Bank of America top U.S. structured products agent for year through May; issuance volume drops by 17.5%

By Emma Trincal

New York, May 31 - Bank of America Merrill Lynch kept its No. 1 rank in the U.S. structured products league table for the year through May with 195 deals totaling $4.49 billion, or 27% of the market, according to preliminary data compiled by Prospect News. The data excludes exchange-traded notes.

The market as a whole has declined by 17.5% so far this year as of the end of May to $16.61 billion from $20.15 billion in the same period last year. Most firms, even Bank of America Merrill Lynch, saw their sales drop. The exceptions were UBS and Goldman Sachs, which recorded increases of 2.25% and 0.6%, respectively, and HSBC, which was the only bank to experience a really strong growth year over year. It has sold $1.30 billion in 2012, nearly five time its $332 million worth of sales recorded last year. This expansion propelled HSBC to the fifth slot from No. 11 last year.

JPMorgan and UBS remained second and third, respectively. JPMorgan sold $2.60 billion in 447 deals, or 15.64% of the market, while UBS followed closely behind with $2.49 billion in 1,325 deals making for almost 15% of the total.

Goldman Sachs moved up from No. 7 to the fourth ranking, capturing 10.66% of the total with $1.77 billion sold in 218 offerings.

A sign of weakness in the overall market was the increase of the number of deals accompanied by the shrinking sales volume. Agents have priced 3,540 offerings so far this year, compared with 2,677 during the same period of last year. The average deal size was cut to $5 million from $8 million.

Fisher deal

The month of May brought a surprise: UBS' jump to the first position from third last year. The firm sold $1.18 billion, which represented a third of the $3.58 billion priced by the market overall.

UBS' jump in the rankings was largely due to an exceptionally large deal it brought to market for UBS AG, London Branch on May 16, $946.2 million of 0% Fisher enhanced big cap growth securities due May 28, 2013 linked to the Russell 1000 Growth Index Total Return. It is the biggest offering on record for the year to date.

In contrast to this big deal, UBS remained the top agent for small offerings, pricing 277 of them in the month, which out of 657 deals, accounted for 42% of the monthly total.

The UBS top deal also helped the overall volume for May post a 10.6% increase from last year to $3.58 billion from $3.24 billion. Without this exceptional deal, however, and based on the most current available data, May would have fared poorly compared to last year.

FX, indexes

Most underlying asset classes experienced a decline from last year for the year to date except for two: currencies and equity indexes.

Currencies, which represent only 3.4% of the total, grew the most. They increased 50% to $562 million this year from $375 million in the same time last year.

HSBC was the top agent for FX deals, pricing 29% of this asset class in 16 deals for a total of 69 offerings.

Equity indexes, which remained the most popular asset class, rose to $9.06 billion from $7.05 billion, a 28.5% increase.

Bank of America, the top agent in this category, captured a third of the market with 100 deals totaling $2.99 billion.

Others down

However, all other asset classes dropped so far this year.

Traditional interest rate-linked notes were hit the hardest, falling to $279 million from $2.43 billion last year.

Bank of America took the first slot from third last year, pricing 13 deals, or more than 37% of the total volume for this asset class.

Those traditional interest rate structured products, which feature optionality, do not include a separate category, called "interest rates with structured coupons" by Prospect News. This separate class, which includes step-up notes, step-down notes, fixed-to-floating notes and capped floaters, is listed separately and is not included in the overall totals.

Structured coupon deals in the past have shown a strong increase in volume. The trend stopped for the first time in May with a 9% decline for the year to date to $29.45 billion from $32.34 billion last year. First Tennessee was the top agent for those plain-vanilla fixed-income products.

Commodity-based products fell by nearly 50% to $1.31 billion from $2.58 billion. Bank of America remained the leader in this category with 42% of the total, which it priced in 33 deals.

Single-stock issuance saw a 46% drop in volume to $3.21 billion from $5.93 billion.

Sources have reported that this decline for this asset class is more than likely related to investors' loss of appetite for reverse convertible structures. UBS led the pack for single-stock deals, having sold nearly 34% of the total in 1,222 offerings totaling $1.09 billion.

Issuers

For the issuers' league tables, some changes occurred from last year, evidencing the rise of HSBC already visible in the agents' ranking.

As an issuer, HSBC USA Inc. rose from thirteen to second in the league tables from last year to this year to date. Bank of America Corp. moved up one notch to No. 1. JPMorgan Chase & Co. remained the third issuer, and UBS climbed to No. 4 from No. 11.

Barclays Bank plc, which was for the same time last year the top issuer, fell down to fifth.

