Morgan Stanley top U.S. structured products agent year to date

By Emma Trincal

New York, Sept. 15 – Morgan Stanley regained the top ranking as U.S. structured products agent year to date, according to preliminary data compiled by Prospect News.

Morgan Stanley, which ranked second a year ago, priced $10.66 billion in 1,843 deals through Aug. 31, or 18.62% of the total.

UBS – previously the top agent – now held the second slot with 3,054 offerings totaling $10.34 billion, an 18.06% share.

JPMorgan rose from fourth to third place, swapping positions with Bank of America now ranked fourth.

Citigroup and Goldman Sachs also swapped ranking with Citigroup moving up one notch to the fifth position while Goldman Sachs, previously placed fifth, dropped to the sixth spot.

For August, the top agent was JPMorgan with $1.42 billion in 308 deals, or 20.36% of the notional for the month.

UBS placed second with the pricing of 291 deals totaling $1.06 billion, a 15.15% share.

Year to date

Total sales dropped 14.6% for the year through the end of August to $57.24 billion from $67.04 billion.

The deal count fell to 12,489 from 19,912, a 37.3% decline.

The average deal size increased to $5 million from $3 million.

Equity indexes

UBS maintained its lead on equity indexes, which remains the top underlying asset class. This agent priced $6.88 billion in 822 deals, or 17.26% of this market’s notional.

Morgan Stanley also kept its ranking as No. 2 with $6.46 billion in 1,258 offerings. Of interest is the greater deal count originating from Morgan Stanley compared to UBS, at least for this asset class. Overall though UBS remains by far the agent with the greatest number of deals.

Issuance volume for equity index-linked notes continued to grow this year but at a slower pace than in previous years. Sales emanating from this asset class accounted for $39.84 billion, a 6.3% increase from $37.49 billion last year. The number of deals is down more than 20% to 7,256 from 9,094.

Single stocks

Single-stock issuance continued to plummet this year with $8.20 billion sold, a 43.3% decline from last year’s $14.46 billion. The deal count fell by more than half to 3,099 from 6,398.

Morgan Stanley kept its first place for this asset class pricing 360 deals totaling $2.90 billion, or more than a third of the total. This agent’s notional however fell by nearly 50% from last year’s $5.79 billion.

Placed second, UBS also kept its last year’s position. It priced $1.69 billion in 1,805 deals, a 20.59% share. This agent’s notional sales fell by 47.7% from last year’s $3.23 billion.

Commodities

Commodities are gaining traction thanks to inflation, sources said. The tally for this asset class surged by 137% to $844 million from $356 million. The number of offerings has more than tripled to 114 from 32 a year ago.

JPMorgan took the first slot with $213 million in 48 deals, or 25.28% of the total.

It was closely followed by Goldman Sachs, which priced $202 million in four offerings, a 24% share.

This agent priced in particular two very large offerings through its GS Finance Corp. issuing arm, one in June for $96.89 million, the other in February for $52.36 million. Both issues were based on the performance of the Bloomberg Commodity index.

Rates

Interest-rate-linked notes issuance rose 120% this year to $1.69 billion from $767 million.

Royal Bank of Canada captured the first position, moving up from fourth place, with $487 million in 10 offerings, or nearly 29% of the total.

The interest-rate category does not include step-up or step-down notes, fixed-to-floating rate notes and capped floaters. Those, which Prospect News calls “structured coupons,” are listed separately and are not included in the league tables.

The top agent for structured coupon notes was Wells Fargo with $510 million in 36 offerings, a 23.8% share.

The overall size of this market has decreased by more than a third to $2.15 billion from $3.34 billion.

Issuers

This year’s absence of Barclays from March to the end of July due to the firm’s mismanagement of its U.S. registration shelf cost this issuer the top ranking it held last year with $9.44 billion in 1,804 deals, leaving room for top competitors.

