Bank of America is still top agent for U.S. structured products for year to date, July

By Emma Trincal

New York, Aug. 5 – Bank of America continued to top the league tables for U.S. structured products during the first seven months of the year and also for last month, according to data compiled by Prospect News.

Year

Through July, the agent sold $8.52 billion in 253 deals, or 30.28% of the year’s overall volume, which does not include exchange-traded notes. The firm’s notional represents an increase of more than 20% from last year with only 27 additional offerings.

JPMorgan remained second with $4.88 billion in 1,045 deals, or 17.33% of the total volume sold, increasing its notional by nearly 11% from last year.

UBS was still third – as it was last year – with 1,610 deals totaling $3.50 billion, or 12.44% of the market. The number of deals from UBS continued to shrink, down by nearly 20% to 1,610. But the stability of its market share (volume was only $57 million lower than last year) suggests the firm may have started to generate bigger deals, a change from its traditional business model.

Goldman Sachs and Barclays swapped rankings, with Goldman rising one notch to the fourth position with $3 billion, knocking Barclays down one notch into the fifth slot with $1.90 billion.

Total volume grew 11.60% to $28.13 billion from $25.21 billion last year.

The number of deals was 5,165 this year. It decreased from last year but by a very modest amount of 152 deals.

July

Bank of America in July remained the top agent with $1.10 billion sold in 35 offerings, or 34.67% of the total.

JPMorgan and UBS kept their respective second and third rankings of a year ago.

The month, however, was not good. Sales dropped 18.50% to $3.16 billion from $3.88 billion during the same month last year.

Stocks, commodities

Year-over-year volume varied significantly by asset class.

Among the decliners: single stocks and commodities.

The decline in single-stock issuance was a sharp contrast from last year when the asset class registered a strong uptick. In the first seven months of last year, single-stock deals had seen their volume rise by more than 40% compared to the same period in 2013.

This year agents sold $5.11 billion, a 27% decline from the $7.00 billion issued last year.

UBS remains the top agent with $1.54 billion, but its notional is down 31.5% from last year. The number of its deals fell to 1,539 from 2,247.

Commodities continued to bleed assets, although the story is as newsworthy as stocks.

Volume in this category is down 37.50% at $745 million. JPMorgan has retained its lead with 48% of the market priced in 48 deals totaling $359 million.

Indexes, FX

On the plus side, issuance of equity index-linked notes is on a tear at $18.25 billion, a 40.60% growth from last year. The number of deals is up too, growing from 1,776 last year to 2,295 this year.

Bank of America, the traditional leader in this asset class, kept its ranking undisputable with $7.38 billion, or 40.42% of the total. Sales for this agent are up 34% from last year’s $5.50 billion.

Currency-linked notes issuance is up 10.20% at $281 million but remains the smallest asset class in the market.

JPMorgan is still No. 1 with $138 million priced in 24 offerings.

Rates

On the fixed-income side, traditional interest-rate-linked notes saw their volume drop by more than 27% to $936 million from $1.29 billion during the same time last year. Goldman Sachs took the first slot with a quarter of the volume in this category, or $227 million.

However, 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.

Structured coupons sales amounted to $36.73 billion, a more than 43% increase from last year.

First Tennessee remained the top agent in this category with $3.31 billion, or 9% of the total.

Issuers

Barclays Bank plc became the top issuer this year to date. The bank’s balance sheet was used in 463 offerings totaling $4.12 billion, or 14.63% of the total volume issued in the market.

Barclays’ rise knocked JPMorgan Chase & Co. into second place with $3.69 billion issued in 888 deals for 13.12% of the total

Rounding out the top three was Credit Suisse AG, London Branch, which priced $3.37 billion in 495 deals, or 11.99% of the total.

