Bank of America is still top U.S. structured products agent year to date; issuance down 21%

By Emma Trincal

New York, June 29 - Bank of America Merrill Lynch remained the top agent so far this year, but the overall market is under pressure with a drop in sales of nearly 20.6% for the first half of the year compared to last year, according to preliminary data compiled by Prospect News.

Bank of America Merrill Lynch, JPMorgan and UBS kept their ranking from last year's first half as No. 1, No. 2 and No. 3, respectively, but saw their volume decline compared to the same period last year.

The data remains subject to changes as not all Bank of America Merrill Lynch deals were filed at press time. It does not include exchange-traded notes.

Volume

Agents sold $18.64 billion year to date as of Friday, a 20.6% decline from $23.48 billion sold during the same first six months last year.

At the same time, the number of offerings surged by nearly 30% to 4,158 from 3,209, indicating a nearly 50% decrease in the average deal size to $4 million from $7 million.

Bank of America Merrill Lynch priced so far this year 206 deals totaling $4.61 billion, recording a 24.2% decline in volume from last year when it sold $6.08 billion in 225 offerings. Its market share dropped slightly to 24.71% from 25.88%, according to this preliminary data.

JPMorgan sold $3.03 billion in 529 deals, down 35% from last year, its market share dropping to 16.27% from 19.95%.

UBS' volume declined slightly less with $2.88 billion sold in 1,565 deals, a 1.27% decline. The number of this agent's deals more than quadrupled from 365 last year.

On the other hand, Goldman Sachs and HSBC saw both their respective volume and market shares increase significantly from last year.

Goldman Sachs moved up to the fourth slot from its seventh position last year, its sales rising by 64% to $2.12 billion from $1.29 billion. Its market share increased from 5.50% last year to 11.35% this year.

HSBC as an agent grew even more, jumping to the fifth slot from No. 10 last year. Its sales volume increased more than 3.5 times to $1.39 billion from $382 million, and its market share is now 7.47%, compared with 1.63% last year.

For the second quarter, UBS took the first slot from third in last year's comparable period with $1.87 billion sold in 798 offerings, or 22% of the total.

This is the result of this agent selling UBS AG, London Branch's $946.2 million Fisher enhanced growth notes linked to the Russell 1000 Growth Total Return, the biggest non-ETN deal of the year so far. It priced on May 16.

UBS' rise for the quarter knocked Bank of America Merrill Lynch into second place, a result that remains subject to change due to last-minute filings. Bank of America Merrill Lynch priced $1.49 billion in 79 offerings. It was followed by JPMorgan, claiming the third slot with 254 deals totaling $1.31 billion.

Bank of America Merrill Lynch and JPMorgan were respectively first and second during the second quarter of 2011.

Asset classes

Bank of America Merrill Lynch remains the No. 1 agent this year in equity indexes and commodities. It also claimed the first spot in interest rates, up two notches from last year.

The bank controls 30% of the market in equity indexes and 37.5% in commodities.

In interest rates, Bank of America Merrill Lynch's market share has grown from 12.36% to 37.28%. This market, however, has been under great stress.

The interest rates asset class is the category that has fallen the most in volume, down almost ten-fold to $281 million from $2.71 billion. This category, however, does not include step-ups, fixed-to-floating and capped floaters, a separate group called "structured coupons" by Prospect News that is not accounted for in these league tables.

However, even the structured coupon class of product has seen its volume diminish to $32.73 billion from $49.41 billion last year. First Tennessee is the top agent in this separate group.

All asset classes so far have declined except for foreign exchange.

After interest rates, commodities have seen the biggest decline in sales, down 50% from last year to $1.47 billion from $2.95 billion.

Single stocks did not fare much better, down 45.5% to $3.69 billion from $6.79 billion last year.

UBS kept its lead in this asset class with $1.32 billion and 35.74% of the market.

The only asset class showing some growth is also the least significant in size: currencies-linked notes rose 22.5% to $610 million from $498 million.

