Analysis of stock, equity index structured products issuance for year to date

Total year-to-date issuance: $16.496 billion in 1,064 deals

Data includes notes linked to a single stock, a basket of stocks or equity indexes.

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

Issuer

	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
AB Svensk ExportKredit	0	0	0	0	0	0.106	0.026	0.142	0.056	0.089
ABN Amro Bank NV	0.005	0.010	0.015	0.018	0.008	0.021	0.014	0.005	0.008	0.012
BNP Paribas	0	0	0	0.004	0.009	0.006	0.011	0.009	0.004	0
Bank of America	0.040	0	0.050	0.047	0.092	0.017	0.017	0.026	0.035	0.070
Barclays Bank plc	0.030	0.053	0.049	0.031	0.048	0.039	0.070	0.074	0.091	0.102
Bear Stearns Cos. Inc.	0.002	0.003	0.007	0.007	0	0.003	0.025	0.009	0.008	0.007
Canadian Imperial Bank of Commerce	0	0.001	0.004	0	0.004	0	0	0	0	0
Citigroup Funding Inc.	0.141	0.130	0.240	0.145	0.131	0.224	0.032	0.267	0.058	0.137
Credit Suisse (USA) Inc.	0	0.016	0.010	0.010	0.008	0.006	0.010	0.010	0.029	0.029
Eksportfinans ASA	0.089	0.003	0.021	0.119	0.007	0.010	0.011	0.001	0.007	0.013
Goldman Sachs Group, Inc.	0.172	0.290	0.090	0.176	0.045	0.072	0.034	0	0	0.325
HSBC USA Inc.	0	0	0	0	0	0	0.001	0.018	0.013	0.006
JPMorgan Chase & Co.	0.006	0.026	0.043	0.035	0.013	0.198	0.082	0.096	0.193	0.103
Lehman Brothers Holdings Inc.	0.064	0.155	0.173	0.103	0.052	0.041	0.379	0.245	0.002	0.048
Merrill Lynch & Co., Inc.	0.075	0.218	0.423	0.052	0.055	0.206	0	0.461	0.199	0.229
Morgan Stanley	0.499	0.503	0.320	0.305	0.554	0.137	0.239	0.508	0.376	0.402
Royal Bank of Canada	0.009	0.009	0.007	0.003	0.010	0.005	0	0.001	0.010	0.012
TD Bank Financial Group	0	0	0	0	0	0	0.001	0.003	0.001	0.001
UBS AG	0.069	2.359	0.130	0.085	0.133	0.067	0.116	0.098	0.087	0.108
UBS AG Jersey Branch	0	0	0.150	0	0	0	0	0	0	0
Wachovia Corp.	0.021	0.047	0.032	0.023	0.004	0.070	0.044	0.059	0.068	0.031
Wells Fargo & Co.	0.010	0	0	0	0	0	0	0	0	0
Total	1.235	3.823	1.764	1.162	1.173	1.228	1.112	2.032	1.244	1.724
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
AB Svensk ExportKredit	0	0	0.106	3	0.224	7	0.089	2	0.419	12	0.419	12	2.54%
ABN Amro Bank NV	0.030	19	0.047	30	0.027	23	0.012	7	0.116	79	0.116	79	0.70%
BNP Paribas	0	0	0.019	9	0.025	13	0	0	0.044	22	0.044	22	0.27%
Bank of America	0.089	4	0.155	5	0.078	9	0.070	3	0.393	21	0.393	21	2.38%
Barclays Bank plc	0.132	41	0.117	45	0.235	66	0.102	46	0.587	198	0.587	198	3.56%
Bear Stearns Cos. Inc.	0.012	5	0.010	5	0.041	11	0.007	6	0.071	27	0.071	27	0.43%
Canadian Imperial Bank of Commerce	0.005	2	0.004	3	0	0	0	1	0.009	6	0.009	6	0.05%
Citigroup Funding Inc.	0.511	16	0.501	14	0.358	7	0.137	3	1.507	40	1.507	40	9.14%
Credit Suisse (USA) Inc.	0.026	11	0.024	24	0.049	28	0.029	10	0.128	73	0.128	73	0.78%
Eksportfinans ASA	0.113	11	0.136	12	0.020	10	0.013	5	0.282	38	0.282	38	1.71%
Goldman Sachs Group, Inc.	0.552	18	0.293	13	0.034	1	0.325	2	1.204	34	1.204	34	7.30%