JPMorgan Chase Financial Co. LLC jumped from fifth to first place with $8.75 billion in 2,134 deals, a 15.3% share.

Moving up two notches to the second ranking, Citigroup Global Markets Holdings Inc. brought to market 1,748 deals totaling $7.96 billion, or 13.9% of the total.

Last month, JPMorgan Chase Financial Co. LLC was also No. 1 with the issuance of $1.57 billion in 321 deals.

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

2021 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Morgan Stanley	10.657	1843	18.62%	2	14.639	2539	21.84%
2	UBS	10.338	3054	18.06%	1	14.925	5316	22.26%
3	JPMorgan	8.527	2211	14.90%	4	7.273	3005	10.85%
4	Bank of America	7.463	589	13.04%	3	7.370	710	10.99%
5	Citigroup	5.780	1495	10.10%	6	4.956	2068	7.39%
6	Goldman Sachs	5.376	1108	9.39%	5	5.392	1909	8.04%
7	Credit Suisse	1.762	434	3.08%	10	1.421	682	2.12%
8	RBC	1.543	291	2.70%	8	1.798	475	2.68%
9	BMO	1.197	355	2.09%	9	1.539	506	2.30%
10	Barclays	0.838	262	1.46%	7	3.574	1345	5.33%
	Total	57.238	12489	67.035	19912
	Average size	0.005	0.003
All structured products, no ETNs, by agent, August
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	1.422	308	20.36%	3	0.974	379	11.73%
2	UBS	1.058	291	15.15%	1	1.828	669	22.01%
3	Morgan Stanley	1.029	178	14.73%	2	1.465	289	17.64%
4	Bank of America	0.802	72	11.48%	5	0.956	78	11.50%
5	Citigroup	0.722	170	10.33%	6	0.670	269	8.07%
6	Goldman Sachs	0.537	132	7.68%	4	0.973	265	11.71%
7	RBC	0.305	55	4.36%	8	0.334	65	4.02%
8	Barclays	0.289	90	4.13%	7	0.350	157	4.21%
9	Credit Suisse	0.195	44	2.79%	10	0.169	65	2.03%
10	HSBC	0.140	50	2.01%	12	0.080	57	0.97%
	Total	6.984	1504	8.307	2455
	Average size	0.005	0.003
All structured products, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Morgan Stanley	10.657	1843	18.60%	2	14.639	2539	20.41%
2	UBS	10.338	3054	18.05%	1	15.100	5323	21.05%
3	JPMorgan	8.527	2211	14.88%	4	7.273	3005	10.14%
4	Bank of America	7.463	591	13.03%	3	7.412	753	10.33%
5	Citigroup	5.780	1495	10.09%	7	4.956	2068	6.91%
6	Goldman Sachs	5.376	1108	9.39%	5	5.392	1909	7.52%
7	Credit Suisse	1.762	434	3.08%	10	1.421	682	1.98%
8	RBC	1.543	291	2.69%	9	1.798	475	2.51%
9	BMO	1.246	359	2.18%	8	4.566	515	6.36%
10	Barclays	0.838	262	1.46%	6	5.035	1349	7.02%
	Total	57.287	12495	71.740	19975
	Average size	0.005	0.004
ETNs, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	BMO	0.049	4	98.99%	1	3.026	9	64.32%
2	Bank of America	0.001	2	1.01%	4	0.043	43	0.91%
	Total	0.050	6	4.705	63
	Average size	0.008	0.075
Commodity structured products, no ETNs, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.213	48	25.28%	2	0.067	13	18.90%
2	Goldman Sachs	0.202	4	23.96%	1	0.223	4	62.63%
3	UBS	0.174	23	20.62%	5	0.013	2	3.52%
4	Morgan Stanley	0.160	27	19.00%	3	0.026	9	7.39%
5	Bank of America	0.077	8	9.11%	4	0.015	2	4.09%
6	Citigroup	0.013	2	1.51%	6	0.012	2	3.47%