HSBC took the No. 1 slot in this category from No. 7 last year with $171 million sold, or 28.11% of the total in this group.

Issuers

The year-to-date ranking for issuers, as opposed to agents, indicates that each firm prevails on one particular asset class.

For all products, Bank of America became the most widely used credit instead of Barclays, which dropped to the fifth slot. Bank of America was the second issuer last year.

Bank of America is also the top issuer for interest rates products.

JPMorgan is the leading issuer in single stocks.

HSBC is claiming the first slot in equity indexes and currencies, competing with Barclays, who is now No. 5 and No. 2, respectively, and was No. 1 for both asset classes last year.

However, Barclays rose to the first slot in commodities from fifth last year.

All structured products, by agent, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	15.288	333	42.85%	1	15.645	364	40.19%
2	Bank of America	4.606	206	12.91%	2	6.076	225	15.61%
3	JPMorgan	3.928	534	11.01%	3	4.880	656	12.54%
4	UBS	3.019	1570	8.46%	4	2.956	369	7.59%
5	Goldman Sachs	2.203	268	6.18%	7	1.323	162	3.40%
6	Credit Suisse	2.078	362	5.82%	8	0.925	296	2.38%
7	HSBC	1.393	276	3.90%	12	0.382	144	0.98%
8	Morgan Stanley	1.298	165	3.64%	5	2.463	211	6.33%
9	Citigroup	0.494	59	1.38%	6	1.654	65	4.25%
10	RBC	0.358	256	1.00%	11	0.464	459	1.19%
	Total	35.674	4431	38.925	3453
	Average size:	0.008	0.011
All structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.606	206	24.71%	1	6.076	225	25.88%
2	JPMorgan	3.033	529	16.27%	2	4.684	653	19.95%
3	UBS	2.879	1565	15.45%	3	2.916	365	12.42%
4	Goldman Sachs	2.117	267	11.35%	7	1.291	161	5.50%
5	HSBC	1.393	276	7.47%	10	0.382	144	1.63%
6	Barclays	1.299	326	6.97%	5	1.892	322	8.06%
7	Morgan Stanley	1.298	165	6.96%	4	2.333	207	9.94%
8	Citigroup	0.439	58	2.35%	6	1.654	65	7.04%
9	Credit Suisse	0.370	154	1.99%	11	0.373	189	1.59%
10	RBC	0.358	256	1.92%	9	0.464	459	1.98%
	Total	18.641	4158	23.476	3209
	Average size:	0.004	0.007
ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	13.989	7	82.13%	1	13.752	42	89.02%
2	Credit Suisse	1.707	208	10.02%	3	0.552	107	3.57%
3	JPMorgan	0.895	5	5.26%	4	0.195	3	1.26%
4	UBS	0.140	5	0.82%	7	0.040	4	0.26%
5	Nuveen	0.095	42	0.56%	2	0.659	71	4.26%
6	Goldman Sachs	0.087	1	0.51%	8	0.032	1	0.21%
7	RBS	0.065	4	0.38%	6	0.056	4	0.36%
8	Citigroup	0.055	1	0.32%
	Total	17.033	273	15.449	244
	Average size:	0.062	0.063
All structured products, no ETNS, by agent, second quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	1.868	798	22.01%	3	1.363	174	13.81%
2	Bank of America	1.492	79	17.57%	1	2.627	114	26.62%
3	JPMorgan	1.308	254	15.40%	2	2.101	317	21.29%
4	Goldman Sachs	1.139	140	13.41%	6	0.411	70	4.16%
