Bank of America remains top U.S. structured products agent for year, second quarter

By Emma Trincal

New York, June 30 – Bank of America remained the top agent for U.S. structured products for the year to date with 170 deals totaling $5.37 billion, or 26.60% of the total, according to data for the first six months of the year compiled on Monday by Prospect News.

Volume trends

Volume was slightly up for the year but down for the quarter and month, according to the data, which may be revised because not all deals were filed with the Securities and Exchange Commission at press time.

Total sales for the year amounted to $20.20 billion as of June 30, a 4.92% increase from $19.25 billion for the same period of last year. Meanwhile, the number of offerings rose by 6.5% to 4,365 from 4,096.

The second quarter was lagging behind last year, however. Total sales during the period fell by nearly 4% to $8.95 billion from $9.29 billion. The number of deals was flat at 2,049 versus 2,064 during the same period last year.

More significant was the decline in volume seen in June compared to June of last year. Sales totaled $1.90 billion in June, a nearly 40% drop from June of last year, which recorded $3.12 billion. The number of offerings fell by more than 20% to 558 from 704.

Two factors may explain the strong discrepancies in volume between the month of June and the second quarter even assuming that June was the slowest month of the quarter.

One may be the fact that the last week of June was exceptionally strong last year compared to this year. Agents in the week ended June 29, 2013 sold $1.87 billion. In comparison, sales totaled only $434 million last week.

Another factor may be that not all of June’s deals had been filed with the SEC last week, a real possibility as one considers that Bank of America is only ranked No. 6 for the totals in June but is by far the top agent for the quarter. Bank of America sells the bulk of its deals at the end of each month, but not all of them are filed by the close of the month.

Top players

For the year, JPMorgan kept its No. 2 slot in volume with $3.44 billion in 665 deals, or 17% of the total. UBS claimed the third spot, knocking Morgan Stanley into sixth place. UBS’ rise in sales was strong, growing 40% to $2.98 billion from $2.13 billion. The multiplication of its offerings contributed to the volume growth with the number of deals from that agent growing nearly 40% to 1,691 from 1,310.

Bank of America was the top agent in the second quarter with $2.43 billion in 75 deals, or 27.14% of the total. JPMorgan was next, keeping its ranking from last year with $1.58 billion in 338 offerings, or 17.69% of the total. UBS moved up one notch to third, again taking the slot previously held by Morgan Stanley, which fell to the sixth ranking.

UBS was the leading agent in June with $359 million in 231 deals, or 18.94% of the total. These figures are subject to changes depending on how many of its own deals Bank of America was able to file with the SEC last week.

Decliners

The growth of activity varied by asset class and revealed a few surprises.

One was the decline in equity index notes issuance, down 3.72% to $10.08 billion from $10.47 billion year to date. Sizes of deals were smaller on average as the number of offerings grew to 1,418 from 1,352.

These figures are especially sensitive to changes. Because Bank of America is the top agent for this asset class, a possibility remains that many of those deals may not have been filed on the SEC website by press time. For now, the ranking shows Bank of America to be No. 1 for equity index notes with $4.14 billion in 122 deals, or 41.11% of the overall volume. The second agent was JPMorgan, up two notches from last year with 228 deals totaling $1.39 billion, or 13.77% of the total.

JPMorgan was also the top agent in two asset classes, both with declining volume: commodities and foreign exchange.

Commodity issuance totaled $901 million this year, a 8.43% decline from last year. Currencies issuance has dropped more significantly by 55.5% to $222 million from $499 million. But this asset class makes for only 1% of the total.

JPMorgan held a roughly 60% market share in commodities. Its share of foreign exchange was nearly 76%.

Stocks, rates are up

On the growth side, both interest-rate products and single-stock issuance have gained momentum.

Single stock issuance is up 34% year to date to $5.80 billion from $4.33 billion. The number of offerings rose 17% to 2,251 from 1,926. UBS continued to lead and to increase the number of its offerings in this sector of the market. This agent, ranked No. 1 in single stocks, sold 1,496 deals this year, a 30% increase from last year’s 1,153 offerings. UBS makes for nearly a third of this market.

