Bank of America is again top agent for structured products

New York, Sept. 6 – Bank of America was once more the leading agent for structured products in the year-to-date league tables, according to data compiled by Prospect News.

The bank took the top spot in April and has held it ever since – although it has also dominated the league tables for many years.

For the year through August, Bank of America has been agent on $6.38 billion of structured products in 276 deals, giving it a 26.2% share of the market.

JPMorgan placed second, as it did in July, with $4.32 billion in 1,307 deals, adding up to a 17.7% market share.

Goldman Sachs was third, up from fifth in July, while Credit Suisse was fourth, up from sixth.

Barclays took fifth place, up from seventh.

Morgan Stanley and UBS both exited the top five, sinking to sixth and seventh, respectively, from fourth and third.

New methodology for agents

The tables are the third month in which the tables are being compiled under a new methodology.

Starting in June, Prospect News adjusted the way it counts agents in order to better reflect market practices and provide more accurate information.

The full amount is credited to the dealer or distributor, if identified, otherwise to the underwriter. For multiple managers, which is rare in the structured notes market, the total value is divided equally among all the firms.

Issuance dips slightly

The volume of new deals for August was $2.98 billion in 792 offerings.

The count increased from 752 in July, but the total was down 9.9% from the previous month’s $3.31 billion.

July’s figure was increased by an unusual event: Bank of America decided to delay its late-June deals to July because of the market uncertainty created by the Brexit vote in the United Kingdom.

BofA’s action added around $690 million to July’s total – and presumably reduced June by the same amount.

Allowing for that, August’s total is actually stronger than July’s and in line with June’s $2.33 billion.

It is also similar to other months earlier in the year such as May’s $2.88 billion, April’s $2.60 billion and March’s $3.15 billion.

However, year-to-date activity is lagging well behind the 2015 pace.

For the year through August, $24.36 billion of structured products has come to market in 5,578 deals, only 77.7% of the $31.35 billion for the comparable period of last year. The deal count is down, too, from 5,925.

BofA top issuer

Among issuers, Bank of America is also No. 1. Its Bank of America Corp. unit has sold $2.85 billion in 87 deals for the year through August, 11.7% of the market.

Credit Suisse AG, London Branch was second, up from third in July, with $2.49 billion in 587 deals, a 10.2% share.

Goldman Sachs Group, Inc.’s GS Finance Corp. issuing subsidiary slipped a notch to third from second.

HSBC USA Inc. rose one position to third from fourth while Barclays Bank plc made the opposite move to fourth from third.

