Bank of America remains top agent for U.S. structured products year to date

By Emma Trincal

New York, Sept. 3 – Bank of America was still the top agent for U.S. structured products with $9.31 billion priced in 285 offering as of Aug. 31, according to data compiled by Prospect News.

The firm even increased its market share from last year’s $8.0 billion, now controlling 30% of the total volume versus 27.65% last year in light of an overall volume growth in the market.

Year up 7.4%

Agents this year have priced $31.04 billion, a 7.4% increase from last year’s volume of $28.90 billion. However, the lead has narrowed compared to the beginning of the summer, when volume for the year was 15% higher.

Bank of America continues to bring to market larger deals than its peers. It priced 285 offerings this year to date, slightly more than last year’s 257.

Deal size

In the broader market, the total number of deals had fallen by nearly 6% to 5,840 from 6,205.

The average deal size of $5 million remained the same, but sizes vary greatly from an agent to another.

Bank of America represents the most efficient end of the spectrum with a limited number of deals for a record sales volume.

On the other end, UBS with 1,768 offerings priced only 12% of the volume with 30% of the total number of deals.

Top agents

JPMorgan remains the No. 2 agent with 1,215 deals totaling $5.48 billion, or 17.65% of the total.

UBS kept its third slot with $3.71 billion, a $300 million decline from last year, which comes along with a steep drop in the number of its deals, down nearly 25% from last year.

Goldman Sachs moved up one notch to the fourth position, pricing $3.29 billion in 419 offerings, a 10.61% market share. Goldman Sachs is in growth mode, upping its notional by nearly 50% from last year’s $2.21 billion.

For August, Bank of America remained the top player, same as a year ago. It sold 32 deals totaling $791 million, or 28.65% of the monthly volume.

JPMorgan also remained at the same level, second, with $593 million in 163 deals, or 21.50% of the volume.

August was not a good month for the U.S. structured products market compared to last year: sales dropped 25.30% to $2.76 billion from $3.69 billion.

Equity indexes

Bank of America is still by far the top agent for equity indexes. It sold $8.04 billion in this asset class, or nearly 40% of the market.

JPMorgan remains second with $2.722 billion.

Equity index issuance is still a positive story for the year, however: sales have grown 35.80% to $20.16 billion from $14.85 billion.

Stocks less popular

More disappointing is the decisive decline in single-stock-linked notes sales seen this year, with volume dropping 30.45% to $5.62 billion from $8.08 billion.

UBS remains No. 1 but saw its volume fall by about $900 million from last year.

Another big decliner is Bank of America. This agent fell one notch to No. 3, pricing $982 million, a third less than its notional of last year, which was $1.46 billion.

Rates

Goldman Sachs jumped to No. 1 from No. 5 in interest rates structured products with $246 million, pushing down Citigroup, last year’s leader, to the fifth ranking.

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 the overall totals.

Structured coupon issuance has increased by more than 43% from last year to $39.32 billion from $27.45 billion. The top agent in this category remains First Tennessee with $3.43 billion, or 8.73% of the market.

Commodities, FX

Commodities-linked notes, with the underlying asset class in bear market mode, have continued to do poorly this year. Volume this year is $722 million, a 44.20% decline from $1.38 billion last year.

JPMorgan remains the top agent in this category with $368 million, nearly half of the market.

JPMorgan also remains the top agent in foreign exchange-linked notes, the most modest asset class in volume but one that has increased by more than 10%. JPMorgan contributed to 52% of the FX-based issuance with volume of $298 million.

Issuers

For the issuers’ league table in the overall year-to-date market, Barclays Bank plc and JPMorgan Chase & Co. swapped rankings with Barclays now the top issuer, closely followed by JPMorgan.

The gap between the two is hardly significant, however: Barclays and JPMorgan have market shares of 14.08% and 13.60%, respectively.

