Structured products issuance volume tops $560 million for week, led by reverse convertibles

By Susanna Moon

Chicago, Sept. 26 – Structured products issuance volume was $560 million in 153 deals for the week of Sept. 16, led by reverse convertibles. The tally is down from $577 million in 189 deals for the previous week, according to data compiled by Prospect News.

While the week’s tally is less than the prior week, not all deals in the most recent week have likely been filed with the Securities and Exchange Commission, meaning totals are likely to increase as more deals are reported.

Meanwhile, the total volume recorded for the month from Sept. 1 to Sept. 21 was $1,502,000,000 in 459 deals, according to data compiled by Prospect News.

That compares with monthly totals of $2,049,000,000 in 540 deals for the previous month from Aug. 1 to Aug. 21, or a drop of 26.7%.

For the same period a year ago, issuance was $1,506,000,000 in 437 deals.

Excluding deals for exchange-traded notes, JPMorgan was the top bookrunner with $129 million, or 23.0% of the total in 17 deals.

As for issuers, the No. 1 bank was Barclays Bank plc with 11 deals for $113 million, or 20.8% of the total. The totals compare with $42 million, or 15 deals, for 7.3% of the volume in the prior period.

The type of deals was dominated by reverse convertibles, which accounted for about 45% of the new issues reported.

All reverse convertibles represented 85 deals for $123 million, or 24.0% of the total. That is down 54.3% compared to the 123 deals for $270 million, or 46.8% of the total, in the prior period.

Callable reverse convertible made up $108 million, or 21.1% of the total, in 73 deals, compared to $269 million in 21 deals in the prior period.

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