Bank of America still No. 1 agent for U.S. structured products in 2012

By Emma Trincal

New York, July 31 - Bank of America remained the top agent in the U.S. structured products market year to date, according to the preliminary data compiled by Prospect News.

Issuance declined by more than 21% during the period, to $21.212 billion from $26. 955 billion, while the number of deals rose by 25.5% to 4,725 from 3,764.

Bank of America priced $5.744 billion in 258 offerings, or 27.1% of the total. It was followed by JP Morgan with $3.326 billion in 619 offerings, or 15.68% of the volume.

UBS was next with 1,778 deals totaling $3.156 billion, or 14.88% of the market.

Bank of America, JP Morgan and UBS held exactly the same rankings during the same period last year, from January through July.

Goldman Sachs rose to fourth from seventh position last year. HSBC jumped to the fifth spot from the 10th. Meanwhile, Morgan Stanley, which was ranked fourth, fell down two notches to No. 6.

Bank of America, Goldman Sachs, UBS were also the top three agents for July, with Bank of America taking more than 37% of the $1.757 billion sold during that month.

Monthly data is subject to changes as some firms, in particular Bank of America, file their offerings late at the end of the month.

Asset classes

In terms of asset classes, Bank of America remained the top agent for equity indexes with a third of the market shares at $3.917 billion in 138 offerings.

Equity indexes were the only asset class that grew year over year. Volume in this category was up 23.3% to $11.83 billion from $9.59 billion last year.

Bank of America was also the first agent for interest rates structured products with 37% of this $282 million market. Sales for this asset class were hit the hardest with a 90% decline from $2.875 billion last year.

However, the interest rates category does not include plain-vanilla, rates-linked notes, such as fixed-to floaters, capped floaters and step-ups. Those lightly structured products, classified under a different group called "structured coupons," are not included in the league table totals.

Their volume, however, unlike most other structured products, was up by nearly 7%, to $64.432 from $60.313.

The top agent for these notes was First Tennessee.

The biggest factor driving down total issuance volume lies with equities, as single stock issuance has dropped by 47% to $4.196 from $7.896 billion.

UBS remained the top agent, with 34.61% of this asset class's volume.

Commodities products fell as well, down 48% to $1.671 billion from $3.210 billion.

Bank of America remained the top agent in commodities with nearly 39.6% of the market shares.

Bank of America rose to the first slot as an issuer knocking Barclays into sixth place.

The second largest issuer was HSBC, which moved up from No. 12 last year.

JP Morgan remained in the third rank.