All structured products, no ETNs, by agent, year to date

2015 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	6.381	276	26.20%	1	9.399	294	29.98%
2	JPMorgan	4.316	1307	17.72%	2	5.550	1238	17.70%
3	Goldman Sachs	3.662	522	15.03%	4	3.296	422	10.52%
4	Credit Suisse	1.634	488	6.71%	7	1.090	351	3.48%
5	Barclays	1.485	387	6.10%	6	2.050	395	6.54%
6	Morgan Stanley	1.340	260	5.50%	5	2.181	377	6.96%
7	UBS	1.299	1075	5.33%	3	3.713	1768	11.84%
8	HSBC	1.292	387	5.30%	9	0.876	386	2.80%
9	Citigroup	0.764	199	3.14%	8	0.895	199	2.85%
10	RBC	0.744	225	3.05%	10	0.598	157	1.91%
	Total	24.359	5578	31.350	5925
	Average size:	0.004	0.005
All structured products, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	6.381	276	21.45%	2	9.399	294	20.85%
2	Credit Suisse	4.951	744	16.64%	1	10.404	1030	23.08%
3	JPMorgan	4.316	1307	14.51%	4	5.550	1238	12.31%
4	Goldman Sachs	3.662	522	12.31%	6	3.296	422	7.31%
5	Barclays	3.062	391	10.29%	5	3.388	400	7.51%
6	UBS	1.674	1083	5.63%	3	6.561	1782	14.55%
7	Morgan Stanley	1.340	260	4.50%	7	2.181	377	4.84%
8	HSBC	1.292	387	4.34%	9	0.876	386	1.94%
9	Citigroup	0.789	200	2.65%	8	0.895	199	1.99%
10	RBC	0.748	226	2.51%	10	0.598	157	1.33%
	Total	29.750	5887	45.086	6671
	Average size:	0.005	0.007
ETNs, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	3.317	256	61.53%	1	9.314	679	67.81%
2	Barclays	1.576	4	29.24%	3	1.338	5	9.74%
3	UBS	0.375	8	6.96%	2	2.848	14	20.73%
4	Nuveen	0.094	39	1.74%	4	0.095	46	0.69%
5	Citigroup	0.025	1	0.46%
6	RBC	0.004	1	0.07%
	Total	5.391	309	13.736	746
	Average size:	0.017	0.018
All structured products, no ETNs, by agent, August
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	0.894	40	29.99%	1	0.881	41	28.68%
2	JPMorgan	0.618	159	20.73%	2	0.660	186	21.50%
3	Goldman Sachs	0.250	53	8.38%	3	0.299	52	9.73%
4	Credit Suisse	0.226	54	7.59%	7	0.117	47	3.81%
5	UBS	0.201	255	6.75%	5	0.214	158	6.97%
6	HSBC	0.178	49	5.96%	9	0.095	49	3.10%
7	Barclays	0.177	49	5.95%	6	0.154	48	5.03%
8	Morgan Stanley	0.140	22	4.69%	4	0.281	61	9.15%
9	RBC	0.095	36	3.18%	11	0.073	18	2.37%
10	Wells Fargo	0.088	18	2.94%	8	0.108	11	3.52%
	Total	2.983	792	3.071	730
	Average size:	0.004	0.004
Commodity structured products, no ETNs, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	0.049	6	48.70%	5	0.057	6	7.38%
2	JPMorgan	0.025	22	24.96%	1	0.368	53	47.47%
3	Citigroup	0.013	5	12.87%	3	0.088	6	11.31%
4	TD	0.005	3	4.54%
5	UBS	0.003	2	3.42%	7	0.014	4	1.76%
6	Goldman Sachs	0.003	3	3.25%	4	0.075	2	9.65%
7	Morgan Stanley	0.002	2	2.27%	2	0.139	43	17.95%
	Total	0.100	42	0.776	122
	Average size:	0.002	0.006
Equity index structured products, no ETNs, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	5.834	235	30.29%	1	8.134	224	39.86%
2	JPMorgan	3.368	927	17.49%	2	2.756	590	13.51%
3	Goldman Sachs	3.207	439	16.65%	3	2.646	355	12.96%
4	Credit Suisse	1.239	329	6.43%	7	0.843	241	4.13%
5	HSBC	1.061	278	5.51%	8	0.568	246	2.78%
6	Barclays	1.040	249	5.40%	5	1.276	249	6.25%
7	Morgan Stanley	0.923	165	4.79%	6	0.947	155	4.64%
8	UBS	0.681	122	3.54%	4	1.832	277	8.98%
9	Citigroup	0.604	127	3.14%	9	0.423	107	2.07%
10	Wells Fargo	0.561	96	2.91%	12	0.103	23	0.51%
	Total	19.261	3223	20.407	2685
	Average size:	0.006	0.008
Foreign exchange structured products, no ETNs, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.050	17	54.17%	1	0.155	27	51.85%
2	Morgan Stanley	0.019	2	21.16%	2	0.083	2	27.88%
3	Barclays	0.008	3	8.34%	7	0.001	1	0.34%
4	Deutsche Bank	0.007	1	7.76%	3	0.025	2	8.43%
5	Goldman Sachs	0.004	2	3.92%	8	0.000	1	0.03%
6	HSBC	0.002	1	2.35%	4	0.022	12	7.32%
7	RBC	0.002	1	2.18%
8	UBS	0.000	1	0.11%
	Total	0.092	28	0.298	47
	Average size:	0.003	0.006