5	HSBC	0.681	122	8.02%	11	0.150	68	1.52%
6	Barclays	0.629	149	7.41%	5	0.695	114	7.04%
7	Morgan Stanley	0.541	78	6.37%	4	1.198	112	12.14%
8	RBC	0.158	116	1.86%	9	0.198	260	2.01%
9	Citigroup	0.150	26	1.76%	7	0.405	24	4.10%
10	Credit Suisse	0.145	64	1.71%	12	0.137	90	1.39%
	Total	8.491	1997	9.870	1575
	Average size:	0.004	0.006
All structured products, no ETNS, by agent, June
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.430	73	26.11%	1	0.835	105	25.08%
2	UBS	0.318	216	19.28%	3	0.481	65	14.46%
3	Goldman Sachs	0.314	41	19.04%	6	0.182	25	5.46%
4	Barclays	0.168	39	10.20%	5	0.186	40	5.59%
5	Bank of America	0.091	9	5.52%	2	0.794	34	23.84%
6	HSBC	0.084	35	5.10%	11	0.050	22	1.49%
7	Morgan Stanley	0.058	11	3.52%	4	0.372	41	11.16%
8	RBC	0.043	31	2.61%	9	0.062	82	1.87%
9	Deutsche Bank	0.042	6	2.56%	8	0.106	25	3.18%
10	Credit Suisse	0.037	16	2.26%	12	0.036	21	1.08%
	Total	1.648	519	3.329	532
	Average size:	0.003	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	37.46%	1	1.425	46	48.36%
2	Barclays	0.300	55	20.46%	7	0.061	20	2.08%
3	JPMorgan	0.202	20	13.76%	2	0.681	67	23.11%
4	Goldman Sachs	0.175	14	11.95%	5	0.144	9	4.90%
5	Deutsche Bank	0.090	12	6.11%	3	0.319	32	10.83%
6	UBS	0.078	15	5.31%	6	0.071	12	2.42%
7	Morgan Stanley	0.057	16	3.87%	4	0.156	21	5.30%
8	Wells Fargo	0.008	3	0.55%	8	0.053	9	1.80%
9	HSBC	0.007	4	0.50%	12	0.003	2	0.11%
10	BMO	0.001	1	0.03%	13	0.001	3	0.04%
	Total	1.467	173	2.947	230
	Average size:	0.008	0.013
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	3.061	105	30.09%	1	3.116	97	37.76%
2	JPMorgan	1.667	181	16.39%	2	2.570	165	31.14%
3	Goldman Sachs	1.568	200	15.41%	3	0.852	114	10.32%
4	UBS	1.235	36	12.14%	5	0.317	41	3.84%
5	HSBC	0.930	162	9.15%	6	0.200	76	2.43%
6	Barclays	0.362	72	3.56%	8	0.133	47	1.61%
7	Morgan Stanley	0.338	56	3.33%	4	0.539	62	6.53%
8	Citigroup	0.282	35	2.77%	12	0.048	8	0.58%
9	Credit Suisse	0.237	84	2.33%	7	0.151	69	1.83%
10	Wells Fargo	0.143	20	1.40%	10	0.116	23	1.40%
	Total	10.173	1029	8.252	758
	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	0.171	21	28.11%	7	0.014	11	2.91%
2	Barclays	0.158	14	25.89%	2	0.062	5	12.52%
3	Goldman Sachs	0.087	17	14.25%	5	0.022	4	4.48%
4	JPMorgan	0.070	7	11.47%	1	0.228	33	45.83%
5	Bank of America	0.057	8	9.39%	4	0.061	8	12.26%
6	Morgan Stanley	0.032	5	5.22%	6	0.022	5	4.37%
7	UBS	0.019	12	3.13%	3	0.062	11	12.50%
8	Wells Fargo	0.016	3	2.55%	11	0.002	1	0.45%
	Total	0.610	87	0.498	86
	Average size:	0.007	0.006
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	37.28%	3	0.335	24	12.36%
2	Morgan Stanley	0.079	7	28.11%	1	0.707	19	26.09%
3	Barclays	0.052	5	18.54%	2	0.557	26	20.56%
4	Goldman Sachs	0.026	1	9.12%	8	0.098	9	3.63%
5	HSBC	0.012	2	4.11%	14	0.023	5	0.84%
