By Emma Trincal
New York, March 3 – For the second month in a row, Goldman Sachs beat Bank of America as the top agent in the structured notes market, according to data compiled by Prospect News for the first two months of the year.
Bank of America has been the leader month after month and year after year. Some attribute Goldman’s fresh lead to what made it lead last month’s league tables as well – an exceptionally big offering, which priced at the end of January.
It was Goldman Sachs Group, Inc.’s $1.07 billion of 13-month 0% leveraged notes linked to a basket of unequally weighted indexes. Those were the Euro Stoxx 50 index, the FTSE 100 index and the Topix index.
A biggie
Goldman Sachs so far this year sold $1.69 billion in 135 deals, or 24.79% of the total volume. Following closely behind by a gap of about $125 million is Bank of America, which priced 67 offerings totaling $1.56 billion, or 22.97% of the total.
Goldman Sachs last year was third, a ranking now held by JPMorgan, moving down one notch from second. Barclays, last year’s No. 5 agent, moved up one notch.
In February, the top agent was Bank of America with $571 million, or 26.97% of the market, while Goldman was third with $265 million, or 12.49% of the total. JPMorgan was between the two with $361 million, or 16.98% of the total.
This suggests that Goldman’s big offering in January was a critical factor behind its year-to-date ranking as the firm lost its momentum last month.
Bank of America last month priced a few sizable deals.
The first one was Bank of America Corp.’s $145.16 million of 14-month leveraged notes linked to the S&P 500 index.
The second was Credit Suisse AG, London Branch’s $83.8 million of two-year capped leveraged notes linked to the S&P 500.
Finally, Bank of America issued $74.28 million of 14-month leveraged notes linked to the Euro Stoxx 50.
Slowdown
Meanwhile, the overall market is showing signs of weakness.
Agents so far this year have priced $6.81 billion, a 22.5% decline from the $8.77 billion sold in the first two months of last year.
The number of deals fell as well to 1,187 from 1,462, a drop of about 19%.
A look at the league tables based on the underlying asset class is relative. Some underlying classes did better than others. Some did pretty poorly.
Commodities issuance for instance is barely surviving. Agents this year priced only $13 million of commodity-linked notes, a 95% decline from $240 million a year ago. The number of deals, which was 42 last year, has dropped to eight.
JPMorgan is the top agent in this category with 71% of the volume.
Foreign exchange issuance has continued to collapse, falling 28% to $31 million from $43 million. JPMorgan is also the lead with 81% of the total.
Equities
The most commonly used asset classes, equity indexes and single stocks, have both registered a decline in volume, which is uncommon, at least for equity indexes, as this asset class is usually growing.
Agents sold $5.67 billion of equity index-linked notes in January and February, a nearly 5% decline from the same period the year before.
In comparison, volume in this asset class grew 42% from the first two months of 2014 to the same period of 2015, according to data compiled by Prospect News.
The top agent in equity indexes this year was Goldman Sachs with $1.64 billion, followed by Bank of America, the traditional leader with $1.46 billion. The narrow gap between the two again seems to indicate that Goldman’s ranking is the result of its giant deal.
Deals were smaller on average with 780 offerings this year versus 621 last year.
Single-stock issuance continued to weaken but at an accelerated pace. Agents sold $374 million in this asset class versus $1.54 billion last year, a 76% decline in notional.
During the same period last year, volume in this asset class had dropped 30% from 2014.
Pricing occurred in fewer deals. Their number dropped by two-thirds to 213 from 572.
JPMorgan took UBS’ slot as top agent, pricing 37 deals amounting to $80 million. UBS is now ranked No. 3. Its decline is due to the strong reduction in the number of deals it priced, falling 72% to 104 from 368.
Rates
Interest rate issuance is also down.
Traditional rate deals amount to only $47 million this year, down by nearly half from last year’s $84 million. Wells Fargo kept is ranking as the top agent.
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, have dropped too.
Those products, however, are not included in the overall totals and are listed separately.
Structured coupon issuance amounted to $6.32 billion versus $11.73 billion, a decline a nearly half.
First Tennessee remains the first agent with $396 million.
Issuers
Credit Suisse remains the top issuer for all products with nearly 30% of the total in 194 deals totaling $2.96 billion.
Goldman Sachs is the No. 1 issuer for equity index products.
Barclays Bank plc is the most commonly used credit for single-stock deals, taking the place of JPMorgan Chase & Co., now second.
JPMorgan is the first name used for the issuance of commodities and currency notes.
Wells Fargo & Co. tops for rate products.