Interest-rates notes continued to grow, growing 53.65% in volume for the year to $1.16 billion from $753 million last year.

Citigroup claimed the top spot in rate-linked notes issuance with 20 deals totaling $403 million, or more than a third of the total, swapping ranking with Goldman Sachs, which is now No. 5. JPMorgan held the No. 2 position.

The interest rates category does not include synthetic structured coupon deals, which comprise step ups, fixed-to-floating notes and capped floaters. These products, which are not part of the league tables totals, are counted separately.

The top agent for structured coupons remained First Tennessee with $1.63 billion or 7.44% of the total.

These lightly structured notes continue to see their volume decline this year, falling 35.93% to $21.85 billion from $34.10 billion. The number of offerings dropped to 867 from 1,062.

Top issuers

The league tables for issuers show Credit Suisse AG, London Branch as No. 1 year to date with 13.33% of the total in 292 deals.

JPMorgan Chase & Co. is the second issuer with 595 offerings claiming 12.70% of the total. Barclays Bank plc follows close behind with 387 offerings and 12.60% of the market.

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

2013 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	5.374	170	26.60%	1	5.558	184	28.87%
2	JPMorgan	3.440	665	17.03%	2	2.679	644	13.91%
3	UBS	2.978	1691	14.74%	4	2.132	1310	11.07%
4	Goldman Sachs	1.653	254	8.18%	5	1.967	268	10.22%
5	Barclays	1.572	279	7.78%	6	0.878	307	4.56%
6	Morgan Stanley	1.281	193	6.34%	3	2.158	318	11.21%
7	Credit Suisse	0.790	218	3.91%	10	0.652	196	3.39%
8	RBC	0.707	282	3.50%	9	0.667	301	3.46%
9	HSBC	0.655	369	3.24%	7	0.714	244	3.71%
10	Citigroup	0.641	98	3.17%	8	0.690	96	3.58%
	Total	20.201	4365	19.253	4096
	Average size:	0.005	0.005
All structured products, no ETNS, by agent, second quarter
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	2.428	75	27.14%	1	2.678	83	28.82%
2	JPMorgan	1.582	338	17.69%	2	1.324	351	14.25%
3	UBS	1.250	783	13.97%	4	1.077	669	11.59%
4	Barclays	0.760	135	8.50%	6	0.467	162	5.02%
5	Goldman Sachs	0.760	101	8.49%	5	0.822	124	8.85%
6	Morgan Stanley	0.509	86	5.69%	3	1.085	176	11.68%
7	HSBC	0.365	205	4.08%	10	0.291	113	3.13%
8	RBC	0.332	127	3.72%	8	0.369	155	3.97%
9	Credit Suisse	0.306	85	3.42%	9	0.348	97	3.75%
10	Citigroup	0.281	48	3.14%	7	0.374	45	4.03%
	Total	8.945	2049	9.292	2064
	Average size:	0.004	0.005
All structured products, no ETNS, by agent, June
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	0.359	231	18.94%	5	0.281	237	9.00%
2	JPMorgan	0.273	87	14.39%	3	0.335	115	10.73%
3	Barclays	0.190	40	10.04%	6	0.152	52	4.87%
4	Goldman Sachs	0.168	25	8.84%	4	0.283	34	9.06%
5	Credit Suisse	0.168	27	8.84%	9	0.128	34	4.10%