7	Credit Suisse	0.004	2	0.52%
	Total	0.844	114	0.356	32
	Average size	0.007	0.011
Equity index structured products, no ETNs, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	6.878	822	17.26%	1	7.974	818	21.27%
2	Morgan Stanley	6.461	1258	16.22%	2	6.588	1502	17.57%
3	Bank of America	5.965	484	14.97%	3	5.688	525	15.17%
4	JPMorgan	5.448	1240	13.68%	5	3.252	1420	8.67%
5	Citigroup	4.315	1100	10.83%	6	2.802	1147	7.48%
6	Goldman Sachs	4.191	775	10.52%	4	3.514	1274	9.37%
7	Credit Suisse	1.501	330	3.77%	12	0.595	266	1.59%
8	BMO	0.790	259	1.98%	8	1.335	417	3.56%
9	TD	0.758	184	1.90%	10	0.659	188	1.76%
10	Barclays	0.655	185	1.64%	7	2.231	826	5.95%
	Total	39.837	7256	37.490	9094
	Average size	0.005	0.004
Foreign exchange structured products, no ETNs, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.003	2	100.00%
	Total	0.003	2	0.000	0
	Average size	0.002	0.000	0
Interest rate structured products, no ETNs, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	RBC	0.487	10	28.91%	4	0.094	5	12.25%
2	Citigroup	0.335	22	19.87%	3	0.095	10	12.35%
3	JPMorgan	0.329	27	19.50%	2	0.148	42	19.33%
4	BMO	0.148	2	8.81%
5	InspereX	0.115	5	6.84%
6	CIBC	0.107	5	6.35%	6	0.038	2	4.95%
7	Scotia	0.100	1	5.93%
8	Morgan Stanley	0.024	7	1.44%	10	0.014	2	1.81%
9	Bank of America	0.012	4	0.74%	7	0.036	4	4.67%
10	TD	0.010	1	0.61%	5	0.050	1	6.52%
	Total	1.686	92	0.767	104
	Average size	0.018	0.007
Single stock structured products, no ETNs, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Morgan Stanley	2.902	360	35.39%	1	5.792	585	40.07%
2	UBS	1.688	1805	20.59%	2	3.228	3889	22.33%
3	JPMorgan	1.446	400	17.63%	3	1.891	793	13.08%
4	Bank of America	0.779	20	9.50%	8	0.366	34	2.53%
5	Goldman Sachs	0.401	147	4.89%	6	0.595	180	4.12%
6	RBC	0.349	119	4.25%	4	0.840	263	5.81%
7	Citigroup	0.263	88	3.21%	7	0.444	139	3.07%
8	BMO	0.141	55	1.72%	11	0.063	24	0.44%
9	HSBC	0.089	45	1.09%	12	0.055	17	0.38%
10	Credit Suisse	0.085	37	1.04%	9	0.288	128	2.00%
	Total	8.199	3099	14.456	6398
	Average size	0.003	0.002
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2021 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Wells Fargo	0.510	36	23.78%
2	RBC	0.348	9	16.20%	16	0.021	4	0.63%
3	InspereX	0.296	15	13.80%	12	0.051	6	1.54%
4	Citigroup	0.246	26	11.46%	1	0.998	56	29.87%
5	Bank of America	0.200	12	9.31%	9	0.187	7	5.59%
6	JPMorgan	0.179	19	8.36%	11	0.120	28	3.59%
7	Goldman Sachs	0.122	10	5.70%	2	0.420	7	12.57%
8	Morgan Stanley	0.108	19	5.01%	14	0.044	6	1.31%
9	Barclays	0.040	3	1.86%	13	0.046	4	1.38%
10	BMO	0.033	4	1.55%
	Total	2.146	160	3.342	143
	Average size	0.013	0.026
All structured products, no ETNs, by issuer, year to date
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase Financial Co. LLC	8.747	2134	15.28%	5	7.621	2888	11.37%