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

2014 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	9.309	285	29.99%	1	7.995	257	27.66%
2	JPMorgan	5.483	1215	17.66%	2	4.987	997	17.25%
3	UBS	3.713	1768	11.96%	3	4.015	2340	13.89%
4	Goldman Sachs	3.292	419	10.61%	5	2.207	359	7.64%
5	Morgan Stanley	2.142	365	6.90%	6	1.932	297	6.68%
6	Barclays	2.023	388	6.52%	4	2.266	374	7.84%
7	Credit Suisse	1.057	336	3.41%	8	1.054	309	3.65%
8	HSBC	0.876	386	2.82%	9	0.911	512	3.15%
9	Citigroup	0.871	194	2.81%	10	0.851	140	2.94%
10	RBC	0.598	157	1.93%	7	1.064	401	3.68%
	Total	31.038	5840	28.904	6205
	Average size:	0.005	0.005
All structured products, no ETNs, by agent, August
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	0.791	32	28.66%	1	0.930	31	25.19%
2	JPMorgan	0.593	163	21.48%	2	0.588	165	15.93%
3	Goldman Sachs	0.294	49	10.66%	5	0.334	53	9.04%
4	Morgan Stanley	0.242	49	8.76%	6	0.278	48	7.53%
5	UBS	0.214	158	7.76%	3	0.458	341	12.40%
6	Barclays	0.127	41	4.62%	4	0.382	43	10.34%
7	Wells Fargo	0.108	11	3.92%	13	0.041	5	1.10%
8	HSBC	0.095	49	3.45%	12	0.101	71	2.75%
9	Credit Suisse	0.084	32	3.05%	8	0.120	40	3.26%
10	RBC	0.073	18	2.63%	7	0.129	45	3.48%
	Total	2.759	645	3.693	888
	Average size:	0.004	0.004
All structured products, by agent, year to date
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	10.371	1015	23.16%	3	5.073	817	13.89%
2	Bank of America	9.309	285	20.79%	1	7.995	257	21.90%
3	UBS	6.561	1782	14.65%	2	6.216	2350	17.02%
4	JPMorgan	5.483	1215	12.25%	4	4.987	997	13.66%
5	Barclays	3.361	393	7.51%	5	3.245	382	8.89%
6	Goldman Sachs	3.292	419	7.35%	6	2.207	359	6.04%
7	Morgan Stanley	2.142	365	4.78%	7	1.932	297	5.29%
8	HSBC	0.876	386	1.96%	10	0.911	512	2.50%
9	Citigroup	0.871	194	1.95%	9	0.956	142	2.62%
10	RBC	0.598	157	1.34%	8	1.068	402	2.92%
	Total	44.773	6584	36.512	6782
	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	9.314	679	67.81%	1	4.019	508	52.82%
2	UBS	2.848	14	20.73%	2	2.201	10	28.94%
3	Barclays	1.338	5	9.74%	3	0.978	8	12.86%
4	Nuveen	0.095	44	0.69%	4	0.163	46	2.14%
5	RBS	0.080	1	0.58%	6	0.074	1	0.97%
6	Deutsche Bank	0.060	1	0.44%	7	0.064	1	0.84%
	Total	13.736	744	7.608	577
	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	0.368	53	47.75%	1	0.830	49	59.95%
2	Morgan Stanley	0.135	41	17.47%	4	0.095	20	6.89%
3	Citigroup	0.088	6	11.37%	8	0.003	1	0.22%
4	Goldman Sachs	0.075	2	9.71%	3	0.100	2	7.23%
5	Bank of America	0.057	6	7.42%	5	0.069	5	4.98%
6	Barclays	0.024	1	3.11%	2	0.222	14	16.06%
7	UBS	0.014	4	1.77%	6	0.043	11	3.11%
8	BNP	0.006	5	0.79%
9	Deutsche Bank	0.005	2	0.61%	7	0.022	4	1.56%
	Total	0.772	120	1.384	106
	Average size:	0.006	0.013
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	8.044	215	39.91%	1	6.241	188	42.04%