6	Bank of America	0.124	8	6.51%	1	0.951	28	30.47%
7	Morgan Stanley	0.118	17	6.22%	2	0.432	73	13.85%
8	HSBC	0.114	45	6.00%	11	0.079	32	2.52%
9	Citigroup	0.114	13	5.99%	7	0.143	17	4.59%
10	Deutsche Bank	0.107	11	5.66%	12	0.042	9	1.33%
	Total	1.897	558	3.121	704
	Average size:	0.003	0.004
All structured products, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	5.374	170	20.79%	1	5.558	184	20.07%
2	UBS	4.679	1700	18.11%	4	2.782	1312	10.04%
3	Credit Suisse	3.937	591	15.23%	2	5.150	663	18.59%
4	JPMorgan	3.440	665	13.31%	5	2.679	644	9.67%
5	Barclays	1.989	283	7.69%	3	3.892	315	14.05%
6	Goldman Sachs	1.653	254	6.39%	7	1.967	268	7.10%
7	Morgan Stanley	1.281	193	4.96%	6	2.184	319	7.89%
8	Citigroup	0.747	100	2.89%	9	0.690	96	2.49%
9	RBC	0.707	282	2.74%	10	0.667	301	2.41%
10	HSBC	0.655	369	2.54%	8	0.714	244	2.58%
	Total	25.844	4787	27.696	4604
	Average size:	0.005	0.006
ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	3.147	373	55.77%	1	4.498	467	53.28%
2	UBS	1.702	9	30.15%	3	0.650	2	7.70%
3	Barclays	0.416	4	7.38%	2	3.014	8	35.70%
4	Nuveen	0.135	32	2.40%	5	0.094	29	1.12%
5	Citigroup	0.105	2	1.87%
6	RBS	0.074	1	1.31%
7	Deutsche Bank	0.064	1	1.13%	4	0.160	1	1.90%
	Total	5.643	422	8.443	508
	Average size:	0.013	0.017
Commodity structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.537	23	59.64%	2	0.175	14	17.83%
2	Barclays	0.113	11	12.53%	6	0.070	24	7.10%
3	Goldman Sachs	0.100	1	11.10%	4	0.139	5	14.09%
4	Morgan Stanley	0.071	13	7.85%	5	0.090	18	9.13%
5	Bank of America	0.030	3	3.36%	1	0.283	22	28.81%
6	UBS	0.029	7	3.24%	8	0.032	8	3.28%
7	Deutsche Bank	0.018	3	1.95%	3	0.147	18	14.97%
8	Citigroup	0.003	1	0.33%	7	0.034	3	3.50%
	Total	0.901	62	0.984	116
	Average size:	0.015	0.008
Equity index structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	4.142	122	41.11%	1	4.209	120	40.22%
2	JPMorgan	1.387	228	13.77%	4	1.019	185	9.74%
3	Goldman Sachs	1.099	190	10.90%	2	1.299	213	12.41%
4	UBS	0.787	128	7.81%	5	0.519	76	4.96%
5	Barclays	0.589	111	5.85%	8	0.310	91	2.96%
6	Morgan Stanley	0.501	90	4.97%	3	1.198	194	11.45%
7	HSBC	0.441	250	4.38%	6	0.454	146	4.34%
8	Credit Suisse	0.421	152	4.18%	7	0.426	125	4.07%
9	RBC	0.287	57	2.85%	9	0.308	57	2.95%
10	Deutsche Bank	0.181	30	1.80%	14	0.046	7	44.00%
	Total	10.076	1418	10.465	1352
	Average size:	0.007	0.008
Foreign exchange structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.169	33	75.78%	1	0.217	27	43.62%
2	Goldman Sachs	0.040	12	18.05%	3	0.086	24	17.20%
3	Bank of America	0.006	1	2.64%	4	0.034	6	6.87%
4	HSBC	0.003	1	1.51%	2	0.116	18	23.31%
5	UBS	0.003	1	1.13%	5	0.027	9	5.41%
6	Morgan Stanley	0.002	1	0.90%	7	0.006	2	1.24%
	Total	0.222	49	0.499	92
	Average size:	0.005	0.005
Interest rate structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup	0.403	20	34.86%	2	0.122	5	16.24%
