By Emma Trincal
New York, June 3 – Bank of America remains the top agent, but its volume has significantly diminished since last year. Meanwhile overall volume is on the decline.
The market leader priced $3.96 billion as of the end of May, a striking 35% decline from $6.10 billion during the same five first months of last year, according to data compiled by Prospect News.
This drop in notional sales for the market champion has been seen each month this year as sales never made it to the $1 billion mark.
As Bank of America files its deals with the Securities and Exchange Commission late in the month, it is possible that the final number may be higher for May, especially with the Memorial Day weekend. But it is still unlikely to hit the $1 billion mark.
Record low volume
Directly related to Bank of America’s decreased sales is the shrinking overall volume for the year to date, which is at its lowest level since the beginning of the decade.
Sales so far this year are down 28.20% to $15.21 billion from $21.18 billion last year. League tables’ figures do not include exchange-traded notes. They also do not incorporate lightly structured interest-rate products with a structured coupon, such as step-up notes, step-down notes, fixed-to-floating notes and capped floaters, which are listed separately under the “structured coupon” designation.
Volume has declined in part because agents have priced fewer deals. The 18% drop in the number of offerings this year to 3,104 from 3,791 is also notable.
The average deal size is now $5 million instead of $6 million last year.
The declining volume is especially significant when compared to the same period in previous years. In fact it is the worst in the post-financial crisis area. One has to go back to the first five months of 2009 to find a weaker flow at $9 billion.
All other years between January and May showed much more robust flows with the exceptions of 2013 ($16.15 billion) and 2012 ($17 billion). But both of those years were still stronger than this year.
In the first five months of 2010, agents sold $18.80 billion, followed by $20 billion the next year. Sales accounted for $18.27 billion as of May 2014 for that year.
BofA, Goldman top
Bank of America captured this year with 26% of the total volume in 160 offerings.
But Goldman Sachs, the No. 2 agent, gained momentum, capturing a 17.73% market share with $2.70 billion in 330 deals and moving up two notches from a year ago. Those gains can be attributed to Goldman’s 10% increase in sales. They are also partly due to Bank of America’s steep decline.
JPMorgan, which was the second agent last year, dropped to third. Barclays followed, moving up one notch.
For May, Bank of America’s No. 1 ranking is solidly established with nearly 30% of the total volume and 32 offerings totaling $696 million. JPMorgan remains second with $383 million and over 16% of the market shares. It priced 117 deals.
Equity quasi monopoly
Equity has always dominated the structured note market, but in previous years, other asset classes, notably commodities up until 2011 and rates until 2012, offered diversification and support when market turmoil was hampering equity sales. For example, interest-rate notes (excluding structured coupon) represented 12% of the volume in 2009 but only 1% three years later, according to data compiled by Prospect News.
Commodities, which took an 11% market share from 2009 to 2011, now account for not even 1% of the total.
Bank of America is the top agent for commodity-linked notes with $31 million in three deals, or nearly half of the total. Agents only priced 25 deals in this asset class this year for a meager total of $66 million. This number pales in comparison to sales in prior years, such as $2.58 billion in the first five months of 2011 prior to the bear market that hit sales in this asset class.
Equity indexes remained the strong asset class, but volume has decreased by nearly 11% to $12.31 billion.
Bank of America remains No. 1 in this sector with $3.63 billion, or nearly 30% of the total in 137 offerings. Goldman Sachs has gained market share with $2.57 billion, a 35% jump from last year, pushing down one notch JPMorgan.
Bank of America has captured the top slot in single-stock sales for the year to date with $251 million, or 19.70% of the total in 14 deals. Traditionally UBS and on some occasions JPMorgan have held the crown in this asset class.
Bank of America acquired the No. 1 slot in stocks in March and has kept it since then. JPMorgan is now No. 2 and UBS, last year’s top agent, No. 3.
Foreign exchange deals represent only $72 million. JPMorgan commands 62% of this tiny market with $44 million in 14 deals.
Rates
Interest rate issuance is down 85% to $105 million from $696 million for the year.
Wells Fargo is the top agent in this category, moving up two notches from last year and pushing down Goldman Sachs, the former top agent, to No. 3.
Those traditional interest rate deals do not include structured coupons as defined earlier. Structured coupons are not part of the totals in the league tables but are counted separately.
The top agent for structured coupons remains First Tennessee with $1.52 billion. These types of notes represent a total of $22.28 billion, a 23% drop from last year.
Top issuers
The issuers’ league tables show a jump for Bank of America Corp., which took the first slot from fifth last year. Fifty two deals this year totaling $2 billion were brought to market by this issuer
Credit Suisse AG, London Branch is No. 2 with $1.70 billion issued.
