	0.247	484	0.089	156	0.089	156	1.746	1247	1.553	1218	3.17%
Wells Fargo & Co.	0.137	22	0.107	17	0.162	22	0.139	17	0.003	1	0.003	1	0.549	79	0.503	70	0.11%
eUnits 2 Year U.S. Market Participation Trust: Upside to Cap/Buffered Downside	0	0	0	0	0	0	0	0	0.026	1	0.026	1	0.026	1	0.026	1	0.93%
Total	13.590	1632	9.850	1573	10.360	2047	7.446	1823	2.807	614	2.807	614	44.053	7689	39.080	7144	100.00%
Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Less than $1 million	0.068	0.059	0.082	0.077	0.082	0.077	0.086	0.102	0.108	0.075	0.093	0.086	0.086
$1-1.99 million	0.156	0.115	0.133	0.100	0.101	0.106	0.105	0.117	0.124	0.099	0.132	0.105	0.106
$2-2.99 million	0.086	0.102	0.122	0.104	0.099	0.110	0.077	0.162	0.136	0.083	0.083	0.148	0.105
$3-4.99 million	0.189	0.233	0.233	0.160	0.210	0.237	0.159	0.267	0.187	0.190	0.234	0.198	0.205
$5-9.99 million	0.475	0.434	0.523	0.422	0.447	0.346	0.414	0.514	0.485	0.487	0.500	0.304	0.483
$10-14.99 million	0.447	0.441	0.539	0.307	0.516	0.546	0.601	0.486	0.324	0.358	0.317	0.204	0.320
$15-$49.99 million	1.626	1.448	1.833	1.468	1.137	1.534	1.389	1.320	1.389	1.231	0.858	0.639	0.989
$50 million and higher	1.926	1.350	0.971	0.663	0.628	0.371	0.611	0.563	0.636	0.711	0.170	0.143	0.514
Total	4.973	4.181	4.436	3.302	3.219	3.329	3.442	3.531	3.388	3.233	2.386	1.827	2.807
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.209	469	0.236	591	0.295	964	0.254	894	0.086	298	0.086	298	1.080	3216	1.012	3064	3.06%
$1-1.99 million	0.404	289	0.307	225	0.345	254	0.336	248	0.106	76	0.106	76	1.498	1092	1.342	980	3.78%
$2-2.99 million	0.309	131	0.314	128	0.375	157	0.313	130	0.105	43	0.105	43	1.416	589	1.330	552	3.74%
$3-4.99 million	0.654	175	0.608	158	0.614	162	0.622	163	0.205	54	0.205	54	2.703	712	2.515	661	7.30%
$5-9.99 million	1.432	213	1.216	178	1.412	205	1.291	187	0.483	65	0.483	65	5.833	848	5.358	778	17.21%
$10-14.99 million	1.427	121	1.369	119	1.411	121	0.878	75	0.320	28	0.320	28	5.405	464	4.958	425	11.40%
$15-$49.99 million	4.907	181	4.139	152	4.097	159	2.728	112	0.989	43	0.989	43	16.861	647	15.235	588	35.23%
$50 million and higher	4.247	53	1.662	22	1.810	25	1.023	14	0.514	7	0.514	7	9.256	121	7.330	96	18.31%
Total	13.590	1632	9.850	1573	10.360	2047	7.446	1823	2.807	614	2.807	614	44.053	7689	39.080	7144	100.00%
Type
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Basket of stocks	0.013	0.066	0.061	0.083	0.028	0.033	0.015	0.025	0.036	0.013	0.024	0.109	0.090
Commodities	0.717	0.422	0.385	0.436	0.622	0.365	0.264	0.245	0.317	0.471	0.203	0.288	0.381
ETF	0.154	0.155	0.135	0.141	0.136	0.123	0.108	0.157	0.157	0.522	0.150	0.189	0.121
Equity index	1.823	1.529	1.690	1.053	0.958	1.197	1.339	2.103	1.837	1.579	1.242	0.738	1.477
Foreign exchange	0.031	0.130	0.077	0.050	0.086	0.123	0.187	0.061	0.279	0.135	0.168	0.031	0.013
Interest rate	0.499	0.597	0.486	0.480	0.327	0.281	0.131	0.059	0.048	0.011	0.041	0.005	0.037
Multiple/Other	0.162	0.173	0.280	0.135	0.063	0.347	0.289	0.199	0.152	0.102	0.101	0.116	0.099
Single stock	1.573	1.109	1.322	0.923	0.998	0.860	1.110	0.681	0.561	0.400	0.456	0.351	0.588
Total	4.973	4.181	4.436	3.302	3.219	3.329	3.442	3.531	3.388	3.233	2.386	1.827	2.807