2	JPMorgan	0.144	15	12.45%	11	0.011	2	1.41%
3	Barclays	0.140	13	12.13%	3	0.088	9	11.64%
4	Scotia	0.102	9	8.85%	8	0.017	3	2.26%
5	Goldman Sachs	0.090	21	7.80%	1	0.302	13	40.17%
6	Morgan Stanley	0.071	4	6.18%	5	0.050	5	6.64%
7	Wells Fargo	0.052	3	4.51%	12	0.004	1	0.60%
8	RBC	0.049	5	4.26%	10	0.014	2	1.83%
9	HSBC	0.044	6	3.82%
10	Deutsche Bank	0.026	3	2.29%	7	0.024	3	3.22%
	Total	1.157	105	0.753	54
	Average size:	0.011	0.014
Single stock structured products, no ETNS, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	1.890	1496	32.61%	1	1.332	1153	30.80%
2	Bank of America	1.026	30	17.70%	2	0.791	24	18.30%
3	JPMorgan	0.786	253	13.56%	4	0.504	249	11.66%
4	Barclays	0.613	108	10.58%	6	0.260	140	6.01%
5	Morgan Stanley	0.462	61	7.97%	3	0.617	67	14.26%
6	Credit Suisse	0.269	33	4.65%	10	0.084	11	1.95%
7	RBC	0.258	194	4.45%	5	0.269	219	6.22%
8	Goldman Sachs	0.191	14	3.29%	9	0.107	5	2.47%
9	Wells Fargo	0.101	4	1.74%	8	0.128	10	2.97%
10	Citigroup	0.089	31	1.54%	7	0.195	30	4.50%
	Total	5.797	2251	4.325	1926
	Average size:	0.003	0.002
Interest rate products with structured coupons (not included above), by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	First Tennessee	1.625	86	7.44%	1	3.683	116	10.80%
2	Stifel	1.306	63	5.98%	5	1.010	40	2.96%
3	Barclays	1.149	32	5.26%	2	1.808	43	5.30%
4	Incapital	1.110	68	5.08%	4	1.245	55	3.65%
5	Morgan Stanley	1.036	48	4.74%	3	1.695	55	4.97%
6	Mesirow	1.036	56	4.74%	7	0.838	42	2.46%
7	RBC	0.962	53	4.40%	14	0.579	29	1.70%
8	Vining	0.923	66	4.23%	10	0.706	45	2.07%
9	Raymond James	0.894	69	4.09%	6	0.891	50	2.61%
10	Hapoalim	0.795	45	3.64%	15	0.575	21	1.69%
	Total	21.845	867	34.098	1062
	Average size:	0.025	0.032
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays	0.556	14	35.87%	3	0.348	37	12.51%
2	RBC	0.329	29	21.25%	4	0.319	19	11.46%
3	Scotia	0.192	16	12.39%	8	0.091	8	3.26%
4	Goldman Sachs	0.167	20	10.80%	2	0.402	27	14.43%
5	Morgan Stanley	0.082	3	5.26%	1	0.570	10	20.46%
6	SunTrust	0.075	1	4.84%	12	0.019	5	0.69%
7	Citigroup	0.058	12	3.76%	9	0.067	9	2.41%
8	Wells Fargo	0.033	4	2.15%	7	0.238	17	8.55%
9	HSBC	0.012	3	0.80%	11	0.052	5	1.87%
10	JPMorgan	0.012	8	0.77%	5	0.318	36	11.40%
	Total	1.551	124	2.785	188
	Average size:	0.013	0.015
All structured products, no ETNs, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, London Branch 2.693	292	13.33%
2	JPMorgan Chase & Co. 2.566	595	12.70%	2	2.352	620	12.22%
3	Barclays Bank plc	2.545	387	12.60%	5	1.945	380	10.10%
4	Goldman Sachs Group, Inc.	1.929	273	9.55%	4	1.956	270	10.16%
5	Deutsche Bank AG, London Branch	1.695	202	8.39%	10	0.745	118	3.87%
6	Royal Bank of Canada 1.673	392	8.28%	7	1.359	382	7.06%
7	HSBC USA Inc.	1.469	424	7.27%	6	1.678	309	8.72%