Interest rate structured products, no ETNs, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.056	17	28.06%	6	0.099	18	9.49%
2	Wells Fargo	0.047	6	23.96%	2	0.207	12	19.82%
3	Goldman Sachs	0.041	8	20.93%	1	0.246	13	23.56%
4	Morgan Stanley	0.021	4	10.35%	3	0.161	13	15.40%
5	Incapital	0.012	3	6.22%
6	Citigroup	0.011	1	5.30%	5	0.116	18	11.12%
7	RBC	0.006	3	3.27%	10	0.005	2	0.48%
8	Deutsche Bank	0.002	1	1.06%	8	0.018	2	1.67%
9	Barclays	0.002	2	0.84%	4	0.157	3	15.03%
	Total	0.198	45	1.046	87
	Average size:	0.004	0.012
Single stock structured products, no ETNs, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	0.428	819	17.42%	1	1.649	1363	29.26%
2	Bank of America	0.418	25	17.00%	3	0.982	44	17.43%
3	JPMorgan	0.416	172	16.95%	2	1.372	373	24.35%
4	Barclays	0.253	74	10.32%	5	0.398	91	7.07%
5	Goldman Sachs	0.249	39	10.14%	6	0.190	27	3.38%
6	Credit Suisse	0.188	91	7.65%	10	0.099	62	1.75%
7	Morgan Stanley	0.168	39	6.83%	4	0.413	99	7.33%
8	RBC	0.152	51	6.18%	9	0.133	43	2.35%
9	HSBC	0.119	35	4.85%	7	0.154	38	2.74%
10	Citigroup	0.044	25	1.79%	8	0.139	36	2.46%
	Total	2.456	1381	5.633	2197
	Average size:	0.002	0.003
Interest rate products with structured coupons (not included above), by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	First Tennessee	2.571	121	6.72%	1	3.433	129	8.73%
2	Multi-Bank	2.005	142	5.24%	19	0.728	52	1.85%
3	Finacorp	1.395	84	3.65%	13	1.053	98	2.68%
4	Stifel	1.329	86	3.48%	2	2.032	90	5.17%
5	Incapital	1.312	84	3.43%	8	1.390	121	3.53%
6	Piper Jaffray	1.216	67	3.18%	17	0.879	68	2.23%
7	Barclays	1.147	43	3.00%	11	1.157	33	2.94%
8	RBC	1.120	89	2.93%	12	1.055	47	2.68%
9	Raymond James	1.024	84	2.68%	7	1.550	112	3.94%
10	Jefferies	1.004	57	2.63%	6	1.637	62	4.16%
	Total	38.248	1611	39.319	1444
	Average size:	0.024	0.027
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.350	35	18.27%	2	0.385	48	18.37%
2	Wells Fargo	0.343	25	17.92%	5	0.171	10	8.15%
3	JPMorgan	0.195	33	10.18%	8	0.103	33	4.91%
4	Bank of America	0.193	19	10.08%	4	0.192	14	9.14%
5	Jefferies	0.155	3	8.09%
6	RBC	0.135	15	7.06%	3	0.272	25	12.99%
7	Morgan Stanley	0.114	7	5.96%	6	0.162	9	7.72%
8	Citigroup	0.111	17	5.77%	11	0.038	10	1.79%
9	Barclays	0.092	4	4.83%	1	0.408	7	19.47%
10	TD	0.069	17	3.59%	7	0.125	29	5.98%
	Total	1.916	198	2.097	215
	Average size:	0.010	0.010
All structured products, no ETNs, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America Corp. 2.849	87	11.70%	5	2.965	73	9.46%
2	Credit Suisse AG, London Branch 2.490	587	10.22%	3	3.640	565	11.61%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	2.396	496	9.84%	16	0.138	2	0.44%
4	HSBC USA Inc.	2.271	454	9.32%	6	2.826	510	9.02%
5	Barclays Bank plc	2.247	440	9.22%	1	4.429	523	14.13%
6	JPMorgan Chase Financial Co. LLC	1.995	541	8.19%
7	Goldman Sachs Group, Inc.	1.302	36	5.34%	4	3.331	467	10.62%
8	JPMorgan Chase & Co. 1.196	399	4.91%	2	4.284	1045	13.67%
9	UBS AG, London Branch 0.958	1005	3.93%	9	1.532	1302	4.89%
10	Royal Bank of Canada 0.869	247	3.57%	10	1.202	255	3.83%
	Total	24.359	5578	31.350	5925
	Average size:	0.004	0.005
All structured products, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	3.823	444	12.85%	2	5.767	528	12.79%
2	Credit Suisse AG, Nassau Branch 3.345	269	11.24%	1	9.423	701	20.90%
3	Bank of America Corp. 2.849	87	9.58%	6	2.965	73	6.58%
4	Credit Suisse AG, London Branch 2.490	587	8.37%	4	3.640	565	8.07%
5	GS Finance Corp. (Goldman Sachs Group, Inc.)	2.396	496	8.06%	18	0.138	2	0.31%
6	HSBC USA Inc.	2.271	454	7.64%	7	2.826	510	6.27%
7	JPMorgan Chase Financial Co. LLC	1.995	541	6.70%
8	UBS AG, London Branch 1.333	1013	4.48%	8	2.438	1311	5.41%
9	Goldman Sachs Group, Inc.	1.302	36	4.38%	5	3.331	467	7.39%