All structured products, no ETNS, by agent, year to date
2015 Comparables
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | Goldman Sachs | 1.687 | 135 | 24.79% | 3 | 1.335 | 107 | 15.23%
|
2 | Bank of America | 1.564 | 67 | 22.97% | 1 | 2.366 | 72 | 26.98%
|
3 | JPMorgan | 1.135 | 277 | 16.67% | 2 | 1.784 | 312 | 20.35%
|
4 | Barclays | 0.457 | 103 | 6.72% | 5 | 0.588 | 91 | 6.71%
|
5 | Morgan Stanley | 0.356 | 71 | 5.23% | 6 | 0.438 | 84 | 4.99%
|
6 | UBS | 0.355 | 168 | 5.21% | 4 | 0.977 | 470 | 11.15%
|
7 | Citigroup | 0.245 | 51 | 3.61% | 9 | 0.232 | 42 | 2.65%
|
8 | Credit Suisse | 0.231 | 101 | 3.39% | 7 | 0.255 | 72 | 2.90%
|
9 | BMO | 0.204 | 40 | 3.00% | 8 | 0.236 | 19 | 2.69%
|
10 | HSBC | 0.184 | 72 | 2.71% | 10 | 0.189 | 99 | 2.15%
|
| Total | 6.807 | 1187 | 8.768 | 1462
|
| Average size: | 0.006 | 0.006
|
|
All structured products, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | Credit Suisse | 3.179 | 288 | 31.58% | 2 | 2.113 | 229 | 19.39%
|
2 | Goldman Sachs | 1.687 | 135 | 16.76% | 4 | 1.335 | 107 | 12.25%
|
3 | Bank of America | 1.564 | 67 | 15.53% | 1 | 2.366 | 72 | 21.71%
|
4 | JPMorgan | 1.135 | 277 | 11.27% | 3 | 1.784 | 312 | 16.37%
|
5 | UBS | 0.655 | 173 | 6.51% | 5 | 1.230 | 472 | 11.29%
|
6 | Barclays | 0.457 | 103 | 4.54% | 6 | 0.588 | 91 | 5.40%
|
7 | Morgan Stanley | 0.356 | 71 | 3.53% | 7 | 0.438 | 84 | 4.01%
|
8 | Citigroup | 0.245 | 51 | 2.44% | 9 | 0.232 | 42 | 2.13%
|
9 | BMO | 0.204 | 40 | 2.03% | 8 | 0.236 | 19 | 2.17%
|
10 | HSBC | 0.184 | 72 | 1.83% | 10 | 0.189 | 99 | 1.73%
|
| Total | 10.067 | 1388 | 10.899 | 1637
|
| Average size: | 0.007 | 0.007
|
|
ETNS, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | Credit Suisse | 2.948 | 187 | 90.46% | 1 | 1.858 | 157 | 87.21%
|
2 | UBS | 0.300 | 5 | 9.20% | 2 | 0.253 | 2 | 11.86%
|
3 | Nuveen | 0.011 | 9 | 0.34% | 3 | 0.020 | 16 | 0.92%
|
| Total | 3.260 | 201 | 2.130 | 175
|
| Average size: | 0.016 | 0.012
|
|
All structured products, no ETNS, by agent, February
|
| | | | | 2015 Comparables
|
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | Bank of America | 0.571 | 26 | 26.87% | 1 | 1.161 | 37 | 31.37%
|
2 | JPMorgan | 0.361 | 107 | 16.98% | 2 | 0.637 | 167 | 17.21%
|
3 | Goldman Sachs | 0.265 | 62 | 12.49% | 4 | 0.278 | 51 | 7.52%
|
4 | Morgan Stanley | 0.191 | 37 | 9.01% | 6 | 0.220 | 36 | 5.96%
|
5 | UBS | 0.149 | 83 | 7.03% | 3 | 0.505 | 218 | 13.66%
|
6 | Barclays | 0.144 | 40 | 6.78% | 5 | 0.271 | 50 | 7.33%
|
7 | Citigroup | 0.098 | 19 | 4.63% | 7 | 0.184 | 29 | 4.97%
|
8 | HSBC | 0.093 | 28 | 4.39% | 10 | 0.107 | 52 | 2.90%
|
9 | Credit Suisse | 0.092 | 38 | 4.34% | 8 | 0.113 | 34 | 3.06%
|
10 | RBC | 0.066 | 21 | 3.10% | 9 | 0.109 | 27 | 2.93%
|
| Total | 2.124 | 494 | 3.700 | 735
|
| Average size: | 0.004 | 0.005
|
|
|
Commodity structured products, no ETNS, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | JPMorgan | 0.009 | 6 | 71.08% | 2 | 0.067 | 18 | 27.91%