2	JPMorgan	2.722	574	13.50%	2	1.926	337	12.98%
3	Goldman Sachs	2.641	352	13.10%	3	1.576	275	10.62%
4	UBS	1.832	277	9.09%	4	1.091	196	7.35%
5	Barclays	1.249	243	6.20%	6	0.742	147	5.00%
6	Morgan Stanley	0.925	149	4.59%	5	0.828	132	5.58%
7	Credit Suisse	0.810	226	4.02%	7	0.630	217	4.24%
8	HSBC	0.568	246	2.82%	8	0.587	349	3.95%
9	Citigroup	0.404	105	2.00%	11	0.179	47	1.21%
10	Deutsche Bank	0.338	38	1.67%	10	0.380	53	2.56%
	Total	20.156	2620	14.845	2068
	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	0.155	27	51.85%	1	0.189	39	70.16%
2	Morgan Stanley	0.083	2	27.88%	6	0.002	1	0.74%
3	Deutsche Bank	0.025	2	8.43%
4	HSBC	0.022	12	7.32%	4	0.003	1	1.25%
5	Bank of America	0.011	1	3.77%	3	0.021	3	7.72%
6	Citigroup	0.001	1	0.38%
7	Barclays	0.001	1	0.34%
8	Goldman Sachs	0.000	1	0.03%	2	0.052	19	19.21%
	Total	0.298	47	0.270	64
	Average size:	0.006	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	0.246	13	23.64%	5	0.106	24	7.64%
2	Wells Fargo	0.207	12	19.88%	8	0.061	4	4.45%
3	Morgan Stanley	0.161	13	15.46%	6	0.091	5	6.63%
4	Barclays	0.157	3	15.08%	2	0.222	18	16.10%
5	Citigroup	0.116	18	11.16%	1	0.416	22	30.12%
6	JPMorgan	0.096	17	9.19%	3	0.164	18	11.86%
7	Bank of America	0.018	3	1.70%	12	0.018	4	1.33%
8	Deutsche Bank	0.018	2	1.68%	11	0.032	4	2.30%
9	Jefferies	0.010	1	0.96%
10	RBC	0.005	2	0.49%	7	0.072	7	5.19%
	Total	1.042	86	1.381	128
	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	1.649	1363	29.35%	1	2.555	2042	31.62%
2	JPMorgan	1.363	371	24.27%	3	1.207	396	14.94%
3	Bank of America	0.982	44	17.47%	2	1.462	44	18.10%
4	Morgan Stanley	0.407	97	7.24%	5	0.661	102	8.18%
5	Barclays	0.398	91	7.09%	4	0.878	140	10.86%
6	Goldman Sachs	0.190	27	3.39%	8	0.191	14	2.36%
7	HSBC	0.154	38	2.75%	10	0.145	25	1.80%
8	Citigroup	0.137	35	2.45%	9	0.167	49	2.07%
9	RBC	0.133	43	2.36%	6	0.392	276	4.85%
10	Credit Suisse	0.099	62	1.76%	7	0.281	41	3.48%
	Total	5.618	2192	8.080	3150
	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	3.433	129	8.73%	1	2.029	111	7.39%
2	Stifel	2.032	90	5.17%	2	1.575	80	5.74%
3	Vining	1.881	142	4.78%	9	1.185	85	4.32%
4	Morgan Stanley	1.664	89	4.23%	6	1.264	62	4.60%
5	Hapoalim	1.645	80	4.18%	11	1.000	56	3.64%
6	Jefferies	1.637	62	4.16%	10	1.073	55	3.91%
7	Raymond James	1.550	112	3.94%	7	1.247	92	4.54%
8	Incapital	1.390	121	3.53%	3	1.540	92	5.61%
9	TD	1.330	44	3.38%	25	0.375	3	1.37%
10	BMO	1.306	66	3.32%	15	0.676	49	2.46%
	Total	39.319	1444	27.449	1120
	Average size:	0.027	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	19.47%	1	0.613	18	32.92%
2	Goldman Sachs	0.385	48	18.37%	3	0.237	28	12.70%
3	RBC	0.272	25	12.99%	2	0.377	35	20.26%
4	Bank of America	0.192	14	9.14%	11	0.018	2	0.96%
5	Wells Fargo	0.171	10	8.15%	8	0.064	6	3.43%