All structured products, by agent, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	15.348	373	39.99%	1	16.580	429	38.15%
2	Bank of America	5.744	258	14.97%	2	7.020	261	16.15%
3	JPMorgan	4.221	624	11.00%	3	5.853	782	13.47%
4	UBS	3.306	1784	8.61%	4	3.333	467	7.67%
5	Goldman Sachs	2.520	303	6.57%	7	1.560	185	3.59%
6	Credit Suisse	2.239	417	5.84%	8	1.100	338	2.53%
7	HSBC	1.480	312	3.86%	12	0.437	169	1.00%
8	Morgan Stanley	1.452	190	3.78%	5	2.905	249	6.69%
9	Citigroup	0.535	63	1.39%	6	1.795	76	4.13%
10	RBC	0.426	274	1.11%	11	0.504	505	1.16%
	Total	38.378	5032	43.456	4042
	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	5.744	258	27.08%	1	7.020	261	26.04%
2	JPMorgan	3.326	619	15.68%	2	5.379	778	19.96%
3	UBS	3.156	1778	14.88%	3	3.273	461	12.14%
4	Goldman Sachs	2.433	302	11.47%	7	1.528	184	5.67%
5	HSBC	1.480	312	6.98%	10	0.437	169	1.62%
6	Morgan Stanley	1.452	190	6.85%	4	2.775	245	10.30%
7	Barclays	1.359	366	6.41%	5	2.238	384	8.30%
8	Citigroup	0.480	62	2.26%	6	1.795	76	6.66%
9	RBC	0.426	274	2.01%	9	0.504	505	1.87%
10	Credit Suisse	0.409	176	1.93%	12	0.402	211	1.49%
	Total	21.212	4725	26.955	3764
	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	81.49%	1	14.342	45	86.92%
2	Credit Suisse	1.830	241	10.66%	2	0.697	127	4.23%
3	JPMorgan	0.895	5	5.22%	4	0.474	4	2.87%
4	UBS	0.150	6	0.87%	6	0.060	6	0.36%
5	Nuveen	0.095	42	0.55%	3	0.678	79	4.11%
6	Goldman Sachs	0.087	1	0.51%	8	0.032	1	0.19%
7	RBS	0.065	4	0.38%	7	0.056	4	0.34%
8	Citigroup	0.055	1	0.32%
	Total	17.166	307	16.502	278
	Average size:	0.056	0.059
All structured products, no ETNS, by agent, July
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.654	28	37.20%	1	0.945	36	27.30%
2	Goldman Sachs	0.273	25	15.56%	6	0.237	23	6.86%
3	UBS	0.248	198	14.12%	4	0.357	96	10.33%
4	JPMorgan	0.224	68	12.73%	2	0.676	123	19.54%
5	Morgan Stanley	0.093	14	5.31%	3	0.442	38	12.78%
6	HSBC	0.067	28	3.81%	10	0.055	25	1.59%
7	Barclays	0.056	28	3.18%	5	0.345	62	9.98%
8	Scotia	0.033	6	1.85%
9	Credit Suisse	0.033	17	1.85%	12	0.029	22	0.85%
10	Deutsche Bank	0.025	3	1.44%	8	0.087	10	2.52%
	Total	1.757	437	3.460	553
	Average size:	0.004	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	0.661	42	39.59%	1	1.572	55	48.96%
2	Barclays	0.307	57	18.39%	8	0.062	21	1.93%
3	JPMorgan	0.247	27	14.76%	2	0.701	75	21.84%
4	Goldman Sachs	0.178	15	10.67%	4	0.166	13	5.17%
5	Deutsche Bank	0.107	14	6.39%	3	0.343	34	10.69%
6	UBS	0.094	19	5.60%	7	0.071	12	2.22%
7	Morgan Stanley	0.061	18	3.64%	5	0.165	25	5.15%
8	Wells Fargo	0.008	3	0.49%	6	0.073	11	2.26%
9	HSBC	0.007	4	0.44%	12	0.003	2	0.10%
10	BMO	0.001	1	0.03%	13	0.001	3	0.04%
	Total	1.671	200	3.210	263
	Average size:	0.008	0.012
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	3.917	138	33.11%	1	3.648	111	38.04%
2	Goldman Sachs	1.877	232	15.87%	3	1.055	131	11.00%