|
2 | UBS | 0.003 | 1 | 24.32% | 7 | 0.001 | 1 | 0.28%
|
3 | Morgan Stanley | 0.001 | 1 | 4.60% | 3 | 0.055 | 12 | 22.86%
|
| Total | 0.013 | 8 | 0.240 | 42
|
| 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 | Goldman Sachs | 1.635 | 123 | 28.82% | 3 | 1.166 | 91 | 19.55%
|
2 | Bank of America | 1.455 | 59 | 25.64% | 1 | 2.026 | 55 | 33.97%
|
3 | JPMorgan | 0.929 | 199 | 16.38% | 2 | 1.187 | 137 | 19.90%
|
4 | Barclays | 0.382 | 73 | 6.74% | 5 | 0.369 | 53 | 6.18%
|
5 | Morgan Stanley | 0.261 | 47 | 4.59% | 7 | 0.153 | 33 | 2.57%
|
6 | Citigroup | 0.220 | 38 | 3.87% | 10 | 0.073 | 20 | 1.22%
|
7 | UBS | 0.199 | 34 | 3.51% | 4 | 0.510 | 67 | 8.55%
|
8 | Credit Suisse | 0.184 | 78 | 3.24% | 6 | 0.181 | 49 | 3.03%
|
9 | HSBC | 0.135 | 50 | 2.39% | 8 | 0.131 | 69 | 2.20%
|
10 | Deutsche Bank | 0.075 | 13 | 1.33% | 11 | 0.027 | 6 | 0.45%
|
| Total | 5.673 | 780 | 5.964 | 621
|
| Average size: | 0.007 | 0.010
|
|
Foreign exchange structured products, no ETNS, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | JPMorgan | 0.026 | 2 | 82.08% | 2 | 0.018 | 9 | 41.00%
|
2 | Barclays | 0.006 | 1 | 17.92%
|
| Total | 0.031 | 3 | 0.043 | 12
|
| Average size: | 0.010 | 0.004
|
|
Interest rate structured products, no ETNS, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | Wells Fargo | 0.018 | 2 | 38.10% | 1 | 0.027 | 1 | 32.39%
|
2 | Goldman Sachs | 0.016 | 1 | 33.12% | 7 | 0.003 | 3 | 3.54%
|
3 | Citigroup | 0.011 | 1 | 22.38% | 2 | 0.019 | 3 | 23.14%
|
4 | Incapital | 0.002 | 1 | 4.26%
|
5 | Morgan Stanley | 0.001 | 1 | 2.13% | 5 | 0.007 | 1 | 8.30%
|
| Total | 0.047 | 6 | 0.084 | 13
|
| Average size: | 0.008 | 0.006
|
|
Single stock structured products, no ETNS, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount | No. | Share | Rank Amount | No. | Share
|
1 | JPMorgan | 0.080 | 37 | 21.55% | 2 | 0.382 | 103 | 24.80%
|
2 | Bank of America | 0.073 | 4 | 19.62% | 3 | 0.265 | 10 | 17.18%
|
3 | UBS | 0.060 | 104 | 16.11% | 1 | 0.434 | 368 | 28.14%
|
4 | Barclays | 0.041 | 17 | 10.88% | 4 | 0.128 | 22 | 8.28%
|
5 | Morgan Stanley | 0.030 | 8 | 7.93% | 5 | 0.108 | 21 | 7.02%
|
6 | Credit Suisse | 0.024 | 16 | 5.49% | 10 | 0.015 | 10 | 0.96%
|
7 | RBC | 0.023 | 9 | 6.17% | 7 | 0.053 | 17 | 3.44%
|
8 | HSBC | 0.023 | 7 | 6.08% | 9 | 0.022 | 7 | 1.46%
|
9 | Goldman Sachs | 0.009 | 3 | 2.42% | 6 | 0.092 | 2 | 5.94%
|
10 | Citigroup | 0.009 | 6 | 2.34% | 8 | 0.043 | 12 | 2.78%
|
| Total | 0.374 | 213 | 1.542 | 572
|
| 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 | 0.396 | 16 | 6.26% | 2 | 0.833 | 35 | 7.10%
|
2 | Multi-Bank | 0.390 | 24 | 6.17% | 39 | 0.057 | 5 | 0.48%
|
3 | Guggenheim | 0.258 | 12 | 4.09% | 17 | 0.221 | 18 | 1.88%
|
4 | Vining | 0.230 | 22 | 3.64% | 3 | 0.655 | 40 | 5.58%
|
5 | Finacorp | 0.223 | 14 | 3.53% | 16 | 0.225 | 25 | 1.92%
|
6 | Piper Jaffray | 0.218 | 10 | 3.45% | 14 | 0.237 | 20 | 2.02%
|