6	Morgan Stanley	0.162	9	7.72%	5	0.095	5	5.10%
7	TD	0.125	29	5.98%
8	JPMorgan	0.103	33	4.91%	9	0.048	11	2.57%
9	HSBC	0.099	11	4.73%	10	0.019	4	1.00%
10	Nomura	0.052	6	2.48%	15	0.007	2	0.38%
	Total	2.097	215	1.863	165
	Average size:	0.010	0.011
All structured products, no ETNs, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	4.371	514	14.08%	2	3.673	505	12.71%
2	JPMorgan Chase & Co. 4.221	1028	13.60%	1	3.859	858	13.35%
3	Credit Suisse AG, London Branch 3.598	548	11.60%	3	3.248	408	11.24%
4	Goldman Sachs Group, Inc.	3.327	464	10.72%	5	2.484	378	8.59%
5	Bank of America Corp. 2.930	70	9.44%	10	1.652	58	5.71%
6	HSBC USA Inc.	2.826	510	9.11%	6	2.404	600	8.32%
7	Morgan Stanley	2.198	373	7.08%	9	1.916	294	6.63%
8	Deutsche Bank AG, London Branch	1.963	291	6.33%	7	2.274	319	7.87%
9	UBS AG, London Branch 1.532	1302	4.93%	8	2.055	1920	7.11%
10	Royal Bank of Canada 1.202	255	3.87%	4	2.794	567	9.67%
	Total	31.038	5840	28.904	6205
	Average size:	0.005	0.005
All structured products, no ETNs, by issuer, August
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 0.524	135	18.99%	2	0.489	121	13.24%
2	HSBC USA Inc.	0.419	65	15.20%	7	0.262	85	7.10%
3	Barclays Bank plc	0.255	51	9.25%	1	0.516	56	13.98%
4	Goldman Sachs Group, Inc.	0.239	56	8.66%	4	0.334	53	9.04%
5	Morgan Stanley	0.228	48	8.26%	6	0.278	48	7.53%
6	Credit Suisse AG, London Branch 0.227	52	8.23%	5	0.287	57	7.76%
7	Deutsche Bank AG, London Branch	0.158	24	5.72%	9	0.258	58	7.00%
8	Bank of America Corp. 0.148	8	5.38%	10	0.228	7	6.16%
9	UBS AG, London Branch 0.115	134	4.16%	8	0.260	299	7.03%
10	Wells Fargo & Co.	0.108	11	3.92%	14	0.037	4	0.99%
	Total	2.759	645	3.693	888
	Average size:	0.004	0.004
All structured products, by issuer, year to date
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, Nassau Branch 9.420	699	21.04%	2	4.252	517	11.65%
2	Barclays Bank plc	5.709	519	12.75%	1	4.652	513	12.74%
3	JPMorgan Chase & Co. 4.221	1028	9.43%	3	3.859	858	10.57%
4	Credit Suisse AG, London Branch 3.598	548	8.04%	5	3.248	408	8.90%
5	Goldman Sachs Group, Inc.	3.327	464	7.43%	7	2.484	378	6.80%
6	Bank of America Corp. 2.930	70	6.54%	11	1.652	58	4.52%
7	HSBC USA Inc.	2.826	510	6.31%	8	2.404	600	6.58%
8	UBS AG, London Branch 2.438	1311	5.45%	4	3.355	1927	9.19%
9	Morgan Stanley	2.198	373	4.91%	10	1.916	294	5.25%
10	Deutsche Bank AG, London Branch	2.023	292	4.52%	9	2.338	320	6.40%
	Total	44.773	6584	36.512	6782
	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	26.91%	1	0.419	18	30.26%
2	JPMorgan Chase & Co. 0.161	44	20.81%	2	0.357	24	25.80%
3	Morgan Stanley	0.142	43	18.46%	5	0.095	20	6.89%
4	Citigroup Inc.	0.088	6	11.37%	9	0.003	1	0.22%
5	Goldman Sachs Group, Inc.	0.075	2	9.71%	4	0.100	2	7.23%