Barclays as an agent, however, remains the dominant player in the ETN market, where it controls 85% of the $16.49 billion ETN issuance volume. It is followed very far behind by Credit Suisse, which commands 8.5% of this market.

All structured products, by agent, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	15.098	293	45.62%	1	15.459	324	43.83%
2	Bank of America	4.489	195	13.56%	2	5.282	191	14.97%
3	JPMorgan	3.492	452	10.55%	3	4.045	551	11.47%
4	UBS	2.529	1329	7.64%	4	2.454	302	6.96%
5	Goldman Sachs	1.770	218	5.35%	7	1.141	137	3.24%
6	Credit Suisse	1.731	292	5.23%	10	0.621	248	1.76%
7	HSBC	1.295	236	3.91%	12	0.332	122	0.94%
8	Morgan Stanley	1.186	149	3.58%	5	2.082	169	5.90%
9	Citigroup	0.342	43	1.03%	6	1.517	56	4.30%
10	RBC	0.306	210	0.92%	11	0.402	377	1.14%
	Total	33.098	3759	35.272	2881
	Average size:	0.009	0.012
All structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.489	195	27.03%	1	5.282	191	26.22%
2	JPMorgan	2.597	447	15.64%	2	3.849	548	19.11%
3	UBS	2.489	1325	14.99%	3	2.434	300	12.08%
4	Goldman Sachs	1.770	218	10.66%	7	1.109	136	5.51%
5	HSBC	1.295	236	7.80%	11	0.332	122	1.65%
6	Morgan Stanley	1.186	149	7.14%	4	1.962	166	9.74%
7	Barclays	1.110	286	6.68%	5	1.706	282	8.47%
8	Citigroup	0.342	43	2.06%	6	1.517	56	7.53%
9	Credit Suisse	0.323	134	1.94%	10	0.337	168	1.67%
10	RBC	0.306	210	1.84%	9	0.402	377	1.99%
	Total	16.607	3540	20.148	2677
	Average size:	0.005	0.008
ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	13.989	7	84.83%	1	13.752	42	90.93%
2	Credit Suisse	1.408	158	8.54%	3	0.284	80	1.88%
3	JPMorgan	0.895	5	5.43%	4	0.195	3	1.29%
4	Nuveen	0.094	41	0.57%	2	0.632	61	4.18%
5	RBS	0.065	4	0.39%	6	0.056	4	0.37%
6	UBS	0.040	4	0.24%	9	0.020	2	0.13%
	Total	16.491	219	15.124	204
	Average size:	0.075	0.074
All structured products, no ETNS, by agent, May
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	1.183	277	33.00%	3	0.463	59	14.29%
2	Bank of America	0.738	32	20.59%	1	0.857	37	26.44%
3	Goldman Sachs	0.403	44	11.24%	6	0.156	26	4.82%
4	HSBC	0.370	38	10.34%	12	0.039	25	1.22%
5	JPMorgan	0.329	84	9.17%	2	0.625	110	19.30%
6	Barclays	0.246	59	6.87%	5	0.225	38	6.94%
7	Morgan Stanley	0.099	15	2.76%	4	0.418	41	12.90%
8	Deutsche Bank	0.073	11	2.04%	8	0.085	10	2.61%
9	Credit Suisse	0.059	20	1.64%	11	0.051	35	1.56%
10	RBC	0.044	34	1.22%	9	0.072	91	2.22%
	Total	3.584	657	3.239	537
	Average size:	0.005	0.006
Commodity structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.549	33	41.88%	1	1.295	39	50.15%
2	Barclays	0.244	48	18.58%	7	0.055	17	2.11%
3	JPMorgan	0.190	18	14.49%	2	0.606	55	23.49%
4	Goldman Sachs	0.167	13	12.74%	5	0.081	7	3.15%
5	Deutsche Bank	0.052	9	3.98%	3	0.275	24	10.66%
6	Morgan Stanley	0.050	15	3.80%	4	0.143	18	5.53%
7	UBS	0.044	9	3.32%	6	0.067	10	2.58%
8	Wells Fargo	0.008	3	0.62%	8	0.032	7	1.25%
9	HSBC	0.007	4	0.56%	11	0.003	2	0.13%
10	BMO	0.001	1	0.04%	12	0.001	3	0.05%
	Total	1.312	153	2.582	189
	Average size:	0.009	0.014
Equity index structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.991	100	33.01%	1	2.733	82	38.75%
2	JPMorgan	1.343	158	14.82%	2	2.130	137	30.19%
3	Goldman Sachs	1.286	164	14.19%	3	0.789	100	11.19%
