Bank of America top structured products bookrunner for week; weekly offerings total $998 million

By Sheri Kasprzak

New York, Sept. 30 – Bank of America knocked JPMorgan Chase & Co. out of the top spot among underwriters of structured products offerings during the week of Sept. 20, according to data collected by Prospect News.

BofA was the bookrunner for $652 million of structured product offerings, comprising 82.25% of the week’s deals.

Goldman Sachs & Co. took the number-two spot with $39 million in five deals, and Morgan Stanley & Co. LLC rounded out the top-three bookrunners with $24 million in 10 offerings.

Meanwhile, JPMorgan slipped to fourth place with just $17 million in 10 deals.

Weekly totals climb

There were 104 deals totaling $998 million for the week of Sept. 20, up 76.59% from the week of Sept. 13, in which there were 144 deals totaling $565 million.

Excluding exchange-traded notes, there were 87 deals totaling $792 million, up 66.9% from the week of Sept. 13, when there were 132 deals totaling $475 million.

The sizes of offerings were bigger this week, with three larger than $50 million compared to none for the week of Sept. 13. There were 12 deals larger than $20 million compared to the three priced in the week of Sept. 13. Seventeen offerings were larger than $10 million compared to 10 for the previous week.

Equities take 97.11%

Equities again took the top spot for underliers, excluding ETNs. There were 76 offerings linked to equities, up 101.67% from the previous week. A total of $769 million of offerings were equity-linked.

Synthetic index-linked deals were the second most-common deals for the week. There were 39 deals totaling $568 million, making up 71.76% of the week’s deals.

Synthetics were the number-three underlier, making up 25.34% of the week’s totals with 37 deals totaling $201 million.

September totals fall

For September, new-issue volume fell 11.28% from the prior month, with 458 deals totaling $2.42 billion. Between Aug. 1 and Aug. 25, there were 438 deals totaling $2.73 billion.

Compared to a year ago, the month’s volume fell 30.38%. Between Sept. 1, 2014 and Sept. 25, 2014, there were 727 deals totaling $3.50 billion.

Year to date, however, volume rose 18.76%. Between Jan. 1, 2015 and Sept. 25, there were 7,129 deals totaling $47.50 billion. Looking at the same period of 2014, there were 7,507 deals totaling $40 billion.

So far this year, there have been 75 deals larger than $50 million compared to just 69 deals for the same period of 2014. There were 295 deals larger than $20 million compared to 305 for the same period last year, and there were 741 deals larger than $10 million compared to 761 for the same period of 2014.

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