7 | Incapital | 0.207 | 15 | 3.27% | 11 | 0.388 | 31 | 3.31%
|
8 | Wells Fargo | 0.171 | 10 | 2.70% | 28 | 0.100 | 2 | 0.85%
|
9 | RBC | 0.150 | 11 | 2.37% | 41 | 0.047 | 7 | 0.40%
|
10 | SunTrust | 0.147 | 14 | 2.33% | 25 | 0.127 | 11 | 1.09%
|
| Total | 6.320 | 236 | 11.730 | 403
|
| Average size: | 0.027 | 0.029
|
|
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 | Wells Fargo | 0.087 | 6 | 38.82%
|
2 | Bank of America | 0.040 | 2 | 17.92% | 11 | 0.010 | 1 | 2.33%
|
3 | RBC | 0.038 | 4 | 17.10% | 5 | 0.034 | 6 | 8.02%
|
4 | Goldman Sachs | 0.024 | 3 | 10.47% | 2 | 0.087 | 10 | 20.31%
|
5 | BMO | 0.010 | 3 | 4.64%
|
6 | TD | 0.010 | 4 | 4.45% | 4 | 0.046 | 7 | 10.77%
|
7 | Citigroup | 0.008 | 2 | 3.56% | 8 | 0.017 | 4 | 3.99%
|
8 | Morgan Stanley | 0.005 | 1 | 2.23% | 12 | 0.006 | 1 | 1.40%
|
9 | HSBC | 0.001 | 1 | 0.60% | 7 | 0.022 | 1 | 5.03%
|
10 | Barclays | 0.001 | 1 | 0.22% | 1 | 0.108 | 4 | 25.11%
|
| Total | 0.225 | 27 | 0.429 | 51
|
| Average size: | 0.008 | 0.008
|
|
All structured products, no ETNs, by issuer, year to date
|
| | | | | 2015 Comparables
|
| Issuer | Amount | No. | Share | Rank Amount | No. | Share
|
1 | Goldman Sachs Group, Inc. | 1.262 | 29 | 18.54% | 1 | 1.383 | 120 | 15.77%
|
2 | Barclays Bank plc | 0.687 | 118 | 10.09% | 3 | 1.358 | 115 | 15.49%
|
3 | Credit Suisse AG, London Branch 0.678 | 144 | 9.96% | 2 | 1.362 | 141 | 15.53%
|
4 | JPMorgan Chase & Co. 0.606 | 196 | 8.90% | 4 | 1.058 | 261 | 12.06%
|
5 | Bank of America Corp. 0.580 | 15 | 8.52% | 6 | 0.693 | 19 | 7.91%
|
6 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 0.449 | 108 | 6.60%
|
7 | HSBC USA Inc. | 0.447 | 94 | 6.56% | 5 | 0.697 | 130 | 7.95%
|
8 | Deutsche Bank AG, London Branch | 0.377 | 39 | 5.54% | 10 | 0.270 | 58 | 3.08%
|
9 | Morgan Stanley | 0.346 | 72 | 5.08% | 7 | 0.454 | 87 | 5.18%
|
10 | Canadian Imperial Bank of Commerce 0.325 | 16 | 4.77%
|
| Total | 6.807 | 1187 | 8.768 | 1462
|
| Average size: | 0.006 | 0.006
|
|
All structured products, by issuer, year to date
|
| | | | | 2015 Comparables
|
| Issuer | Amount | No. | Share | Rank Amount | No. | Share
|
1 | Credit Suisse AG, Nassau Branch 2.960 | 194 | 29.40% | 1 | 1.903 | 163 | 17.46%
|
2 | Goldman Sachs Group, Inc. | 1.262 | 29 | 12.54% | 2 | 1.383 | 120 | 12.69%
|
3 | Barclays Bank plc | 0.687 | 118 | 6.82% | 4 | 1.358 | 115 | 12.46%
|
4 | Credit Suisse AG, London Branch 0.675 | 143 | 6.71% | 3 | 1.362 | 141 | 12.50%
|
5 | JPMorgan Chase & Co. 0.606 | 196 | 6.02% | 5 | 1.058 | 261 | 9.71%
|
6 | Bank of America Corp. 0.580 | 15 | 5.76% | 7 | 0.693 | 19 | 6.36%
|
7 | UBS AG, London Branch 0.505 | 145 | 5.02% | 8 | 0.649 | 349 | 5.96%
|
8 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 0.449 | 108 | 4.46%
|
9 | HSBC USA Inc. | 0.447 | 94 | 4.44% | 6 | 0.697 | 130 | 6.40%
|
10 | Deutsche Bank AG, London Branch | 0.377 | 39 | 3.75% | 11 | 0.270 | 58 | 2.48%
|
| Total | 10.067 | 1388 | 10.899 | 1637
|