10	JPMorgan Chase & Co. 1.196	399	4.02%	3	4.284	1045	9.50%
	Total	29.750	5887	45.086	6671
	Average size:	0.005	0.007
Commodity structured products, no ETNs, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America Corp. 0.049	6	48.70%	6	0.057	6	7.38%
2	JPMorgan Chase & Co. 0.021	15	21.36%	2	0.161	44	20.69%
3	Citigroup Global Markets Holdings Inc. 0.013	5	12.87%
4	Toronto-Dominion Bank 0.005	3	5.40%
5	UBS AG, London Branch 0.004	3	3.70%	7	0.023	8	2.94%
6	JPMorgan Chase Financial Co. LLC	0.003	6	3.33%
7	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.002	2	2.39%
8	Morgan Stanley	0.002	2	2.27%	3	0.147	45	18.94%
	Total	0.100	42	0.776	122
	Average size:	0.002	0.006
Equity index structured products, no ETNs, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America Corp. 2.708	73	14.06%	3	2.683	53	13.15%
2	Credit Suisse AG, London Branch 2.084	410	10.82%	1	3.131	385	15.34%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	2.018	423	10.48%	13	0.138	2	0.68%
4	HSBC USA Inc.	1.995	333	10.36%	5	2.072	315	10.15%
5	Barclays Bank plc	1.580	287	8.21%	2	2.852	298	13.98%
6	JPMorgan Chase Financial Co. LLC	1.467	349	7.62%
7	Goldman Sachs Group, Inc.	1.238	27	6.43%	4	2.606	384	12.77%
8	JPMorgan Chase & Co. 0.844	254	4.38%	6	1.878	450	9.20%
9	Canadian Imperial Bank of Commerce 0.643	35	3.34%	20	0.023	2	0.11%
10	Morgan Stanley	0.548	93	2.85%	8	1.043	169	5.11%
	Total	19.261	3223	20.407	2685
	Average size:	0.006	0.008
Foreign exchange structured products, no ETNs, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 0.032	9	34.62%	2	0.076	9	25.45%
2	Morgan Stanley	0.019	2	21.16%	1	0.083	2	27.88%
3	JPMorgan Chase Financial Co. LLC	0.012	5	13.57%
4	Deutsche Bank AG, London Branch	0.012	3	13.37%	4	0.027	3	8.99%
5	Barclays Bank plc	0.008	3	8.34%	6	0.012	2	4.10%
6	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.004	2	3.92%
7	HSBC USA Inc.	0.002	2	2.71%	5	0.022	12	7.32%
8	Royal Bank of Canada 0.002	1	2.18%
9	UBS AG, London Branch 0.000	1	0.11%
	Total	0.092	28	0.298	47
	Average size:	0.003	0.006
Interest rate structured products, no ETNs, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Wells Fargo & Co.	0.047	6	23.96%	2	0.207	12	19.82%
2	Goldman Sachs Group, Inc.	0.032	5	15.99%	1	0.246	13	23.56%
3	JPMorgan Chase Financial Co. LLC	0.031	12	15.47%
4	Deutsche Bank AG, London Branch	0.022	4	11.35%	9	0.018	2	1.67%
5	Morgan Stanley	0.017	3	8.33%	3	0.166	13	15.88%
6	Credit Suisse AG, Nassau Branch 0.012	3	6.22%
7	Citigroup Inc.	0.011	1	5.30%	5	0.116	18	11.12%
8	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.010	3	4.94%
9	Royal Bank of Canada 0.006	3	3.27%	10	0.005	2	0.48%
10	Morgan Stanley Finance LLC 0.004	1	2.02%
	Total	0.198	45	1.046	87
	Average size:	0.004	0.012
Single stock structured products, no ETNs, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.442	83	18.00%	2	0.881	155	15.64%
2	UBS AG, London Branch 0.391	806	15.90%	3	0.820	1093	14.56%
3	JPMorgan Chase Financial Co. LLC	0.260	92	10.59%
4	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.250	40	10.16%
5	Royal Bank of Canada 0.197	54	8.01%	4	0.476	112	8.45%
6	Credit Suisse AG, London Branch 0.196	99	7.98%	8	0.289	124	5.13%
7	HSBC USA Inc.	0.149	44	6.07%	5	0.457	72	8.11%
8	JPMorgan Chase & Co. 0.133	69	5.41%	1	1.374	358	24.39%
9	Morgan Stanley Finance LLC 0.091	21	3.70%
10	Bank of America Corp. 0.086	6	3.49%	9	0.202	10	3.58%
	Total	2.456	1381	5.633	2197
	Average size:	0.002	0.003
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 dealer or distributor, if identified, otherwise to the underwriter. 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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