All structured products, no ETNs, by agent, year to date
2015 Comparables
| Underwriter | Amount No. | Share | Rank | Amount No. | Share
|
1 | Bank of America 3.958 | 160 | 26.02% | 1 | 6.084 | 179 | 28.73%
|
2 | Goldman Sachs | 2.697 | 330 | 17.73% | 4 | 2.453 | 265 | 11.58%
|
3 | JPMorgan | 2.232 | 681 | 14.68% | 2 | 3.872 | 763 | 18.28%
|
4 | Barclays | 1.075 | 243 | 7.06% | 5 | 1.431 | 251 | 6.75%
|
5 | Credit Suisse | 1.035 | 294 | 6.80% | 7 | 0.700 | 211 | 3.30%
|
6 | Morgan Stanley | 0.841 | 168 | 5.53% | 6 | 1.118 | 209 | 5.28%
|
7 | UBS | 0.773 | 501 | 5.08% | 3 | 2.669 | 1210 | 12.60%
|
8 | HSBC | 0.703 | 213 | 4.62% | 9 | 0.594 | 255 | 2.80%
|
9 | Citigroup | 0.505 | 124 | 3.32% | 8 | 0.657 | 125 | 3.10%
|
10 | RBC | 0.417 | 131 | 2.74% | 10 | 0.433 | 107 | 2.04%
|
| Total | 15.211 | 3104 | 21.180 | 3791
|
| Average size: | 0.005 | 0.006
|
|
All structured products, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount No. | Share | Rank | Amount No. | Share
|
1 | Credit Suisse | 4.337 | 537 | 21.86% | 2 | 5.905 | 598 | 20.78%
|
2 | Bank of America 3.958 | 160 | 19.95% | 1 | 6.084 | 179 | 21.41%
|
3 | Goldman Sachs | 2.697 | 330 | 13.60% | 5 | 2.453 | 265 | 8.63%
|
4 | JPMorgan | 2.232 | 681 | 11.25% | 3 | 3.872 | 763 | 13.63%
|
5 | Barclays | 2.071 | 245 | 10.44% | 6 | 2.370 | 254 | 8.34%
|
6 | UBS | 1.073 | 506 | 5.41% | 4 | 3.622 | 1217 | 12.74%
|
7 | Morgan Stanley | 0.841 | 168 | 4.24% | 7 | 1.118 | 209 | 3.94%
|
8 | HSBC | 0.703 | 213 | 3.54% | 9 | 0.594 | 255 | 2.09%
|
9 | Citigroup | 0.505 | 124 | 2.55% | 8 | 0.657 | 125 | 2.31%
|
10 | RBC | 0.417 | 131 | 2.10% | 10 | 0.433 | 107 | 1.52%
|
| Total | 19.839 | 3373 | 28.417 | 4227
|
| Average size: | 0.006 | 0.007
|
|
ETNs, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount No. | Share | Rank | Amount No. | Share
|
1 | Credit Suisse | 3.302 | 243 | 71.35% | 1 | 5.205 | 387 | 71.93%
|
2 | Barclays | 0.997 | 2 | 21.54% | 3 | 0.939 | 3 | 12.98%
|
3 | UBS | 0.300 | 5 | 6.48% | 2 | 0.953 | 7 | 13.16%
|
4 | Nuveen | 0.029 | 19 | 0.63% | 5 | 0.060 | 38 | 0.83%
|
| Total | 4.628 | 269 | 7.237 | 436
|
| Average size: | 0.017 | 0.017
|
|
All structured products, no ETNs, by agent, May
|
| | | | | 2015 Comparables
|
| Underwriter | Amount No. | Share | Rank | Amount No. | Share
|
1 | Bank of America 0.696 | 32 | 29.55% | 1 | 1.378 | 41 | 32.29%
|
2 | JPMorgan | 0.383 | 117 | 16.25% | 2 | 0.700 | 152 | 16.41%
|
3 | Goldman Sachs | 0.324 | 49 | 13.76% | 6 | 0.275 | 56 | 6.44%
|
4 | HSBC | 0.217 | 47 | 9.21% | 9 | 0.085 | 38 | 2.00%
|
5 | Barclays | 0.150 | 41 | 6.35% | 4 | 0.375 | 57 | 8.78%
|
6 | Credit Suisse | 0.140 | 46 | 5.96% | 7 | 0.194 | 53 | 4.54%
|
7 | Morgan Stanley | 0.137 | 27 | 5.82% | 5 | 0.311 | 50 | 7.30%
|
8 | UBS | 0.131 | 107 | 5.57% | 3 | 0.543 | 242 | 12.73%
|
9 | RBC | 0.047 | 22 | 1.99% | 13 | 0.047 | 14 | 1.11%
|