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

2014 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	8.518	253	30.28%	1	7.064	226	28.02%
2	JPMorgan	4.875	1045	17.33%	2	4.399	832	17.45%
3	UBS	3.499	1610	12.44%	3	3.556	1999	14.11%
4	Goldman Sachs	2.998	370	10.66%	5	1.873	306	7.43%
5	Barclays	1.895	347	6.74%	4	1.884	331	7.47%
6	Morgan Stanley	1.807	305	6.43%	6	1.654	249	6.56%
7	Credit Suisse	0.973	304	3.46%	8	0.934	269	3.71%
8	Citigroup	0.787	173	2.80%	10	0.746	120	2.96%
9	HSBC	0.782	336	2.78%	9	0.810	441	3.21%
10	RBC	0.525	139	1.87%	7	0.935	356	3.71%
	Total	28.130	5165	25.210	5317
	Average size:	0.005	0.005
All structured products, no ETNS, by agent, July
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	1.097	35	34.67%	1	1.250	39	32.25%
2	JPMorgan	0.444	146	14.05%	2	0.797	139	20.57%
3	UBS	0.333	176	10.52%	3	0.417	270	10.76%
4	Goldman Sachs	0.327	52	10.34%	7	0.186	43	4.79%
5	Barclays	0.231	54	7.31%	5	0.246	43	6.36%
6	Morgan Stanley	0.224	47	7.09%	4	0.276	45	7.11%
7	Credit Suisse	0.139	41	4.39%	9	0.112	38	2.88%
8	HSBC	0.121	52	3.82%	10	0.110	67	2.83%
9	Wells Fargo	0.066	10	2.09%	12	0.034	6	0.87%
10	Citigroup	0.060	20	1.91%	11	0.096	19	2.47%
	Total	3.164	677	3.877	792
	Average size:	0.005	0.005
All structured products, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	8.518	253	21.27%	1	7.064	226	22.35%
2	Credit Suisse	8.479	890	21.18%	3	4.451	707	14.08%
3	UBS	6.346	1624	15.85%	2	5.258	2008	16.64%
4	JPMorgan	4.875	1045	12.18%	4	4.399	832	13.92%
5	Barclays	3.234	352	8.08%	5	2.654	338	8.40%
6	Goldman Sachs	2.998	370	7.49%	6	1.873	306	5.93%
7	Morgan Stanley	1.807	305	4.51%	7	1.654	249	5.23%
8	Citigroup	0.787	173	1.96%	9	0.852	122	2.69%
9	HSBC	0.782	336	1.95%	10	0.810	441	2.56%
10	RBC	0.525	139	1.31%	8	0.939	357	2.97%
	Total	40.039	5815	31.605	5818
	Average size:	0.007	0.005
ETNS, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	7.506	586	63.03%	1	3.517	438	55.00%
2	UBS	2.848	14	23.91%	2	1.702	9	26.61%
3	Barclays	1.338	5	11.24%	3	0.770	7	12.03%
4	RBS	0.080	1	0.67%	6	0.074	1	1.15%
5	Nuveen	0.077	43	0.65%	4	0.160	42	2.49%
6	Deutsche Bank	0.060	1	0.51%	7	0.064	1	1.00%
	Total	11.909	650	6.395	501
	Average size:	0.018	0.013
Commodity structured products, no ETNS, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.359	48	48.13%	1	0.749	37	62.88%
2	Morgan Stanley	0.127	37	17.02%	4	0.095	19	7.95%
3	Citigroup	0.088	6	11.78%	8	0.003	1	0.25%
4	Goldman Sachs	0.075	2	10.05%	3	0.100	1	8.39%
5	Bank of America	0.052	5	6.99%	5	0.069	5	5.78%
6	Barclays	0.024	1	3.22%	2	0.118	12	9.89%
7	UBS	0.010	3	1.35%	6	0.036	9	3.04%
8	BNP	0.006	5	0.82%
9	Deutsche Bank	0.005	2	0.63%	7	0.022	4	1.81%
	Total	0.745	109	1.192	88
	Average size:	0.007	0.014
Equity index structured products, no ETNS, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	7.377	192	40.42%	1	5.503	164	42.38%
2	JPMorgan	2.410	483	13.21%	2	1.768	285	13.62%