4	UBS	1.140	26	12.58%	5	0.230	32	3.26%
5	HSBC	0.899	149	9.92%	6	0.164	64	2.33%
6	Barclays	0.293	60	3.24%	8	0.121	39	1.72%
7	Morgan Stanley	0.278	47	3.07%	4	0.439	47	6.22%
8	Citigroup	0.215	25	2.37%	12	0.038	7	0.54%
9	Credit Suisse	0.211	73	2.33%	7	0.128	59	1.82%
10	Deutsche Bank	0.122	17	1.35%	9	0.108	12	1.53%
	Total	9.060	880	7.054	631
	Average size:	0.010	0.011
Foreign exchange structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	0.162	16	28.90%	6	0.012	10	3.24%
2	Barclays	0.134	9	23.84%	2	0.060	3	15.96%
3	Goldman Sachs	0.079	12	14.10%	9	0.006	2	1.73%
4	JPMorgan	0.070	7	12.45%	1	0.169	28	45.06%
5	Bank of America	0.057	8	10.19%	4	0.041	6	10.97%
6	Morgan Stanley	0.028	4	4.95%	5	0.018	4	4.73%
7	UBS	0.016	10	2.79%	3	0.050	9	13.36%
8	Wells Fargo	0.016	3	2.77%	10	0.002	1	0.60%
	Total	0.562	69	0.375	69
	Average size:	0.008	0.005
Interest rate structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.105	13	37.55%	3	0.238	20	9.80%
2	Morgan Stanley	0.077	6	27.59%	1	0.671	17	27.63%
3	Barclays	0.052	5	18.67%	2	0.522	22	21.51%
4	Goldman Sachs	0.026	1	9.18%	8	0.093	8	3.83%
5	HSBC	0.012	2	4.14%	14	0.018	4	0.75%
6	Citigroup	0.004	1	1.43%	7	0.107	6	4.43%
7	RBC	0.002	2	0.72%	10	0.066	5	2.73%
8	JPMorgan	0.002	1	0.72%	4	0.223	17	9.17%
	Total	0.279	31	2.427	134
	Average size:	0.009	0.018
Single stock structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	1.087	1222	33.83%	1	1.853	225	31.26%
2	Bank of America	0.672	28	20.92%	4	0.643	23	10.84%
3	JPMorgan	0.443	150	13.80%	5	0.543	283	9.17%
4	Morgan Stanley	0.392	39	12.18%	6	0.467	48	7.88%
5	Barclays	0.244	123	7.60%	3	0.828	171	13.97%
6	RBC	0.133	153	4.14%	7	0.251	342	4.23%
7	Citigroup	0.087	10	2.70%	2	1.116	28	18.83%
8	Goldman Sachs	0.082	7	2.54%	9	0.076	4	1.29%
9	BMO	0.049	190	1.51%	8	0.082	154	1.39%
10	Credit Suisse	0.013	7	0.39%	10	0.049	7	0.83%
	Total	3.214	1935	5.926	1303
	Average size:	0.002	0.005
Interest rate products with structured coupons (not included above), by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	First Tennessee	3.481	125	11.82%	3	2.901	104	8.97%
2	Incapital	2.310	68	7.84%	2	3.367	142	10.41%
3	Morgan Keegan	1.834	90	6.23%	5	1.491	56	4.61%
4	Mesirow	1.552	52	5.27%	10	1.049	49	3.24%
5	Vining	1.330	64	4.52%	9	1.072	69	3.31%
6	UBS	1.313	45	4.46%	4	1.652	60	5.11%
7	Barclays	1.271	63	4.32%	11	1.048	102	3.24%
8	Bank of America	1.134	46	3.85%	13	0.969	29	3.00%
9	JPMorgan	1.062	39	3.61%	1	3.671	30	11.35%
10	Stifel	1.032	54	3.50%	15	0.921	43	2.85%
	Total	29.446	1008	32.338	995
	Average size:	0.029	0.033
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	1.061	52	32.89%	1	0.719	85	23.47%
2	Bank of America	0.821	35	25.44%	3	0.554	6	18.10%
3	Morgan Stanley	0.347	16	10.75%	4	0.415	16	13.54%
4	Goldman Sachs	0.274	9	8.49%	2	0.682	20	22.27%
5	JPMorgan	0.175	14	5.41%	7	0.099	14	3.22%
6	Citigroup	0.170	17	5.26%	5	0.206	10	6.74%
7	RBC	0.142	18	4.41%	8	0.097	9	3.18%
8	Wells Fargo	0.126	15	3.90%	9	0.082	5	2.66%
9	UBS	0.048	12	1.50%	6	0.107	15	3.49%
10	HSBC	0.037	10	1.13%	11	0.030	6	0.97%
	Total	3.227	206	3.064	196
	Average size:	0.016	0.016