6	Citigroup	0.004	1	1.42%	6	0.127	8	4.71%
7	RBC	0.002	2	0.71%	10	0.066	5	2.45%
8	JPMorgan	0.002	1	0.71%	4	0.258	19	9.54%
	Total	0.281	32	2.708	154
	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	1.320	1434	35.74%	1	2.177	271	32.09%
2	Bank of America	0.712	31	19.28%	4	0.774	27	11.40%
3	JPMorgan	0.501	191	13.58%	5	0.607	328	8.95%
4	Morgan Stanley	0.428	42	11.59%	6	0.533	57	7.85%
5	Barclays	0.271	135	7.34%	3	0.944	189	13.91%
6	RBC	0.159	190	4.32%	7	0.293	415	4.31%
7	Citigroup	0.113	14	3.06%	2	1.207	31	17.78%
8	Goldman Sachs	0.085	9	2.31%	9	0.080	5	1.17%
9	BMO	0.057	218	1.53%	8	0.104	198	1.54%
10	HSBC	0.027	12	0.72%
	Total	3.693	2284	6.786	1546
	Average size:	0.002	0.004
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	3.928	147	12.00%	3	3.846	135	7.78%
2	Incapital	2.455	75	7.50%	2	4.305	163	8.71%
3	Morgan Keegan	2.024	105	6.18%	8	1.876	70	3.80%
4	Mesirow	1.897	66	5.80%	10	1.622	63	3.28%
5	Vining	1.420	70	4.34%	13	1.384	84	2.80%
6	UBS	1.383	50	4.23%	1	5.438	88	11.01%
7	Barclays	1.380	74	4.22%	17	1.227	119	2.48%
8	Bank of America	1.302	51	3.98%	19	1.170	38	2.37%
9	Morgan Stanley	1.186	57	3.62%	7	1.932	65	3.91%
10	Stifel	1.157	62	3.53%	14	1.335	59	2.70%
	Total	32.728	1167	49.407	1270
	Average size:	0.028	0.039
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	1.150	61	31.54%	2	0.798	98	21.62%
2	Bank of America	0.954	39	26.15%	3	0.691	12	18.71%
3	Morgan Stanley	0.391	18	10.72%	4	0.505	20	13.68%
4	Goldman Sachs	0.282	11	7.73%	1	0.819	24	22.20%
5	Wells Fargo	0.190	20	5.21%	8	0.100	8	2.72%
6	Citigroup	0.183	18	5.03%	5	0.236	12	6.41%
7	JPMorgan	0.175	14	4.79%	6	0.168	20	4.56%
8	RBC	0.160	23	4.38%	9	0.097	9	2.64%
9	HSBC	0.055	11	1.51%	10	0.062	9	1.68%
10	UBS	0.050	13	1.38%	7	0.138	17	3.75%
	Total	3.647	239	3.691	240
	Average size:	0.015	0.015
All structured products, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays Bank plc	15.949	373	44.71%	1	17.027	477	43.74%
2	JPMorgan Chase & Co.	3.049	509	8.55%	3	2.340	482	6.01%
3	Bank of America Corp.	2.615	131	7.33%	2	2.717	134	6.98%
4	Credit Suisse AG, Nassau Branch	2.500	398	7.01%	9	1.424	328	3.66%
5	HSBC USA Inc.	2.486	319	6.97%	13	1.048	196	2.69%
6	UBS AG	2.238	1293	6.27%	12	1.075	165	2.76%
7	Goldman Sachs Group, Inc.	1.979	238	5.55%	8	1.505	166	3.87%
8	Morgan Stanley	1.306	166	3.66%	4	2.071	203	5.32%
9	Royal Bank of Canada	1.076	388	3.02%	10	1.294	510	3.32%
10	Deutsche Bank AG, London Branch	1.037	186	2.91%	6	1.722	197	4.42%
	Total	35.674	4431	38.925	3453
	Average size:	0.008	0.011
All structured products, no ETNs, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	2.615	131	14.03%	2	2.717	134	11.57%
2	HSBC USA Inc.	2.486	319	13.33%	11	1.048	196	4.47%