8	UBS AG, London Branch 1.431	1361	7.08%	9	0.908	1043	4.72%
9	Morgan Stanley	1.265	190	6.26%	3	2.205	328	11.45%
10	Bank of America Corp. 1.004	37	4.97%	1	2.895	78	15.04%
	Total	20.201	4365	19.253	4096
	Average size:	0.005	0.005
All structured products, no ETNs, by issuer, second quarter
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 1.290	304	14.42%	2	1.267	345	13.63%
2	Barclays Bank plc	1.253	192	14.01%	4	1.036	205	11.15%
3	Credit Suisse AG, London Branch 1.193	115	13.34%
4	Royal Bank of Canada 0.867	192	9.69%	6	0.689	200	7.41%
5	Deutsche Bank AG, London Branch	0.815	102	9.11%	11	0.273	60	2.94%
6	Goldman Sachs Group, Inc.	0.762	110	8.52%	5	0.824	126	8.87%
7	HSBC USA Inc.	0.710	222	7.93%	7	0.650	144	6.99%
8	UBS AG, London Branch 0.549	618	6.14%	9	0.470	520	5.05%
9	Morgan Stanley	0.509	86	5.69%	3	1.077	177	11.59%
10	Bank of America Corp. 0.325	15	3.64%	1	1.533	32	16.50%
	Total	8.945	2049	9.292	2064
	Average size:	0.004	0.005
All structured products, no ETNs, by issuer, June
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.255	57	13.44%	3	0.333	67	10.69%
2	Deutsche Bank AG, London Branch	0.241	42	12.68%	12	0.076	22	2.44%
3	JPMorgan Chase & Co. 0.239	76	12.58%	4	0.323	112	10.36%
4	HSBC USA Inc.	0.177	51	9.34%	6	0.217	41	6.94%
5	Goldman Sachs Group, Inc.	0.168	25	8.84%	5	0.284	35	9.09%
6	Royal Bank of Canada 0.149	56	7.85%	7	0.206	61	6.59%
7	Citigroup Inc.	0.119	14	6.27%	11	0.132	15	4.24%
8	Morgan Stanley	0.118	17	6.22%	2	0.432	73	13.85%
9	UBS AG, London Branch 0.110	169	5.80%	10	0.138	195	4.42%
10	Credit Suisse AG, Nassau Branch 0.104	2	5.49%	8	0.194	42	6.22%
	Total	1.897	558	3.121	704
	Average size:	0.003	0.004
All structured products, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, Nassau Branch 3.373	380	13.05%	1	5.723	714	20.66%
2	Barclays Bank plc	2.961	391	11.46%	2	4.959	388	17.91%
3	UBS AG, London Branch 2.731	1368	10.57%	8	1.458	1044	5.26%
4	Credit Suisse AG, London Branch 2.693	292	10.42%
5	JPMorgan Chase & Co. 2.566	595	9.93%	4	2.352	620	8.49%
6	Goldman Sachs Group, Inc.	1.929	273	7.47%	6	1.956	270	7.06%
7	Deutsche Bank AG, London Branch	1.759	203	6.81%	10	0.905	119	3.27%
8	Royal Bank of Canada 1.673	392	6.47%	9	1.359	382	4.91%
9	HSBC USA Inc.	1.469	424	5.68%	7	1.678	309	6.06%
10	Morgan Stanley	1.265	190	4.89%	5	2.231	329	8.06%
	Total	25.844	4787	27.696	4604
	Average size:	0.005	0.006
Commodity structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.309	15	34.34%	4	0.141	29	14.39%
2	Deutsche Bank AG, London Branch	0.197	13	21.82%	3	0.152	19	15.47%
3	JPMorgan Chase & Co. 0.173	11	19.21%	2	0.170	12	17.25%
4	Goldman Sachs Group, Inc.	0.100	1	11.10%	5	0.129	4	13.12%
5	Morgan Stanley	0.071	13	7.85%	6	0.090	18	9.13%
6	Bank of America Corp. 0.019	2	2.14%	1	0.176	14	17.85%
7	UBS AG, London Branch 0.018	5	1.99%	7	0.032	7	3.21%