| Average size: | 0.007 | 0.007
|
|
Commodity structured products, no ETNS, by issuer, year to date
|
| | | | | 2015 Comparables
|
| Issuer | Amount | No. | Share | Rank Amount | No. | Share
|
1 | JPMorgan Chase & Co. 0.009 | 6 | 71.08% | 3 | 0.050 | 14 | 20.93%
|
2 | UBS AG, London Branch 0.003 | 1 | 24.32% | 6 | 0.010 | 4 | 4.19%
|
3 | Morgan Stanley | 0.001 | 1 | 4.60% | 2 | 0.055 | 12 | 22.86%
|
| Total | 0.013 | 8 | 0.240 | 42
|
| 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 | Goldman Sachs Group, Inc. | 1.238 | 27 | 21.82% | 2 | 1.207 | 99 | 20.23%
|
2 | Credit Suisse AG, London Branch 0.630 | 112 | 10.91% | 1 | 1.253 | 103 | 21.01%
|
3 | Bank of America Corp. 0.572 | 14 | 10.08% | 4 | 0.576 | 13 | 9.66%
|
4 | Barclays Bank plc | 0.538 | 85 | 9.48% | 3 | 1.035 | 57 | 17.35%
|
5 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 0.421 | 98 | 7.41%
|
6 | JPMorgan Chase & Co. 0.413 | 125 | 7.29% | 6 | 0.494 | 109 | 8.28%
|
7 | HSBC USA Inc. | 0.382 | 69 | 6.74% | 5 | 0.519 | 83 | 8.71%
|
8 | Deutsche Bank AG, London Branch | 0.333 | 33 | 5.86% | 10 | 0.114 | 17 | 1.90%
|
9 | Canadian Imperial Bank of Commerce 0.325 | 16 | 5.73%
|
10 | Morgan Stanley | 0.267 | 50 | 4.71% | 8 | 0.193 | 39 | 3.24%
|
| Total | 5.673 | 780 | 5.964 | 621
|
| Average size: | 0.007 | 0.010
|
|
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. 0.026 | 2 | 82.08% | 2 | 0.009 | 3 | 20.96%
|
2 | Barclays Bank plc | 0.006 | 1 | 17.92%
|
| Total | 0.031 | 3 | 0.043 | 12
|
| Average size: | 0.010 | 0.004
|
|
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. | 0.018 | 2 | 38.10% | 1 | 0.027 | 1 | 32.39%
|
2 | Goldman Sachs Group, Inc. | 0.016 | 1 | 33.12% | 6 | 0.003 | 3 | 3.54%
|
3 | Citigroup Inc. | 0.011 | 1 | 22.38% | 3 | 0.019 | 3 | 23.14%
|
4 | Credit Suisse AG, Nassau Branch 0.002 | 1 | 4.26%
|
5 | Morgan Stanley | 0.001 | 1 | 2.13% | 4 | 0.007 | 1 | 8.30%
|
| Total | 0.047 | 6 | 0.084 | 13
|
| Average size: | 0.008 | 0.006
|
|
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 | 0.093 | 18 | 24.82% | 2 | 0.218 | 40 | 14.15%
|
2 | JPMorgan Chase & Co. 0.071 | 33 | 18.95% | 1 | 0.382 | 93 | 24.80%
|
3 | UBS AG, London Branch 0.059 | 103 | 15.67% | 4 | 0.171 | 285 | 11.06%
|
4 | Morgan Stanley | 0.029 | 7 | 7.66% | 6 | 0.105 | 19 | 6.83%
|
5 | Credit Suisse AG, London Branch 0.028 | 20 | 7.46% | 10 | 0.045 | 24 | 2.89%
|
6 | HSBC USA Inc. | 0.024 | 8 | 6.49% | 5 | 0.116 | 20 | 7.52%
|
7 | Royal Bank of Canada 0.023 | 9 | 6.17% | 3 | 0.193 | 46 | 12.55%
|
8 | Deutsche Bank AG, London Branch | 0.019 | 3 | 4.96% | 7 | 0.097 | 30 | 6.30%
|
9 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 0.009 | 3 | 2.42%
|
10 | Citigroup Inc. | 0.009 | 6 | 2.34% | 11 | 0.043 | 12 | 2.78%
|
| Total | 0.374 | 213 | 1.542 | 572
|
| 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 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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