3	JPMorgan Chase & Co.	2.154	504	11.55%	3	2.145	479	9.14%
4	UBS AG	2.098	1298	11.26%	12	1.035	161	4.40%
5	Barclays Bank plc	1.960	366	10.51%	1	3.274	435	13.95%
6	Goldman Sachs Group, Inc.	1.892	237	10.15%	7	1.473	165	6.27%
7	Morgan Stanley	1.306	166	7.00%	4	1.941	199	8.27%
8	Royal Bank of Canada	1.076	388	5.77%	9	1.294	510	5.51%
9	Deutsche Bank AG, London Branch	1.037	186	5.56%	5	1.690	189	7.20%
10	Credit Suisse AG, Nassau Branch	0.793	190	4.25%	14	0.871	221	3.71%
	Total	18.641	4158	23.476	3209
	Average size:	0.004	0.007
All structured products, no ETNs, by issuer, second quarter
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS AG	1.600	674	18.84%	10	0.440	73	4.46%
2	Goldman Sachs Group, Inc.	1.039	129	12.24%	8	0.511	75	5.17%
3	HSBC USA Inc.	1.020	135	12.01%	7	0.554	96	5.62%
4	Bank of America Corp.	0.998	56	11.75%	1	1.354	73	13.71%
5	JPMorgan Chase & Co.	0.852	250	10.03%	4	0.976	232	9.89%
6	Barclays Bank plc	0.735	164	8.66%	2	1.301	160	13.18%
7	Morgan Stanley	0.541	78	6.37%	3	0.979	109	9.92%
8	Royal Bank of Canada	0.511	172	6.01%	6	0.636	296	6.44%
9	Deutsche Bank AG, London Branch	0.499	90	5.87%	5	0.772	94	7.82%
10	Credit Suisse AG, Nassau Branch	0.273	74	3.21%	14	0.308	103	3.12%
	Total	8.491	1997	9.870	1575
	Average size:	0.004	0.006
All structured products, no ETNs, by issuer, June
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS AG	0.245	184	14.90%	8	0.138	28	4.13%
2	Goldman Sachs Group, Inc.	0.241	35	14.63%	7	0.204	28	6.14%
3	JPMorgan Chase & Co.	0.196	71	11.87%	3	0.404	77	12.13%
4	Barclays Bank plc	0.184	48	11.17%	2	0.486	57	14.61%
5	Royal Bank of Canada	0.171	45	10.40%	11	0.116	92	3.47%
6	Deutsche Bank AG, London Branch	0.167	19	10.12%	5	0.269	42	8.08%
7	HSBC USA Inc.	0.145	37	8.79%	6	0.265	34	7.97%
8	Credit Suisse AG, Nassau Branch	0.096	18	5.84%	13	0.104	26	3.14%
9	Bank of America Corp.	0.069	7	4.16%	1	0.503	22	15.12%
10	Morgan Stanley	0.058	11	3.52%	4	0.358	40	10.75%
	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
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays Bank plc	0.314	58	21.42%	5	0.297	49	10.07%
2	Bank of America Corp.	0.286	23	19.53%	4	0.450	21	15.27%
3	Deutsche Bank AG, London Branch	0.191	18	13.00%	3	0.477	43	16.20%
4	AB Svensk Exportkredit	0.166	8	11.32%	2	0.483	18	16.41%
5	Goldman Sachs Group, Inc.	0.159	12	10.83%	8	0.146	9	4.97%
6	UBS AG	0.108	17	7.31%	12	0.014	4	0.49%
7	HSBC USA Inc.	0.104	6	7.12%	13	0.013	3	0.45%
8	Morgan Stanley	0.057	16	3.87%	7	0.155	20	5.25%
9	JPMorgan Chase & Co.	0.042	8	2.88%	6	0.262	28	8.90%
10	Royal Bank of Canada	0.016	2	1.12%	15	0.004	2	0.13%
	Total	1.467	173	2.947	230
	Average size:	0.008	0.013
Equity index structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC USA Inc.	1.766	187	17.36%	6	0.597	97	7.23%