8	AB Svensk Exportkredit 0.011	1	1.22%	11	0.010	2	1.04%
9	Citigroup Inc.	0.003	1	0.33%	9	0.022	2	2.26%
	Total	0.901	62	0.984	116
	Average size:	0.015	0.008
Equity index structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, London Branch 2.474	216	24.55%
2	Goldman Sachs Group, Inc.	1.354	202	13.44%	2	1.293	214	12.36%
3	HSBC USA Inc.	0.943	280	9.35%	4	1.232	188	11.77%
4	JPMorgan Chase & Co. 0.876	198	8.70%	6	0.725	147	6.93%
5	Royal Bank of Canada 0.857	91	8.50%	8	0.472	70	4.51%
6	Deutsche Bank AG, London Branch	0.790	62	7.84%	12	0.191	24	1.83%
7	Bank of America Corp. 0.742	24	7.36%	1	2.396	53	22.89%
8	Barclays Bank plc	0.726	126	7.20%	7	0.719	94	6.87%
9	Morgan Stanley	0.495	89	4.91%	3	1.242	198	11.86%
10	UBS AG, London Branch 0.336	61	3.33%	9	0.273	46	2.61%
	Total	10.076	1418	10.465	1352
	Average size:	0.007	0.008
Foreign exchange structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 0.110	21	49.29%	8	0.003	1	0.56%
2	Deutsche Bank AG, London Branch	0.052	9	23.42%	2	0.138	14	27.64%
3	Goldman Sachs Group, Inc.	0.049	16	22.24%	3	0.090	26	17.96%
4	Barclays Bank plc	0.006	1	2.64%	4	0.027	6	5.37%
5	HSBC USA Inc.	0.003	1	1.51%	1	0.209	29	41.87%
6	Morgan Stanley	0.002	1	0.90%	7	0.006	2	1.24%
	Total	0.222	49	0.499	92
	Average size:	0.005	0.005
Interest rate structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup Inc.	0.403	20	34.86%	2	0.073	4	9.70%
2	JPMorgan Chase & Co. 0.144	15	12.45%	12	0.011	2	1.41%
3	Bank of Nova Scotia 0.102	9	8.85%	10	0.017	3	2.26%
4	Barclays Bank plc	0.096	9	8.33%	3	0.072	8	9.59%
5	Goldman Sachs Group, Inc.	0.090	21	7.80%	1	0.302	13	40.17%
6	Morgan Stanley	0.071	4	6.18%	7	0.030	4	3.98%
7	Wells Fargo & Co.	0.052	3	4.51%	13	0.004	1	0.60%
8	Royal Bank of Canada 0.049	5	4.26%	11	0.014	2	1.83%
9	HSBC USA Inc.	0.048	7	4.11%
10	Federal Home Loan Banks	0.035	2	3.03%	8	0.030	2	3.98%
	Total	1.157	105	0.753	54
	Average size:	0.011	0.014
Single stock structured products, no ETNS, by issuer, year to date
					2013 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	1.209	192	20.86%	2	0.745	200	17.21%
2	UBS AG, London Branch 0.961	1259	16.57%	5	0.495	945	11.45%
3	JPMorgan Chase & Co. 0.874	244	15.08%	3	0.698	293	16.13%
4	Royal Bank of Canada 0.588	257	10.15%	1	0.775	281	17.91%
5	Morgan Stanley	0.462	61	7.97%	4	0.659	75	15.23%
6	Deutsche Bank AG, London Branch	0.455	89	7.86%	7	0.164	45	3.79%
7	HSBC USA Inc.	0.264	29	4.56%	13	0.037	12	0.86%
8	Bank of America Corp. 0.220	7	3.79%	6	0.207	4	4.78%
9	Credit Suisse AG, Nassau Branch 0.213	5	3.67%	11	0.104	19	2.40%
10	Goldman Sachs Group, Inc.	0.203	17	3.51%	10	0.107	5	2.47%
	Total	5.797	2251	4.325	1926
	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 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.