HSBC USA Inc.	0	0	0	0	0.033	20	0.006	8	0.038	28	0.038	28	0.23%
JPMorgan Chase & Co.	0.075	17	0.246	39	0.371	88	0.103	35	0.794	179	0.794	179	4.81%
Lehman Brothers Holdings Inc.	0.393	15	0.196	9	0.625	10	0.048	3	1.262	37	1.262	37	7.65%
Merrill Lynch & Co., Inc.	0.717	9	0.312	10	0.659	12	0.229	2	1.917	33	1.917	33	11.62%
Morgan Stanley	1.322	40	0.997	29	1.123	33	0.402	15	3.844	117	3.844	117	23.30%
Royal Bank of Canada	0.025	7	0.018	5	0.010	4	0.012	3	0.066	19	0.066	19	0.40%
TD Bank Financial Group	0	0	0	0	0.005	3	0.001	1	0.006	4	0.006	4	0.04%
UBS AG	2.558	18	0.284	16	0.300	19	0.108	6	3.251	59	3.251	59	19.71%
UBS AG Jersey Branch	0.150	1	0	0	0	0	0	0	0.150	1	0.150	1	0.91%
Wachovia Corp.	0.101	12	0.096	8	0.170	12	0.031	4	0.399	36	0.399	36	2.42%
Wells Fargo & Co.	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.06%
Total	6.822	247	3.563	279	4.387	376	1.724	162	16.496	1064	16.496	1064	100.00%
Proceeds
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Less than $1 million	0.002	0.003	0.004	0.003	0.004	0.006	0.005	0.009	0.011	0.016
$1-1.99 million	0.003	0.012	0.026	0.024	0.021	0.026	0.033	0.029	0.042	0.050
$2-2.99 million	0.011	0.017	0.022	0.034	0.010	0.036	0.023	0.033	0.041	0.049
$3-4.99 million	0.036	0.040	0.048	0.020	0.036	0.066	0.070	0.076	0.054	0.109
$5-9.99 million	0.070	0.097	0.076	0.114	0.038	0.152	0.148	0.125	0.155	0.138
$10-14.99 million	0.053	0.122	0.122	0.082	0.064	0.092	0.091	0.091	0.179	0.071
$15-$49.99 million	0.279	0.481	0.559	0.421	0.411	0.442	0.292	0.502	0.318	0.279
$50 million and higher	0.781	3.051	0.907	0.463	0.588	0.408	0.451	1.167	0.445	1.011
Total	1.235	3.823	1.764	1.162	1.173	1.228	1.112	2.032	1.244	1.724
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.009	17	0.014	32	0.024	54	0.016	29	0.063	132	0.063	132	0.38%
$1-1.99 million	0.041	30	0.072	53	0.104	76	0.050	39	0.267	198	0.267	198	1.62%
$2-2.99 million	0.051	23	0.079	33	0.096	42	0.049	21	0.275	119	0.275	119	1.67%
$3-4.99 million	0.124	34	0.122	34	0.200	54	0.109	29	0.554	151	0.554	151	3.36%
$5-9.99 million	0.243	36	0.304	42	0.428	63	0.138	20	1.113	161	1.113	161	6.75%
$10-14.99 million	0.297	25	0.238	21	0.361	31	0.071	6	0.966	83	0.966	83	5.86%
$15-$49.99 million	1.319	47	1.274	48	1.111	39	0.279	11	3.984	145	3.984	145	24.15%
$50 million and higher	4.739	35	1.459	16	2.063	17	1.011	7	9.272	75	9.272	75	56.21%
Total	6.822	247	3.563	279	4.387	376	1.724	162	16.496	1064	16.496	1064	100.00%
Coupon
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
0%-0.99%	0.614	0.844	0.775	0.521	0.649	0.742	0.411	1.191	0.843	1.102
1%-1.99%	0	0	0.068	0.007	0.010	0.025	0	0	0	0.017
2%-2.99%	0	0.043	0.035	0.004	0.010	0	0.024	0	0	0
3%-3.99%	0	0	0.070	0.012	0.045	0	0	0	0	0
4%-4.99%	0	0	0	0	0.005	0	0	0	0	0
5%-5.99%	0.005	0.010	0.010	0	0	0	0	0	0	0
6%-6.99%	0	0.050	0.017	0.021	0	0.040	0	0	0	0