2	Citigroup Global Markets Holdings Inc. 7.958	1748	13.90%	4	7.728	2339	11.53%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	7.851	1448	13.72%	2	8.861	2263	13.22%
4	Morgan Stanley Finance LLC 5.814	1296	10.16%	3	8.125	1899	12.12%
5	UBS AG, London Branch 4.797	2514	8.38%	6	5.804	4565	8.66%
6	BofA Finance LLC (Bank of America Corp.)	3.351	424	5.85%	11	2.131	449	3.18%
7	Royal Bank of Canada 3.064	467	5.35%	8	3.052	634	4.55%
8	Bank of Nova Scotia 3.004	185	5.25%	7	3.117	262	4.65%
9	Credit Suisse AG, London Branch 2.853	627	4.99%	9	2.830	909	4.22%
10	Canadian Imperial Bank of Commerce 2.448	192	4.28%	13	1.940	215	2.89%
	Total	57.238	12489	67.035	19912
	Average size	0.005	0.003
All structured products, no ETNs, by issuer, August
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase Financial Co. LLC	1.572	321	22.51%	3	1.030	362	12.40%
2	Citigroup Global Markets Holdings Inc. 0.975	195	13.96%	4	0.975	295	11.73%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.796	164	11.40%	2	1.055	295	12.70%
4	Bank of Nova Scotia 0.491	31	7.03%	11	0.364	21	4.38%
5	Royal Bank of Canada 0.443	75	6.35%	9	0.425	84	5.11%
6	Morgan Stanley Finance LLC 0.422	110	6.04%	6	0.785	224	9.45%
7	UBS AG, London Branch 0.419	230	6.00%	5	0.864	581	10.40%
8	HSBC USA Inc.	0.419	75	6.00%	7	0.458	87	5.51%
9	BofA Finance LLC (Bank of America Corp.)	0.414	51	5.93%	10	0.389	57	4.68%
10	Barclays Bank plc	0.297	91	4.25%	1	1.086	207	13.08%
	Total	6.984	1504	8.307	2455
	Average size	0.005	0.003
All structured products, by issuer, year to date
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase Financial Co. LLC	8.747	2134	15.27%	5	7.621	2888	10.62%
2	Citigroup Global Markets Holdings Inc. 7.958	1748	13.89%	4	7.728	2339	10.77%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	7.851	1448	13.70%	2	8.861	2263	12.35%
4	Morgan Stanley Finance LLC 5.814	1296	10.15%	3	8.125	1899	11.33%
5	UBS AG, London Branch 4.797	2514	8.37%	6	5.979	4572	8.33%
6	BofA Finance LLC (Bank of America Corp.)	3.351	424	5.85%	12	2.131	449	2.97%
7	Royal Bank of Canada 3.064	467	5.35%	9	3.052	634	4.25%
8	Bank of Nova Scotia 3.004	185	5.24%	8	3.117	262	4.35%
9	Credit Suisse AG, London Branch 2.853	627	4.98%	10	2.830	909	3.95%
10	Canadian Imperial Bank of Commerce 2.448	192	4.27%	14	1.940	215	2.70%
	Total	57.287	12495	71.740	19975
	Average size	0.005	0.004
Commodity structured products, no ETNs, by issuer, year to date
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Morgan Stanley Finance LLC 0.255	38	30.24%	3	0.034	15	9.62%
2	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.226	10	26.84%	1	0.223	4	62.63%
3	JPMorgan Chase Financial Co. LLC	0.142	33	16.79%
4	BofA Finance LLC (Bank of America Corp.)	0.088	9	10.46%	5	0.008	1	2.17%
5	UBS AG, London Branch 0.063	13	7.52%	2	0.072	9	20.18%
6	Citigroup Global Markets Holdings Inc. 0.037	5	4.36%	4	0.012	2	3.47%
7	Canadian Imperial Bank of Commerce 0.022	2	2.65%	6	0.007	1	1.93%