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Basket of stocks	0.140	17	0.144	15	0.075	13	0.146	26	0.090	11	0.090	11	0.596	82	0.583	78	3.21%
Commodities	1.524	113	1.423	117	0.826	98	0.962	103	0.381	36	0.381	36	5.116	467	4.399	421	13.57%
ETF	0.444	98	0.399	120	0.422	145	0.862	118	0.121	30	0.121	30	2.248	511	2.094	478	4.31%
Equity index	5.043	413	3.209	345	5.279	513	3.559	468	1.477	163	1.477	163	18.567	1902	16.743	1766	52.62%
Foreign exchange	0.238	44	0.259	42	0.527	45	0.333	38	0.013	3	0.013	3	1.371	172	1.340	162	0.46%
Interest rate	1.582	90	1.089	60	0.239	36	0.058	18	0.037	7	0.037	7	3.003	211	2.504	180	1.32%
Multiple/Other	0.615	85	0.545	100	0.640	112	0.319	80	0.099	25	0.099	25	2.218	402	2.056	379	3.53%
Single stock	4.004	772	2.781	774	2.352	1085	1.207	972	0.588	339	0.588	339	10.933	3942	9.360	3680	20.95%
Total	13.590	1632	9.850	1573	10.360	2047	7.446	1823	2.807	614	2.807	614	44.053	7689	39.080	7144	100.00%
Structure
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
ETN	3.594	0.563	8.486	1.813	0.668	0.325	1.053	1.082	0.541	0.249	0.454	0.192	0.580
callable reverse convertible	0.061	0.175	0.146	0.084	0.128	0.145	0.232	0.233	0.188	0.157	0.195	0.163	0.184
convertible/linked	0.026	0.127	0.203	0.075	0.156	0.060	0.084	0.084	0.033	0.118	0.055	0.245	0.111
downside protection	0.108	0.005	0.011	0	0	0	0	0	0	0	0	0	0
increasing calls	0.529	0.334	0.293	0.335	0.214	0.149	0.267	0.214	0.104	0.134	0.073	0.077	0.327
leveraged return	1.043	0.874	0.797	0.676	0.591	0.496	0.633	0.378	0.555	0.337	0.329	0.125	0.403
leveraged return, downside protection	0.105	0	0	0.005	0.010	0.002	0.012	0.010	0.095	0.020	0.044	0	0.027
leveraged return, partial downside protection	0.426	0.763	0.601	0.375	0.418	0.597	0.516	0.725	0.518	1.111	0.548	0.324	0.464
other/NA	1.482	0.992	1.445	0.973	0.959	1.258	1.121	1.511	1.540	1.097	0.809	0.638	0.941
range	0.580	0.398	0.152	0.328	0.163	0.125	0.020	0	0.033	0.012	0.025	0.024	0.012
reverse convertible	0	0.023	0.013	0	0	0	0.036	0.028	0	0.069	0.089	0.064	0.162
steepener	0.028	0.015	0.003	0.007	0	0	0	0.009	0.006	0	0	0	0
step up	0	0	0	0	0	0	0	0	0	0	0	0	0.007
trigger reverse convertible	0.586	0.475	0.771	0.444	0.580	0.498	0.522	0.337	0.316	0.180	0.218	0.165	0.168
Total	8.567	4.745	12.921	5.115	3.887	3.654	4.494	4.612	3.929	3.483	2.841	2.019	3.387
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
ETN	12.643	108	2.806	136	2.676	119	0.896	98	0.580	48	0.580	48	19.600	509	16.006	478	17.12%
callable reverse convertible	0.382	127	0.357	133	0.653	333	0.515	323	0.184	118	0.184	118	2.091	1034	2.030	1008	5.43%
convertible/linked	0.356	33	0.290	34	0.201	27	0.417	35	0.111	10	0.111	10	1.377	139	1.351	135	3.28%
downside protection	0.124	12	0	0	0	0	0	0	0	0	0	0	0.124	12	0.016	5	0.00%
increasing calls	1.155	88	0.697	70	0.586	87	0.284	61	0.327	37	0.327	37	3.049	343	2.520	308	9.65%
leveraged return	2.713	147	1.762	119	1.566	124	0.792	72	0.403	20	0.403	20	7.236	482	6.194	435	11.90%
leveraged return, downside protection	0.105	2	0.017	9	0.117	11	0.064	10	0.027	2	0.027	2	0.330	34	0.225	32	0.80%
leveraged return, partial downside protection	1.790	194	1.391	192	1.759	248	1.983	239	0.464	68	0.464	68	7.387	941	6.961	879	13.70%