3	Goldman Sachs	2.375	310	13.01%	3	1.275	230	9.82%
4	UBS	1.746	259	9.57%	4	0.956	169	7.36%
5	Barclays	1.158	217	6.34%	6	0.688	131	5.30%
6	Credit Suisse	0.751	208	4.12%	8	0.535	193	4.12%
7	Morgan Stanley	0.742	122	4.07%	5	0.718	113	5.53%
8	HSBC	0.513	212	2.81%	7	0.538	302	4.14%
9	Citigroup	0.359	92	1.97%	11	0.129	36	1.00%
10	RBC	0.289	69	1.58%	9	0.394	72	3.03%
	Total	18.253	2295	12.985	1776
	Average size:	0.008	0.007
Foreign exchange structured products, no ETNS, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.138	24	49.04%	1	0.181	37	71.11%
2	Morgan Stanley	0.083	2	29.62%	6	0.002	1	0.79%
3	Deutsche Bank	0.025	2	8.95%
4	HSBC	0.021	11	7.60%	4	0.003	1	1.32%
5	Bank of America	0.011	1	4.00%	3	0.021	3	8.19%
6	Citigroup	0.001	1	0.40%
7	Barclays	0.001	1	0.36%
8	Goldman Sachs	0.000	1	0.04%	2	0.045	16	17.61%
	Total	0.281	43	0.255	59
	Average size:	0.007	0.004
Interest rate structured products, no ETNS, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.227	12	24.29%	4	0.103	23	8.04%
2	Wells Fargo	0.177	10	18.93%	7	0.061	4	4.78%
3	Barclays	0.157	3	16.80%	2	0.191	15	14.89%
4	Morgan Stanley	0.143	12	15.24%	6	0.071	4	5.56%
5	Citigroup	0.089	14	9.54%	1	0.411	21	31.95%
6	JPMorgan	0.084	14	8.97%	3	0.150	16	11.66%
7	Bank of America	0.018	3	1.90%	12	0.018	4	1.43%
8	Deutsche Bank	0.018	2	1.87%	11	0.026	3	2.06%
9	Jefferies	0.010	1	1.07%
10	RBC	0.005	2	0.54%	8	0.061	6	4.72%
	Total	0.936	75	1.285	116
	Average size:	0.012	0.011
Single stock structured products, no ETNS, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	1.539	1237	30.10%	1	2.247	1746	32.07%
2	JPMorgan	1.204	327	23.56%	3	1.001	324	14.29%
3	Bank of America	0.880	38	17.21%	2	1.296	39	18.50%
4	Morgan Stanley	0.369	82	7.22%	5	0.551	81	7.87%
5	Barclays	0.368	79	7.20%	4	0.726	127	10.37%
6	Goldman Sachs	0.183	22	3.58%	8	0.191	14	2.72%
7	Citigroup	0.137	35	2.69%	9	0.129	42	1.84%
8	HSBC	0.129	31	2.52%	10	0.104	19	1.48%
9	RBC	0.108	34	2.11%	6	0.342	245	4.88%
10	Credit Suisse	0.091	55	1.77%	7	0.279	36	3.98%
	Total	5.112	1959	7.004	2694
	Average size:	0.003	0.003
Interest rate products with structured coupons (not included above), by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	First Tennessee	3.309	125	9.01%	1	1.964	106	7.66%
2	Stifel	1.931	84	5.26%	2	1.448	71	5.64%
3	Vining	1.742	129	4.74%	8	1.160	82	4.52%
4	Jefferies	1.582	58	4.31%	11	0.882	50	3.44%
5	Morgan Stanley	1.565	82	4.26%	5	1.216	57	4.74%
6	Hapoalim	1.545	74	4.21%	10	0.910	51	3.55%
7	Raymond James	1.465	106	3.99%	6	1.198	88	4.67%
8	Incapital	1.285	111	3.50%	4	1.341	81	5.23%
9	BMO	1.232	61	3.35%	16	0.620	44	2.42%
10	TD	1.225	40	3.34%	23	0.375	3	1.46%
	Total	36.733	1332	25.652	1036
	Average size:	0.028	0.025
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays	0.408	7	20.90%	1	0.608	17	35.46%
2	Goldman Sachs	0.342	40	17.51%	3	0.198	24	11.56%
3	RBC	0.272	25	13.94%	2	0.371	34	21.66%
4	Wells Fargo	0.171	10	8.75%	8	0.033	4	1.95%