All structured products, by issuer, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays Bank plc	15.744	324	47.57%	1	16.541	420	46.89%
2	JPMorgan Chase & Co.	2.840	426	8.58%	3	1.937	405	5.49%
3	Bank of America Corp.	2.535	123	7.66%	2	2.214	112	6.28%
4	HSBC USA Inc.	2.327	277	7.03%	14	0.783	162	2.22%
5	Credit Suisse AG, Nassau Branch	2.094	326	6.33%	11	1.051	275	2.98%
6	UBS AG	1.853	1103	5.60%	12	0.917	134	2.60%
7	Goldman Sachs Group, Inc.	1.621	195	4.90%	8	1.301	138	3.69%
8	Morgan Stanley	1.194	150	3.61%	5	1.703	162	4.83%
9	Deutsche Bank AG, London Branch	0.861	165	2.60%	7	1.453	155	4.12%
10	Royal Bank of Canada	0.852	318	2.58%	9	1.178	418	3.34%
	Total	33.098	3759	35.272	2881
	Average size:	0.009	0.012
All structured products, no ETNs, by issuer, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	2.535	123	15.26%	2	2.214	112	10.99%
2	HSBC USA Inc.	2.327	277	14.01%	13	0.783	162	3.89%
3	JPMorgan Chase & Co.	1.945	421	11.71%	3	1.741	402	8.64%
4	UBS AG	1.813	1099	10.91%	11	0.897	133	4.47%
5	Barclays Bank plc	1.755	317	10.57%	1	2.788	378	13.84%
6	Goldman Sachs Group, Inc.	1.621	195	9.76%	7	1.269	137	6.30%
7	Morgan Stanley	1.194	150	7.19%	4	1.583	159	7.86%
8	Deutsche Bank AG, London Branch	0.861	165	5.19%	6	1.421	147	7.05%
9	Royal Bank of Canada	0.852	318	5.13%	9	1.178	418	5.85%
10	Credit Suisse AG, Nassau Branch	0.686	168	4.13%	14	0.767	195	3.81%
	Total	16.607	3540	20.148	2677
	Average size:	0.005	0.008
All structured products, no ETNs, by issuer, May
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS AG, London Branch	1.129	236	31.52%	8	0.187	25	5.77%
2	HSBC USA Inc.	0.513	43	14.32%	12	0.129	32	3.99%
3	Bank of America Corp.	0.491	21	13.71%	2	0.424	24	13.09%
4	Goldman Sachs Group, Inc.	0.378	40	10.56%	6	0.194	25	5.99%
5	Barclays Bank plc	0.327	64	9.13%	1	0.580	61	17.91%
6	JPMorgan Chase & Co.	0.271	80	7.56%	4	0.311	82	9.61%
7	Deutsche Bank AG, London Branch	0.128	37	3.58%	9	0.172	26	5.31%
8	Royal Bank of Canada	0.112	52	3.14%	5	0.208	104	6.41%
9	Morgan Stanley	0.099	15	2.76%	3	0.318	40	9.82%
10	Credit Suisse AG, Nassau Branch	0.070	24	1.94%	14	0.061	38	1.89%
	Total	3.584	657	3.239	537
	Average size:	0.005	0.006
Commodity structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	0.286	23	21.83%	4	0.363	16	14.08%
2	Barclays Bank plc	0.258	51	19.65%	5	0.279	43	10.80%
3	AB Svensk Exportkredit	0.166	8	12.66%	2	0.415	16	16.07%
4	Goldman Sachs Group, Inc.	0.159	12	12.10%	8	0.087	6	3.38%
5	Deutsche Bank AG, London Branch	0.153	15	11.69%	3	0.412	31	15.97%
6	HSBC USA Inc.	0.104	6	7.96%	12	0.013	3	0.51%
7	UBS AG	0.061	9	4.66%	13	0.012	3	0.47%
8	Morgan Stanley	0.050	15	3.80%	7	0.141	17	5.47%
9	JPMorgan Chase & Co.	0.042	8	3.22%	6	0.245	24	9.50%
10	Credit Suisse AG, Nassau Branch	0.015	1	1.15%	9	0.022	6	0.84%
	Total	1.312	153	2.582	189
	Average size:	0.009	0.014
Equity index structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC USA Inc.	1.693	173	18.69%	10	0.402	79	5.70%
2	Bank of America Corp.	1.602	54	17.68%	2	1.023	37	14.50%
3	Goldman Sachs Group, Inc.	1.145	142	12.63%	3	0.935	100	13.26%
4	UBS AG	1.134	21	12.51%	13	0.056	3	0.80%
5	Barclays Bank plc	0.831	84	9.17%	1	1.102	74	15.62%