7%-7.99%	0	0.029	0.090	0.110	0.002	0	0.150	0	0	0
8%-8.99%	0.024	0.012	0.047	0.148	0.006	0.011	0.215	0.036	0.052	0.045
9%-9.99%	0.022	0.083	0.049	0.020	0.111	0.019	0.022	0.105	0.033	0.020
10%-10.99%	0.082	0.049	0.181	0.015	0.023	0.023	0.028	0.217	0.013	0.050
11%-11.99%	0.002	0.005	0.033	0.015	0.013	0.007	0.029	0.212	0.049	0.122
12%-12.99%	0.005	0.004	0.096	0.001	0.005	0.169	0.017	0.013	0.074	0.028
13%-13.99%	0.009	0.019	0.004	0.004	0.007	0.009	0.005	0.013	0.012	0.010
14%-14.99%	0	0.059	0	0.004	0.001	0.007	0.015	0.001	0.066	0.014
15%-15.99%	0.005	0.007	0.002	0.008	0	0.003	0.008	0.001	0.011	0.024
16%-16.99%	0	0	0	0.005	0.007	0.002	0.003	0.038	0.010	0.015
17%-17.99%	0	0	0.013	0.002	0	0	0.006	0.015	0.010	0.012
18%-18.99%	0.001	0	0	0.028	0.016	0.004	0	0.010	0.001	0.011
19%-19.99%	0.050	0.002	0	0	0.003	0.056	0.006	0.004	0.002	0.012
20%-20.99%	0	0.050	0.063	0.003	0.031	0	0	0.034	0.013	0.002
21%-21.99%	0	0	0	0	0	0	0	0.002	0	0.002
22%-22.99%	0	2.200	0	0	0	0.002	0.002	0.001	0	0
25%-25.99%	0.050	0	0	0	0	0	0	0	0	0
28%-28.99%	0.050	0	0	0	0	0	0	0	0	0
30%-30.99%	0	0	0	0	0	0	0	0	0.002	0
32%-32.99%	0	0	0	0	0	0	0	0.002	0	0
Floater	0	0	0.004	0	0.004	0	0	0	0	0
NA	0.315	0.355	0.207	0.235	0.225	0.110	0.172	0.134	0.055	0.239
Total	1.235	3.823	1.764	1.162	1.173	1.228	1.112	2.032	1.244	1.724
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
0%-0.99%	2.233	103	1.911	117	2.445	151	1.102	57	7.692	428	7.692	428	46.63%
1%-1.99%	0.068	2	0.042	3	0	0	0.017	1	0.127	6	0.127	6	0.77%
2%-2.99%	0.077	4	0.013	2	0.024	1	0	0	0.115	7	0.115	7	0.70%
3%-3.99%	0.070	2	0.057	4	0	0	0	0	0.127	6	0.127	6	0.77%
4%-4.99%	0	0	0.005	1	0	0	0	0	0.005	1	0.005	1	0.03%
5%-5.99%	0.025	3	0	0	0	0	0	0	0.025	3	0.025	3	0.15%
6%-6.99%	0.067	3	0.061	2	0	0	0	0	0.127	5	0.127	5	0.77%
7%-7.99%	0.120	6	0.112	3	0.150	1	0	0	0.382	10	0.382	10	2.32%
8%-8.99%	0.084	11	0.165	15	0.303	19	0.045	6	0.597	51	0.597	51	3.62%
9%-9.99%	0.154	17	0.150	20	0.161	36	0.020	12	0.484	85	0.484	85	2.93%
10%-10.99%	0.313	26	0.060	28	0.257	32	0.050	19	0.681	105	0.681	105	4.13%
11%-11.99%	0.041	14	0.035	19	0.290	23	0.122	13	0.487	69	0.487	69	2.95%
12%-12.99%	0.105	7	0.175	12	0.104	19	0.028	8	0.411	46	0.411	46	2.49%
13%-13.99%	0.032	8	0.021	11	0.030	15	0.010	7	0.092	41	0.092	41	0.56%
14%-14.99%	0.059	4	0.013	5	0.081	14	0.014	10	0.168	33	0.168	33	1.02%
15%-15.99%	0.014	7	0.011	5	0.020	11	0.024	5	0.070	28	0.070	28	0.42%
16%-16.99%	0	0	0.014	3	0.051	8	0.015	5	0.080	16	0.080	16	0.48%
17%-17.99%	0.013	3	0.002	1	0.031	9	0.012	6	0.058	19	0.058	19	0.35%
18%-18.99%	0.001	1	0.048	4	0.011	5	0.011	4	0.070	14	0.070	14	0.42%
19%-19.99%	0.052	2	0.059	4	0.011	5	0.012	2	0.134	13	0.134	13	0.81%
20%-20.99%	0.113	3	0.034	2	0.047	5	0.002	2	0.195	12	0.195	12	1.18%
21%-21.99%	0	0	0	0	0.002	1	0.002	1	0.004	2	0.004	2	0.02%
22%-22.99%	2.200	1	0.002	1	0.004	2	0	0	2.206	4	2.206	4	13.37%