5	Bank of America	0.160	11	8.19%	14	0.006	1	0.34%
6	Morgan Stanley	0.125	7	6.40%	5	0.087	4	5.10%
7	TD	0.120	26	6.16%
8	HSBC	0.099	11	5.08%	10	0.019	4	1.08%
9	JPMorgan	0.094	25	4.82%	9	0.023	10	1.33%
10	Nomura	0.047	5	2.40%	15	0.002	1	0.09%
	Total	1.954	188	1.715	147
	Average size:	0.010	0.012
All structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	4.116	463	14.63%	2	3.157	449	12.52%
2	JPMorgan Chase & Co. 3.690	888	13.12%	1	3.370	737	13.37%
3	Credit Suisse AG, London Branch 3.371	495	11.99%	3	2.961	351	11.75%
4	Goldman Sachs Group, Inc.	3.152	410	11.21%	5	2.150	325	8.53%
5	Bank of America Corp. 2.782	62	9.89%	10	1.424	51	5.65%
6	HSBC USA Inc.	2.400	443	8.53%	6	2.142	515	8.50%
7	Morgan Stanley	1.878	314	6.67%	9	1.637	246	6.50%
8	Deutsche Bank AG, London Branch	1.795	266	6.38%	7	2.016	261	8.00%
9	UBS AG, London Branch 1.417	1168	5.04%	8	1.796	1621	7.12%
10	Royal Bank of Canada 1.121	233	3.99%	4	2.341	501	9.29%
	Total	28.130	5165	25.210	5317
	Average size:	0.005	0.005
All structured products, no ETNs, by issuer, July
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, London Branch 0.666	74	20.89%	10	0.177	43	4.56%
2	Bank of America Corp. 0.466	11	14.73%	5	0.276	8	7.11%
3	JPMorgan Chase & Co. 0.397	123	12.56%	1	0.620	110	15.99%
4	Goldman Sachs Group, Inc.	0.329	53	10.40%	9	0.186	43	4.79%
5	Barclays Bank plc	0.290	68	9.17%	3	0.547	53	14.11%
6	Morgan Stanley	0.208	46	6.56%	6	0.276	45	7.11%
7	UBS AG, London Branch 0.170	127	5.38%	8	0.240	234	6.19%
8	HSBC USA Inc.	0.153	58	4.83%	2	0.563	83	14.52%
9	Bank of Nova Scotia 0.128	5	4.05%	17	0.001	4	0.03%
10	Royal Bank of Canada 0.106	21	3.34%	4	0.489	77	12.63%
	Total	3.164	677	3.877	792
	Average size:	0.005	0.005
All structured products, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, Nassau Branch 7.611	604	19.01%	2	3.750	447	11.87%
2	Barclays Bank plc	5.454	468	13.62%	1	3.927	456	12.42%
3	JPMorgan Chase & Co. 3.690	888	9.22%	3	3.370	737	10.66%
4	Credit Suisse AG, London Branch 3.361	495	8.42%	5	2.961	351	9.37%
5	Goldman Sachs Group, Inc.	3.152	410	7.87%	7	2.150	325	6.80%
6	Bank of America Corp. 2.782	62	6.95%	11	1.424	51	4.51%
7	HSBC USA Inc.	2.400	443	6.00%	8	2.142	515	6.78%
8	UBS AG, London Branch 2.323	1177	5.80%	4	3.096	1628	9.79%
9	UBS AG, Jersey Branch 1.941	5	4.85%	16	0.250	1	0.79%
10	Morgan Stanley	1.878	314	4.69%	10	1.637	246	5.18%
	Total	40.039	5815	31.605	5818
	Average size:	0.007	0.005
Commodity structured products, no ETNS, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.208	3	27.87%	2	0.314	16	26.38%
2	JPMorgan Chase & Co. 0.152	40	20.44%	1	0.342	20	28.69%
3	Morgan Stanley	0.135	39	18.05%	5	0.095	19	7.95%
4	Citigroup Inc.	0.088	6	11.78%	9	0.003	1	0.25%
5	Goldman Sachs Group, Inc.	0.075	2	10.05%	4	0.100	1	8.39%
6	Bank of America Corp. 0.052	5	6.99%	6	0.058	4	4.86%
7	UBS AG, London Branch 0.018	6	2.38%	7	0.025	7	2.09%
8	Deutsche Bank AG, London Branch	0.012	3	1.63%	3	0.244	19	20.46%