8	Credit Suisse AG, London Branch 0.010	4	1.13%
	Total	0.844	114	0.356	32
	Average size	0.007	0.011
Equity index structured products, no ETNs, by issuer, year to date
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup Global Markets Holdings Inc. 5.829	1273	14.63%	4	4.399	1319	11.73%
2	GS Finance Corp. (Goldman Sachs Group, Inc.)	5.662	998	14.21%	3	4.732	1438	12.62%
3	JPMorgan Chase Financial Co. LLC	5.327	1167	13.37%	5	3.439	1388	9.17%
4	Morgan Stanley Finance LLC 4.428	1020	11.11%	1	5.688	1358	15.17%
5	Bank of Nova Scotia 2.602	159	6.53%	6	2.459	212	6.56%
6	Credit Suisse AG, London Branch 2.438	492	6.12%	13	1.210	373	3.23%
7	BofA Finance LLC (Bank of America Corp.)	2.240	344	5.62%	8	1.552	333	4.14%
8	UBS AG, London Branch 2.077	362	5.21%	14	1.197	247	3.19%
9	Canadian Imperial Bank of Commerce 2.031	144	5.10%	7	1.586	136	4.23%
10	Royal Bank of Canada 1.713	256	4.30%	12	1.301	209	3.47%
	Total	39.837	7256	37.490	9094
	Average size	0.005	0.004
Foreign exchange structured products, no ETNs, by issuer, year to date
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase Financial Co. LLC	0.003	1	100.00%
	Total	0.003	1	0.000	0
	Average size	0.002	0.000
Interest rate structured products, no ETNs, by issuer, year to date
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Royal Bank of Canada 0.487	10	28.91%	4	0.094	5	12.25%
2	JPMorgan Chase Financial Co. LLC	0.327	26	19.40%	2	0.131	37	17.11%
3	Citigroup Global Markets Holdings Inc. 0.274	17	16.24%	3	0.112	15	14.57%
4	Bank of Montreal	0.155	4	9.17%
5	Goldman Sachs Group, Inc.	0.115	5	6.84%
6	Canadian Imperial Bank of Commerce 0.107	5	6.35%	6	0.038	2	4.95%
7	Bank of Nova Scotia 0.100	1	5.93%	11	0.011	1	1.40%
8	Citigroup Inc.	0.061	5	3.63%
9	Morgan Stanley	0.020	6	1.16%
10	Toronto-Dominion Bank 0.010	1	0.61%	5	0.050	1	6.52%
	Total	1.686	92	0.767	104
	Average size	0.018	0.007
Single stock structured products, no ETNs, by issuer, year to date
					2021 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	UBS AG, London Branch 1.874	1809	22.85%	1	3.142	3871	21.74%
2	JPMorgan Chase Financial Co. LLC	1.733	405	21.13%	3	2.320	748	16.05%
3	GS Finance Corp. (Goldman Sachs Group, Inc.)	1.079	230	13.16%	4	2.185	317	15.11%
4	Royal Bank of Canada 0.721	167	8.80%	5	1.264	321	8.75%
5	Morgan Stanley Finance LLC 0.691	116	8.43%	6	0.950	196	6.57%
6	BofA Finance LLC (Bank of America Corp.)	0.581	5	7.09%	11	0.103	20	0.71%
7	Citigroup Global Markets Holdings Inc. 0.536	125	6.54%	7	0.602	153	4.17%
8	HSBC USA Inc.	0.354	86	4.32%	9	0.296	55	2.04%
9	Barclays Bank plc	0.269	40	3.28%	2	2.622	398	18.14%
10	Bank of Montreal	0.141	55	1.72%	13	0.063	24	0.44%
	Total	8.199	3099	14.456	6398
	Average size	0.003	0.002
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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