2	Bank of America Corp.	1.658	58	16.30%	2	1.190	43	14.41%
3	Goldman Sachs Group, Inc.	1.376	173	13.53%	3	1.038	117	12.58%
4	UBS AG	1.248	33	12.27%	13	0.071	6	0.86%
5	Barclays Bank plc	0.899	96	8.84%	1	1.351	92	16.37%
6	JPMorgan Chase & Co.	0.866	111	8.51%	8	0.548	61	6.64%
7	Credit Suisse AG, Nassau Branch	0.578	110	5.68%	7	0.570	87	6.90%
8	Royal Bank of Canada	0.465	81	4.57%	4	0.646	40	7.83%
9	Deutsche Bank AG, London Branch	0.445	52	4.37%	5	0.601	63	7.28%
10	Morgan Stanley	0.338	56	3.33%	10	0.525	61	6.37%
	Total	10.173	1029	8.252	758
	Average size:	0.010	0.011
Foreign exchange structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC USA Inc.	0.171	21	28.11%	9	0.014	11	2.91%
2	Barclays Bank plc	0.160	15	26.31%	1	0.161	17	32.36%
3	Goldman Sachs Group, Inc.	0.087	17	14.25%	5	0.028	5	5.62%
4	Deutsche Bank AG, London Branch	0.059	5	9.60%	2	0.107	20	21.59%
5	Bank of America Corp.	0.057	8	9.39%	3	0.061	8	12.26%
6	Morgan Stanley	0.032	5	5.22%	8	0.021	4	4.17%
7	UBS AG, Jersey Branch	0.017	11	2.71%	4	0.038	6	7.68%
8	Wells Fargo & Co.	0.016	3	2.55%
9	Credit Suisse AG, Nassau Branch	0.010	1	1.70%	6	0.025	5	5.11%
10	JPMorgan Chase & Co.	0.001	1	0.16%	7	0.024	5	4.89%
	Total	0.610	87	0.498	86
	Average size:	0.007	0.006
Interest rate structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	0.105	13	37.28%	4	0.268	21	9.89%
2	Morgan Stanley	0.087	8	30.95%	3	0.331	14	12.21%
3	Federal Home Loan Banks	0.040	3	14.23%	1	0.909	36	33.56%
4	Goldman Sachs Group, Inc.	0.026	1	9.12%	8	0.098	9	3.63%
5	Lloyds TSB Bank plc	0.011	1	3.91%
6	Citigroup Funding Inc.	0.004	1	1.42%	6	0.107	6	3.97%
7	HSBC USA Inc.	0.004	1	1.26%	13	0.023	5	0.84%
8	Royal Bank of Canada	0.002	2	0.71%	9	0.066	5	2.45%
9	JPMorgan Chase & Co.	0.002	1	0.71%	5	0.189	12	6.98%
10	Barclays Bank plc	0.001	1	0.39%	7	0.101	20	3.73%
	Total	0.281	32	2.708	154
	Average size:	0.009	0.018
Single stock structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan Chase & Co.	0.628	250	17.01%	4	0.805	338	11.86%
2	UBS AG, London Branch	0.564	1192	15.26%	3	0.882	137	13.00%
3	Bank of America Corp.	0.437	16	11.84%	7	0.394	19	5.80%
4	Royal Bank of Canada	0.434	265	11.76%	5	0.535	446	7.88%
5	Morgan Stanley	0.428	42	11.59%	6	0.533	57	7.85%
6	Barclays Bank plc	0.387	148	10.48%	2	1.204	217	17.75%
7	Deutsche Bank AG, London Branch	0.253	83	6.86%	9	0.331	33	4.87%
8	HSBC USA Inc.	0.195	29	5.28%	10	0.204	21	3.01%
9	Citigroup Funding Inc.	0.113	14	3.06%	1	1.207	31	17.78%
10	Goldman Sachs Group, Inc.	0.085	9	2.31%	13	0.091	7	1.34%
	Total	3.693	2284	6.786	1546
	Average size:	0.002	0.004
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.

© 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.