9	Bank of the West	0.006	5	0.82%
	Total	0.745	109	1.192	88
	Average size:	0.007	0.014
Equity index structured products, no ETNS, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, London Branch 2.904	336	15.91%	1	2.669	262	20.55%
2	Barclays Bank plc	2.689	260	14.73%	7	1.042	151	8.02%
3	Bank of America Corp. 2.513	45	13.77%	6	1.050	33	8.09%
4	Goldman Sachs Group, Inc.	2.456	334	13.45%	2	1.530	242	11.78%
5	HSBC USA Inc.	1.717	270	9.41%	3	1.475	346	11.36%
6	JPMorgan Chase & Co. 1.598	372	8.75%	5	1.136	248	8.75%
7	Deutsche Bank AG, London Branch	1.350	139	7.40%	8	0.974	91	7.50%
8	Morgan Stanley	0.840	134	4.60%	9	0.712	112	5.48%
9	UBS AG, London Branch 0.567	105	3.10%	10	0.429	81	3.30%
10	Royal Bank of Canada 0.513	87	2.81%	4	1.323	121	10.19%
	Total	18.253	2295	12.985	1776
	Average size:	0.008	0.007
Foreign exchange structured products, no ETNS, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Morgan Stanley	0.083	2	29.62%	7	0.002	1	0.79%
2	Goldman Sachs Group, Inc.	0.074	17	26.28%	3	0.054	20	21.27%
3	JPMorgan Chase & Co. 0.059	6	21.00%	1	0.118	22	46.32%
4	Deutsche Bank AG, London Branch	0.027	3	9.55%	2	0.056	12	22.11%
5	HSBC USA Inc.	0.021	11	7.60%	6	0.003	1	1.32%
6	Barclays Bank plc	0.012	2	4.36%	5	0.009	2	3.37%
7	Citigroup Inc.	0.004	2	1.59%
	Total	0.281	43	0.255	59
	Average size:	0.007	0.004
Interest rate structured products, no ETNS, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs Group, Inc.	0.227	12	24.29%	4	0.103	23	8.04%
2	Wells Fargo & Co.	0.177	10	18.93%	7	0.061	4	4.78%
3	Morgan Stanley	0.148	12	15.77%	6	0.071	4	5.56%
4	Barclays Bank plc	0.147	2	15.73%	3	0.147	11	11.47%
5	Citigroup Inc.	0.089	14	9.54%	1	0.411	21	31.95%
6	JPMorgan Chase & Co. 0.069	13	7.36%	2	0.150	16	11.66%
7	Federal Home Loan Banks	0.030	3	3.21%	11	0.035	2	2.72%
8	Bank of America Corp. 0.018	3	1.90%	13	0.015	3	1.17%
9	Deutsche Bank AG, London Branch	0.018	2	1.87%	12	0.026	3	2.06%
10	Royal Bank of Canada 0.005	2	0.54%	8	0.061	6	4.72%
	Total	0.936	75	1.285	116
	Average size:	0.012	0.011
Single stock structured products, no ETNS, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 1.220	317	23.86%	3	1.104	307	15.76%
2	UBS AG, London Branch 0.757	982	14.82%	2	1.180	1482	16.85%
3	Barclays Bank plc	0.753	139	14.74%	1	1.406	215	20.08%
4	Royal Bank of Canada 0.443	99	8.67%	4	0.746	325	10.66%
5	HSBC USA Inc.	0.407	60	7.97%	7	0.374	36	5.33%
6	Morgan Stanley	0.365	79	7.15%	5	0.551	81	7.87%
7	Deutsche Bank AG, London Branch	0.294	94	5.75%	6	0.516	106	7.36%
8	Credit Suisse AG, London Branch 0.269	111	5.26%	12	0.159	46	2.27%
9	Bank of America Corp. 0.194	8	3.79%	8	0.276	8	3.94%
10	Goldman Sachs Group, Inc.	0.183	22	3.58%	10	0.203	17	2.90%
	Total	5.112	1959	7.004	2694
	Average size:	0.003	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 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.

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