other/NA	3.920	360	3.190	345	4.172	415	2.544	353	0.941	131	0.941	131	14.768	1604	13.285	1479	27.78%
range	1.130	51	0.616	24	0.052	5	0.061	13	0.012	4	0.012	4	1.871	97	1.291	65	0.35%
reverse convertible	0.036	2	0	0	0.065	6	0.222	37	0.162	23	0.162	23	0.485	68	0.485	68	4.78%
steepener	0.047	9	0.007	1	0.015	5	0.001	2	0	0	0	0	0.070	17	0.042	12	0.00%
step up	0	0	0	0	0	0	0	0	0.007	1	0.007	1	0.007	1	0.007	1	0.21%
trigger reverse convertible	1.831	607	1.521	646	1.175	786	0.562	678	0.168	200	0.168	200	5.258	2917	4.672	2717	4.96%
Total	26.233	1740	12.655	1709	13.036	2166	8.342	1921	3.387	662	3.387	662	63.653	8198	55.086	7622	100.00%
Tenor
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Less than 1 year	0.722	0.813	0.680	0.487	0.590	0.393	0.562	0.360	0.267	0.219	0.219	0.177	0.309
1	2.033	1.481	1.527	1.281	1.132	1.203	1.232	1.143	1.071	1.721	0.766	0.826	1.164
1.25	0.481	0.435	0.559	0.322	0.319	0.273	0.394	0.190	0.447	0.162	0.325	0.091	0.268
1.5	0.142	0.157	0.210	0.108	0.217	0.197	0.298	0.484	0.155	0.229	0.192	0.124	0.111
1.75	0	0	0.006	0	0	0	0.001	0	0.003	0.011	0.002	0	0.007
2	0.296	0.233	0.201	0.198	0.188	0.237	0.161	0.351	0.446	0.428	0.381	0.190	0.538
2.25 to 4.75 years	0.338	0.192	0.309	0.183	0.265	0.176	0.311	0.570	0.480	0.257	0.251	0.208	0.197
5	0.210	0.161	0.249	0.087	0.107	0.173	0.092	0.207	0.168	0.100	0.051	0.075	0.119
5.25 to 9.75	0.123	0.066	0.106	0.045	0.053	0.129	0.086	0.037	0.128	0.061	0.083	0.063	0.021
10	0.086	0.249	0.131	0.044	0.049	0.061	0.046	0.020	0.006	0.008	0.027	0.012	0.010
10.25 to 14.75	0.063	0.004	0.006	0.086	0.050	0.050	0.008	0.027	0.005	0	0	0	0
15	0.383	0.368	0.387	0.446	0.199	0.301	0.184	0.042	0.126	0.031	0.051	0.061	0.036
Longer than 15	0.096	0.023	0.065	0.016	0.050	0.136	0.065	0.098	0.087	0.006	0.041	0.001	0.028
Total	4.973	4.181	4.436	3.302	3.219	3.329	3.442	3.531	3.388	3.233	2.386	1.827	2.807
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1 year	2.215	590	1.470	623	1.190	650	0.615	481	0.309	178	0.309	178	5.799	2522	5.077	2332	11.01%
1	5.042	456	3.616	409	3.446	709	3.312	773	1.164	257	1.164	257	16.579	2604	14.546	2435	41.47%
1.25	1.475	69	0.914	58	1.031	61	0.577	47	0.268	18	0.268	18	4.266	253	3.785	235	9.55%
1.5	0.508	100	0.522	102	0.937	156	0.544	121	0.111	27	0.111	27	2.623	506	2.481	477	3.95%
1.75	0.006	1	0	0	0.004	2	0.013	2	0.007	1	0.007	1	0.030	6	0.030	6	0.25%
2	0.730	115	0.623	109	0.958	125	0.999	130	0.538	52	0.538	52	3.848	531	3.552	498	19.17%
2.25 to 4.75 years	0.839	106	0.624	103	1.360	163	0.716	143	0.197	42	0.197	42	3.736	557	3.398	520	7.02%
1/1900	0.620	52	0.367	48	0.468	69	0.226	49	0.119	18	0.119	18	1.799	236	1.589	218	4.24%
5.25 to 9.75	0.295	35	0.227	37	0.251	44	0.208	39	0.021	10	0.021	10	1.002	165	0.879	154	0.75%
10	0.466	25	0.153	13	0.072	9	0.046	11	0.010	3	0.010	3	0.748	61	0.662	56	0.36%
10.25 to 14.75	0.073	5	0.186	8	0.040	7	0	0	0	0	0	0	0.300	20	0.237	17	0.00%
15	1.137	60	0.946	51	0.352	25	0.142	18	0.036	4	0.036	4	2.614	158	2.231	133	1.28%
Longer than 15	0.184	18	0.202	12	0.249	27	0.048	9	0.028	4	0.028	4	0.711	70	0.615	63	1.00%
Total	13.590	1632	9.850	1573	10.360	2047	7.446	1823	2.807	614	2.807	614	44.053	7689	39.080	7144	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.