6	Bank of America Corp. 0.057	6	7.42%	6	0.058	4	4.19%
7	UBS AG, London Branch 0.023	8	2.96%	7	0.032	9	2.29%
8	Deutsche Bank AG, London Branch	0.012	3	1.57%	3	0.309	27	22.33%
9	Bank of the West	0.006	5	0.79%
	Total	0.772	120	1.384	106
	Average size:	0.006	0.013
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 3.098	370	15.37%	1	2.922	299	19.68%
2	Barclays Bank plc	2.794	290	13.86%	7	1.094	166	7.37%
3	Bank of America Corp. 2.649	50	13.14%	6	1.189	37	8.01%
4	Goldman Sachs Group, Inc.	2.596	380	12.88%	2	1.831	287	12.34%
5	HSBC USA Inc.	2.072	315	10.28%	3	1.680	404	11.32%
6	JPMorgan Chase & Co. 1.846	439	9.16%	5	1.267	279	8.53%
7	Deutsche Bank AG, London Branch	1.504	157	7.46%	8	1.074	120	7.23%
8	Morgan Stanley	1.020	161	5.06%	9	0.822	131	5.54%
9	UBS AG, London Branch 0.609	115	3.02%	10	0.498	99	3.35%
10	Royal Bank of Canada 0.558	94	2.77%	4	1.678	139	11.30%
	Total	20.156	2620	14.845	2068
	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	27.88%	7	0.002	1	0.74%
2	JPMorgan Chase & Co. 0.076	9	25.45%	1	0.118	22	43.66%
3	Goldman Sachs Group, Inc.	0.074	17	24.74%	3	0.061	23	22.66%
4	Deutsche Bank AG, London Branch	0.027	3	8.99%	2	0.065	14	23.97%
5	HSBC USA Inc.	0.022	12	7.32%	6	0.003	1	1.25%
6	Barclays Bank plc	0.012	2	4.10%	5	0.009	2	3.18%
7	Citigroup Inc.	0.004	2	1.50%
	Total	0.298	47	0.270	64
	Average size:	0.006	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.	0.246	13	23.64%	5	0.106	24	7.64%
2	Wells Fargo & Co.	0.207	12	19.88%	8	0.061	4	4.45%
3	Morgan Stanley	0.166	13	15.94%	6	0.091	5	6.63%
4	Barclays Bank plc	0.147	2	14.12%	2	0.168	13	12.19%
5	Citigroup Inc.	0.116	18	11.16%	1	0.416	22	30.12%
6	JPMorgan Chase & Co. 0.081	16	7.75%	3	0.164	18	11.86%
7	Federal Home Loan Banks	0.030	3	2.88%	10	0.045	3	3.26%
8	Bank of America Corp. 0.018	3	1.70%	13	0.015	3	1.09%
9	Deutsche Bank AG, London Branch	0.018	2	1.68%	12	0.032	4	2.30%
10	Royal Bank of Canada 0.005	2	0.49%	7	0.072	7	5.19%
	Total	1.042	86	1.381	128
	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. 1.368	357	24.35%	3	1.313	366	16.25%
2	Barclays Bank plc	0.881	155	15.68%	1	1.700	242	21.04%
3	UBS AG, London Branch 0.820	1093	14.60%	2	1.361	1747	16.84%
4	Royal Bank of Canada 0.476	112	8.47%	4	0.825	369	10.21%
5	HSBC USA Inc.	0.457	72	8.14%	7	0.420	45	5.20%
6	Morgan Stanley	0.403	94	7.17%	5	0.661	102	8.18%
7	Deutsche Bank AG, London Branch	0.306	99	5.44%	6	0.561	120	6.94%
8	Credit Suisse AG, London Branch 0.286	123	5.10%	12	0.165	54	2.04%
9	Bank of America Corp. 0.202	10	3.59%	8	0.344	10	4.25%
10	Goldman Sachs Group, Inc.	0.190	27	3.39%	11	0.203	17	2.52%
	Total	5.618	2192	8.080	3150
	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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