25%-25.99%	0.050	1	0	0	0	0	0	0	0.050	1	0.050	1	0.30%
28%-28.99%	0.050	1	0	0	0	0	0	0	0.050	1	0.050	1	0.30%
30%-30.99%	0	0	0	0	0.002	1	0	0	0.002	1	0.002	1	0.01%
32%-32.99%	0	0	0	0	0.002	1	0	0	0.002	1	0.002	1	0.01%
Floater	0.004	1	0.004	1	0	0	0	1	0.008	3	0.008	3	0.05%
NA	0.878	17	0.570	16	0.361	17	0.239	3	2.047	53	2.047	53	12.41%
Total	6.822	247	3.563	279	4.387	376	1.724	162	16.496	1064	16.496	1064	100.00%
Structure
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
basket of stocks	0.005	0.009	0.025	0	0.019	0.020	0.006	0.048	0	0
callable reverse convertible	0.082	0.024	0.125	0.021	0.040	0.005	0.012	0.095	0.073	0.037
convertible	0.082	2.270	0.230	0.004	0.030	0.029	0.024	0.014	0	0.043
downside protection	0.106	0.106	0.075	0.164	0.121	0.057	0.108	0.019	0.036	0.151
increasing calls	0.037	0.011	0.013	0.007	0.016	0.054	0.026	0.029	0.051	0.022
leveraged return	0.250	0.400	0.437	0.215	0.416	0.182	0.073	0.454	0.211	0.351
leveraged return, downside protection	0	0.062	0.009	0.011	0.010	0.050	0.015	0.063	0.030	0.016
leveraged return, partial downside protection	0.080	0.090	0.181	0.054	0.041	0.229	0.141	0.367	0.434	0.416
other/NA	0.323	0.361	0.253	0.248	0.225	0.256	0.205	0.333	0.140	0.345
reverse convertible	0.113	0.122	0.202	0.261	0.056	0.040	0.363	0.228	0.007	0.025
trigger reverse convertible	0.158	0.368	0.215	0.178	0.199	0.306	0.139	0.381	0.262	0.318
Total	1.235	3.823	1.764	1.162	1.173	1.228	1.112	2.032	1.244	1.724
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
basket of stocks	0.039	6	0.039	5	0.054	3	0	1	0.133	15	0.133	15	0.81%
callable reverse convertible	0.231	8	0.066	3	0.180	6	0.037	1	0.514	18	0.514	18	3.12%
convertible	2.581	10	0.062	6	0.038	2	0.043	2	2.724	20	2.724	20	16.51%
downside protection	0.288	23	0.342	25	0.163	15	0.151	8	0.944	71	0.944	71	5.72%
increasing calls	0.061	3	0.077	10	0.106	22	0.022	6	0.266	41	0.266	41	1.61%
leveraged return	1.087	32	0.813	29	0.739	33	0.351	16	2.990	110	2.990	110	18.13%
leveraged return, downside protection	0.071	8	0.072	8	0.108	6	0.016	3	0.267	25	0.267	25	1.62%
leveraged return, partial downside protection	0.350	24	0.323	28	0.942	55	0.416	18	2.031	125	2.031	125	12.31%
other/NA	0.936	21	0.729	24	0.678	35	0.345	8	2.688	88	2.688	88	16.29%
reverse convertible	0.437	18	0.357	10	0.597	12	0.025	5	1.415	45	1.415	45	8.58%
trigger reverse convertible	0.741	94	0.683	131	0.782	187	0.318	94	2.524	506	2.524	506	15.30%
Total	6.822	247	3.563	279	4.387	376	1.724	162	16.496	1064	16.496	1064	100.00%
Tenor
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
0.25	0	0	0	0	0.007	0.004	0.005	0.019	0.014	0.010
0.5	0.207	0.277	0.140	0.079	0.114	0.022	0.009	0.216	0.022	0.061
0.75	0	0.002	0.037	0.006	0.002	0.085	0.003	0.001	0.090	0.018
1	0.265	0.257	0.668	0.349	0.432	0.486	0.572	0.747	0.445	0.394
1.25	0.099	0.015	0.068	0.022	0.058	0.062	0.014	0.171	0.082	0.321