3	JPMorgan	1.797	203	15.19%	2	2.864	194	29.86%
4	UBS	1.346	50	11.38%	5	0.342	47	3.56%
5	HSBC	0.993	185	8.40%	6	0.253	95	2.64%
6	Morgan Stanley	0.395	70	3.34%	4	0.703	76	7.33%
7	Barclays	0.368	77	3.11%	9	0.142	53	1.48%
8	Citigroup	0.315	38	2.66%	12	0.053	9	0.55%
9	Credit Suisse	0.264	97	2.23%	7	0.161	76	1.68%
10	Wells Fargo	0.153	23	1.29%	8	0.144	25	1.50%
	Total	11.829	1206	9.591	884
	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	0.177	25	25.91%	7	0.014	11	2.12%
2	Barclays	0.158	14	23.09%	4	0.063	6	9.20%
3	Bank of America	0.101	10	14.80%	2	0.083	9	12.19%
4	Goldman Sachs	0.091	19	13.32%	5	0.022	4	3.26%
5	JPMorgan	0.085	11	12.36%	1	0.379	40	55.42%
6	Morgan Stanley	0.032	5	4.65%	6	0.022	5	3.17%
7	UBS	0.025	13	3.59%	3	0.075	13	10.90%
8	Wells Fargo	0.016	3	2.27%	11	0.002	1	0.33%
	Total	0.684	100	0.684	97
	Average size:	0.007	0.007
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	37.14%	3	0.382	30	13.30%
2	Morgan Stanley	0.079	7	28.00%	1	0.747	21	25.96%
3	Barclays	0.053	6	18.85%	2	0.578	30	20.11%
4	Goldman Sachs	0.026	1	9.08%	8	0.108	10	3.76%
5	HSBC	0.012	2	4.09%	14	0.023	5	0.79%
6	Citigroup	0.004	1	1.42%	6	0.127	8	4.43%
7	JPMorgan	0.002	1	0.71%	4	0.296	25	10.29%
7	RBC	0.002	2	0.71%	10	0.066	5	2.31%
	Total	0.282	33	2.875	175
	Average size:	0.009	0.016
Single stock structured products, no ETNS, by agent, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	1.452	1618	34.61%	1	2.494	357	31.58%
2	Bank of America	0.831	37	19.80%	4	0.932	30	11.81%
3	JPMorgan	0.575	227	13.71%	5	0.734	390	9.30%
4	Morgan Stanley	0.499	46	11.89%	6	0.651	64	8.25%
5	Barclays	0.313	165	7.47%	3	1.225	233	15.51%
6	RBC	0.211	203	5.03%	7	0.317	453	4.02%
7	Citigroup	0.122	15	2.90%	2	1.274	34	16.13%
8	Goldman Sachs	0.085	9	2.04%	9	0.080	5	1.01%
9	BMO	0.057	219	1.36%	8	0.121	237	1.53%
10	HSBC	0.029	13	0.68%
	Total	4.196	2561	7.896	1829
	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	4.298	161	6.67%	3	4.608	164	7.64%
2	Incapital	2.810	79	4.36%	2	4.837	183	8.02%
3	Mesirow	2.223	79	3.45%	11	1.897	73	3.14%
4	Morgan Keegan	2.187	119	3.39%	8	2.221	92	3.68%
5	UBS	1.507	60	2.34%	1	7.288	118	12.08%
6	Vining	1.468	75	2.28%	13	1.713	106	2.84%
7	Barclays	1.445	81	2.24%	15	1.635	142	2.71%
8	Morgan Stanley	1.431	65	2.22%	7	2.394	79	3.97%
9	Bank of America	1.382	54	2.15%	18	1.365	43	2.26%
10	Stifel	1.369	73	2.13%	12	1.808	78	3.00%
	Total	64.432	1717	60.313	1551
	Average size:	0.038	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	1.215	68	29.68%	2	0.899	112	21.53%
2	Bank of America	0.974	40	23.79%	3	0.706	13	16.90%
3	Morgan Stanley	0.516	21	12.60%	4	0.545	22	13.05%
4	Goldman Sachs	0.362	13	8.84%	1	0.921	26	22.07%
5	Wells Fargo	0.261	22	6.38%	8	0.126	10	3.01%
6	RBC	0.193	27	4.73%	9	0.111	11	2.65%
7	Citigroup	0.193	19	4.72%	6	0.236	12	5.67%