6	JPMorgan Chase & Co.	0.775	98	8.56%	8	0.441	49	6.25%
7	Credit Suisse AG, Nassau Branch	0.493	98	5.45%	7	0.499	76	7.07%
8	Royal Bank of Canada	0.375	67	4.14%	4	0.626	33	8.87%
9	Deutsche Bank AG, London Branch	0.334	45	3.68%	5	0.515	55	7.29%
10	Morgan Stanley	0.278	47	3.07%	9	0.439	47	6.22%
	Total	9.060	880	7.054	631
	Average size:	0.010	0.011
Foreign exchange structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC USA Inc.	0.162	16	28.90%	8	0.012	10	3.24%
2	Barclays Bank plc	0.134	9	23.84%	1	0.106	13	28.34%
3	Goldman Sachs Group, Inc.	0.079	12	14.10%	9	0.012	3	3.23%
4	Deutsche Bank AG, London Branch	0.059	5	10.43%	2	0.097	18	25.93%
5	Bank of America Corp.	0.057	8	10.19%	3	0.041	6	10.97%
6	Morgan Stanley	0.028	4	4.95%	7	0.017	3	4.47%
7	UBS AG, Jersey Branch	0.016	10	2.79%	4	0.036	5	9.62%
8	Wells Fargo & Co.	0.016	3	2.77%
9	Credit Suisse AG, Nassau Branch	0.010	1	1.84%	6	0.020	4	5.45%
10	JPMorgan Chase & Co.	0.001	1	0.18%	5	0.022	3	6.00%
	Total	0.562	69	0.375	69
	Average size:	0.008	0.005
Interest rate structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	0.105	13	37.55%	4	0.201	18	8.27%
2	Morgan Stanley	0.085	7	30.46%	3	0.295	12	12.14%
3	Federal Home Loan Banks	0.040	3	14.33%	1	0.804	30	33.12%
4	Goldman Sachs Group, Inc.	0.026	1	9.18%	7	0.093	8	3.83%
5	Lloyds TSB Bank plc	0.011	1	3.94%
6	Citigroup Funding Inc.	0.004	1	1.43%	6	0.097	5	4.02%
7	HSBC USA Inc.	0.004	1	1.27%	13	0.018	4	0.75%
8	Royal Bank of Canada	0.002	2	0.72%	9	0.066	5	2.73%
9	JPMorgan Chase & Co.	0.002	1	0.72%	5	0.153	10	6.32%
10	Barclays Bank plc	0.001	1	0.40%	8	0.085	17	3.50%
	Total	0.279	31	2.427	134
	Average size:	0.009	0.018
Single stock structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan Chase & Co.	0.550	195	17.13%	4	0.717	292	12.09%
2	UBS AG, London Branch	0.442	1018	13.77%	3	0.769	116	12.98%
3	Bank of America Corp.	0.420	15	13.07%	9	0.263	15	4.43%
4	Morgan Stanley	0.392	39	12.18%	5	0.467	48	7.88%
5	Royal Bank of Canada	0.354	219	11.03%	6	0.444	364	7.49%
6	Barclays Bank plc	0.339	127	10.54%	2	1.072	197	18.09%
7	Deutsche Bank AG, London Branch	0.235	77	7.30%	8	0.278	28	4.68%
8	HSBC USA Inc.	0.161	22	5.01%	10	0.147	15	2.48%
9	Citigroup Funding Inc.	0.087	10	2.70%	1	1.116	28	18.83%
10	Goldman Sachs Group, Inc.	0.082	7	2.54%	11	0.087	6	1.48%
	Total	3.214	1935	5.926	1303
	Average size:	0.002	0.005
Prospect News Structured Products Rankings

Criteria

• The tables include all dollar-denominated offerings sold in the United States as public, Rule 144A or similar 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). The full amount is credited to the lead manager. For multiple managers, the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Notes are included that convert into or are linked to one or more stocks, indexes, commodities, currencies, interest rates or other assets.

• Interest-rate products with a structured coupon but no underlier, such as step-up notes, step-down notes, fixed-to-floating notes and capped floaters, are listed separately; they are not included in overall totals. Agencies are included in this category.

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