1.5	0.080	2.508	0.114	0.173	0.070	0.074	0.082	0.281	0.306	0.327
1.75	0	0	0	0.006	0	0	0	0	0	0
10	0.040	0	0	0	0	0	0	0	0	0
11	0	0	0	0	0	0	0	0	0	0.001
2	0.041	0.112	0.043	0.057	0.067	0.090	0.069	0.189	0.051	0.099
2.25	0	0.020	0	0	0	0	0	0	0	0
2.5	0	0.009	0	0.049	0	0.039	0	0	0	0
2.75	0	0	0	0	0	0.008	0.020	0	0	0
3	0.008	0.043	0.227	0.021	0.035	0.106	0.031	0.043	0.066	0.021
3.25	0.011	0.037	0	0.008	0	0	0	0	0	0
3.5	0.007	0.004	0.158	0.023	0.009	0.043	0.002	0.063	0.029	0
3.75	0	0.029	0	0	0	0	0.016	0	0.008	0.042
4	0.069	0.067	0.016	0.082	0.022	0	0.057	0.008	0	0.008
1/1900	0	0	0	0.003	0.094	0	0	0	0	0.039
4.5	0	0.014	0	0	0	0	0.012	0	0	0
4.75	0	0	0.015	0	0	0	0	0	0	0
5	0.060	0.024	0.068	0.048	0.039	0.095	0.021	0.156	0.072	0.122
5.25	0.010	0	0	0	0	0	0	0	0	0
5.75	0	0	0	0	0	0.005	0	0	0.004	0
6	0.022	0.005	0	0	0	0	0.004	0	0	0
7	0	0.045	0.004	0.002	0	0	0.024	0.001	0	0.024
7.5	0	0	0	0	0	0	0	0	0	0
NA	0.315	0.355	0.207	0.235	0.225	0.110	0.172	0.134	0.055	0.239
Total	1.235	3.823	1.764	1.162	1.173	1.228	1.112	2.032	1.244	1.724
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
0.25	0	0	0.011	3	0.038	15	0.010	6	0.059	24	0.059	24	0.36%
0.5	0.625	16	0.215	16	0.248	23	0.061	19	1.149	74	1.149	74	6.97%
0.75	0.040	5	0.092	11	0.094	5	0.018	1	0.243	22	0.243	22	1.47%
1	1.190	117	1.267	135	1.764	203	0.394	88	4.614	543	4.614	543	27.97%
1.25	0.182	9	0.142	9	0.267	14	0.321	4	0.911	36	0.911	36	5.52%
1.5	2.702	15	0.316	16	0.669	24	0.327	12	4.014	67	4.014	67	24.33%
1.75	0	0	0.006	1	0	0	0	0	0.006	1	0.006	1	0.04%
10	0.040	1	0	0	0	0	0	0	0.040	1	0.040	1	0.24%
11	0	0	0	0	0	0	0.001	1	0.001	1	0.001	1	0.01%
2	0.196	11	0.215	15	0.309	12	0.099	4	0.819	42	0.819	42	4.96%
2.25	0.020	1	0	0	0	0	0	0	0.020	1	0.020	1	0.12%
2.5	0.009	1	0.088	3	0	0	0	0	0.097	4	0.097	4	0.59%
2.75	0	0	0.008	1	0.020	1	0	0	0.028	2	0.028	2	0.17%
3	0.277	9	0.162	15	0.140	27	0.021	7	0.600	58	0.600	58	3.64%
3.25	0.048	2	0.008	1	0	0	0	0	0.056	3	0.056	3	0.34%
3.5	0.169	6	0.075	6	0.094	4	0	0	0.338	16	0.338	16	2.05%
3.75	0.029	1	0	0	0.024	3	0.042	1	0.094	5	0.094	5	0.57%
4	0.152	8	0.104	8	0.065	5	0.008	3	0.329	24	0.329	24	1.99%
4.25	0	0	0.097	3	0	0	0.039	1	0.135	4	0.135	4	0.82%
4.5	0.014	1	0	1	0.012	1	0	0	0.026	3	0.026	3	0.16%
4.75	0.015	1	0	0	0	0	0	0	0.015	1	0.015	1	0.09%
5	0.152	18	0.182	15	0.250	17	0.122	8	0.705	58	0.705	58	4.27%
5.25	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.06%
5.75	0	0	0.005	1	0.004	1	0	0	0.008	2	0.008	2	0.05%
6	0.027	3	0	0	0.004	1	0	0	0.030	4	0.030	4	0.18%
7	0.049	4	0.002	3	0.025	3	0.024	3	0.101	13	0.101	13	0.61%
7.5	0	0	0	0	0	0	0	1	0	1	0	1	0.00%
NA	0.878	17	0.570	16	0.361	17	0.239	3	2.047	53	2.047	53	12.41%
Total	6.822	247	3.563	279	4.387	376	1.724	162	16.496	1064	16.496	1064	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 are linked to a single stock, a basket of stocks or one or more equity indexes.

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