8	JPMorgan	0.175	14	4.27%	5	0.272	26	6.51%
9	UBS	0.056	15	1.36%	7	0.168	22	4.03%
10	HSBC	0.055	11	1.34%	10	0.104	14	2.49%
	Total	4.095	265	4.175	282
	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	16.116	420	41.99%	1	18.156	558	41.78%
2	Bank of America Corp.	3.302	163	8.60%	2	3.155	160	7.26%
3	JPMorgan Chase & Co.	3.226	580	8.40%	3	2.870	570	6.60%
4	HSBC USA Inc.	2.704	361	7.05%	13	1.148	229	2.64%
5	Credit Suisse AG, Nassau Branch	2.684	457	6.99%	9	1.674	375	3.85%
6	UBS AG	2.467	1499	6.43%	12	1.213	230	2.79%
7	Goldman Sachs Group, Inc.	2.295	273	5.98%	8	1.768	188	4.07%
8	Morgan Stanley	1.455	190	3.79%	4	2.513	241	5.78%
9	Royal Bank of Canada	1.318	426	3.44%	10	1.639	572	3.77%
10	Deutsche Bank AG, London Branch	1.134	208	2.95%	5	2.092	229	4.81%
	Total	38.378	5032	43.456	4042
	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.	3.302	163	15.57%	2	3.155	160	11.71%
2	HSBC USA Inc.	2.704	361	12.75%	12	1.148	229	4.26%
3	JPMorgan Chase & Co.	2.330	575	10.99%	3	2.396	566	8.89%
4	Goldman Sachs Group, Inc.	2.208	272	10.41%	7	1.736	187	6.44%
5	UBS AG	2.317	1493	10.93%	11	1.153	224	4.27%
6	Barclays Bank plc	2.128	413	10.03%	1	3.814	513	14.15%
7	Morgan Stanley	1.455	190	6.86%	4	2.383	237	8.84%
8	Royal Bank of Canada	1.318	426	6.21%	8	1.639	572	6.08%
9	Deutsche Bank AG, London Branch	1.134	208	5.34%	5	2.060	221	7.64%
10	Credit Suisse AG, Nassau Branch	0.854	216	4.03%	13	0.977	248	3.62%
	Total	21.212	4725	26.955	3764
	Average size:	0.004	0.007
All structured products, no ETNs, by issuer, July
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	0.433	20	24.66%	3	0.439	26	12.68%
2	Goldman Sachs Group, Inc.	0.273	25	15.56%	6	0.263	22	7.59%
3	UBS AG	0.183	179	10.45%	10	0.118	63	3.42%
4	Royal Bank of Canada	0.152	22	8.65%	5	0.345	62	9.99%
5	JPMorgan Chase & Co.	0.131	57	7.45%	7	0.251	87	7.26%
6	AB Svensk Exportkredit	0.114	3	6.51%	13	0.077	6	2.22%
7	HSBC USA Inc.	0.097	30	5.50%	12	0.100	33	2.89%
8	Morgan Stanley	0.088	13	5.03%	2	0.442	38	12.78%
9	Deutsche Bank AG, London Branch	0.081	16	4.58%	4	0.370	32	10.70%
10	Barclays Bank plc	0.079	30	4.56%	1	0.539	78	15.59%
	Total	1.757	437	3.460	553
	Average size:	0.004	0.006
Commodity structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	0.347	29	20.76%	3	0.515	27	16.04%
2	Barclays Bank plc	0.345	62	20.68%	5	0.302	53	9.41%
3	Deutsche Bank AG, London Branch	0.215	21	12.88%	4	0.511	46	15.93%
4	AB Svensk Exportkredit	0.197	10	11.77%	2	0.532	21	16.57%
5	Goldman Sachs Group, Inc.	0.162	13	9.68%	7	0.164	12	5.12%
6	HSBC USA Inc.	0.125	7	7.50%	12	0.013	3	0.41%
7	UBS AG, Jersey Branch	0.074	13	4.45%	13	0.008	2	0.25%
8	Morgan Stanley	0.061	18	3.64%	8	0.164	24	5.10%
9	UBS AG, London Branch	0.057	10	3.42%	14	0.006	2	0.20%
10	JPMorgan Chase & Co.	0.047	10	2.82%	6	0.268	32	8.35%
	Total	1.671	200	3.210	263
	Average size:	0.008	0.012
Equity index structured products, no ETNS, by issuer, year to date
					2011 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	2.144	76	18.13%	1	1.406	52	14.66%
2	HSBC USA Inc.	1.909	213	16.14%	6	0.656	118	6.84%
3	Goldman Sachs Group, Inc.	1.686	205	14.25%	3	1.270	134	13.25%
4	UBS AG, London Branch	1.364	46	11.53%	13	0.087	9	0.91%
5	Barclays Bank plc	0.988	105	8.36%	2	1.387	103	14.46%
6	JPMorgan Chase & Co.	0.938	123	7.93%	10	0.616	71	6.42%
7	Credit Suisse AG, Nassau Branch	0.626	126	5.29%	8	0.654	98	6.82%
8	Royal Bank of Canada	0.605	94	5.12%	4	0.877	48	9.14%
9	Deutsche Bank AG, London Branch	0.461	57	3.90%	7	0.655	70	6.83%
10	Morgan Stanley	0.395	70	3.34%	5	0.689	75	7.18%
	Total	11.829	1206	9.591	884
	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.	0.177	25	25.91%	5	0.035	14	5.17%
2	Barclays Bank plc	0.160	15	23.47%	2	0.200	20	29.24%
3	Bank of America Corp.	0.101	10	14.80%	3	0.083	9	12.19%
4	Goldman Sachs Group, Inc.	0.091	19	13.32%	6	0.028	5	4.08%
5	Deutsche Bank AG, London Branch	0.073	8	10.64%	1	0.212	24	30.96%
6	Morgan Stanley	0.032	5	4.65%	9	0.021	4	3.03%
7	UBS AG, Jersey Branch	0.017	12	2.48%	4	0.038	6	5.58%
8	Wells Fargo & Co.	0.016	3	2.27%
9	Credit Suisse AG, Nassau Branch	0.010	1	1.51%	7	0.025	5	3.71%
10	JPMorgan Chase & Co.	0.006	2	0.94%	8	0.024	5	3.56%
	Total	0.684	100	0.684	97
	Average size:	0.007	0.007
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	37.14%	4	0.315	27	10.97%
2	Morgan Stanley	0.087	8	30.84%	3	0.371	16	12.89%
3	Federal Home Loan Banks	0.040	3	14.18%	1	0.919	37	31.95%
4	Goldman Sachs Group, Inc.	0.026	1	9.08%	7	0.108	10	3.76%
5	Lloyds TSB Bank plc	0.011	1	3.90%
6	Citigroup Funding Inc.	0.004	1	1.42%	8	0.107	6	3.74%
7	HSBC USA Inc.	0.004	1	1.26%	13	0.023	5	0.79%
8	Barclays Bank plc	0.002	2	0.77%	6	0.123	25	4.29%
9	Royal Bank of Canada	0.002	2	0.71%	10	0.066	5	2.31%
10	JPMorgan Chase & Co.	0.002	1	0.71%	5	0.190	13	6.61%
	Total	0.282	33	2.875	175
	Average size:	0.009	0.016
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.	0.694	285	16.54%	4	0.917	397	11.61%
2	UBS AG, London Branch	0.631	1360	15.05%	3	0.985	197	12.47%
3	Bank of America Corp.	0.526	20	12.55%	8	0.444	20	5.62%
4	Royal Bank of Canada	0.526	285	12.54%	6	0.643	496	8.14%
5	Morgan Stanley	0.499	46	11.89%	5	0.651	64	8.25%
6	Barclays Bank plc	0.431	179	10.27%	1	1.606	265	20.33%
7	Deutsche Bank AG, London Branch	0.283	91	6.74%	7	0.446	44	5.65%
8	HSBC USA Inc.	0.227	32	5.40%	10	0.221	24	2.80%
9	Citigroup Funding Inc.	0.122	15	2.90%	2	1.274	34	16.13%
10	Goldman Sachs Group, Inc.	0.085	9	2.04%	13	0.091	7	1.15%
	Total	4.196	2561	7.896	1829
	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.

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