10 | Citigroup | 0.045 | 16 | 1.92% | 8 | 0.114 | 27 | 2.67%
|
| Total | 2.356 | 530 | 4.266 | 776
|
| 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 | Bank of America 0.031 | 3 | 47.28% | 5 | 0.032 | 4 | 5.74%
|
2 | JPMorgan | 0.016 | 13 | 24.28% | 1 | 0.249 | 36 | 44.64%
|
3 | Citigroup | 0.009 | 2 | 13.75% | 3 | 0.087 | 5 | 15.60%
|
4 | UBS | 0.003 | 2 | 5.22% | 8 | 0.005 | 2 | 0.84%
|
5 | Goldman Sachs | 0.002 | 2 | 3.64% | 4 | 0.075 | 2 | 13.41%
|
6 | Morgan Stanley | 0.002 | 2 | 3.45% | 2 | 0.100 | 29 | 17.85%
|
7 | TD | 0.002 | 1 | 2.38%
|
| Total | 0.066 | 25 | 0.559 | 85
|
| Average size: | 0.003 | 0.007
|
|
Equity index structured products, no ETNs, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount No. | Share | Rank | Amount No. | Share
|
1 | Bank of America 3.631 | 137 | 29.50% | 1 | 5.269 | 136 | 38.25%
|
2 | Goldman Sachs | 2.568 | 293 | 20.87% | 3 | 1.906 | 220 | 13.84%
|
3 | JPMorgan | 1.739 | 479 | 14.13% | 2 | 2.065 | 344 | 14.99%
|
4 | Barclays | 0.830 | 158 | 6.75% | 5 | 0.861 | 148 | 6.25%
|
5 | Credit Suisse | 0.785 | 199 | 6.38% | 6 | 0.547 | 145 | 3.97%
|
6 | Morgan Stanley | 0.600 | 112 | 4.88% | 8 | 0.376 | 81 | 2.73%
|
7 | HSBC | 0.563 | 148 | 4.58% | 7 | 0.388 | 159 | 2.82%
|
8 | UBS | 0.421 | 81 | 3.42% | 4 | 1.372 | 188 | 9.96%
|
9 | Citigroup | 0.404 | 81 | 3.28% | 9 | 0.285 | 64 | 2.07%
|
10 | Wells Fargo | 0.332 | 51 | 2.70% | 13 | 0.056 | 10 | 0.41%
|
| Total | 12.308 | 1890 | 13.774 | 1645
|
| Average size: | 0.007 | 0.008
|
|
Foreign exchange structured products, no ETNs, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount No. | Share | Rank | Amount No. | Share
|
1 | JPMorgan | 0.044 | 14 | 61.67% | 1 | 0.082 | 22 | 58.22%
|
2 | Morgan Stanley | 0.019 | 2 | 26.93%
|
3 | Barclays | 0.007 | 2 | 9.23% | 6 | 0.001 | 1 | 0.71%
|
4 | Goldman Sachs | 0.002 | 1 | 2.18% | 7 | 0.000 | 1 | 0.07%
|
| Total | 0.072 | 19 | 0.140 | 38
|
| Average size: | 0.004 | 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 | 0.042 | 4 | 39.67% | 3 | 0.125 | 6 | 17.98%
|
2 | Morgan Stanley | 0.016 | 2 | 15.21% | 5 | 0.074 | 6 | 10.63%
|
3 | Goldman Sachs | 0.016 | 1 | 14.77% | 1 | 0.200 | 9 | 28.69%
|
4 | Incapital | 0.012 | 3 | 11.72%
|
5 | Citigroup | 0.011 | 1 | 9.98% | 4 | 0.076 | 11 | 10.95%
|
6 | RBC | 0.004 | 2 | 3.98% | 12 | 0.001 | 1 | 0.14%
|
7 | Deutsche Bank | 0.002 | 1 | 2.00% | 9 | 0.007 | 1 | 1.08%
|
8 | JPMorgan | 0.002 | 1 | 1.53% | 6 | 0.030 | 7 | 4.34%
|
9 | Barclays | 0.001 | 1 | 1.14% | 2 | 0.152 | 2 | 21.86%
|
| Total | 0.105 | 16 | 0.696 | 48
|
| Average size: | 0.007 | 0.015
|
|
Single stock structured products, no ETNs, by agent, year to date
|
| | | | | 2015 Comparables
|
| Underwriter | Amount No. | Share | Rank | Amount No. | Share
|
1 | Bank of America 0.251 | 14 | 19.70% | 3 | 0.652 | 27 | 16.79%
|
2 | JPMorgan | 0.222 | 96 | 17.47% | 2 | 0.959 | 252 | 24.70%
|
3 | UBS | 0.220 | 357 | 17.30% | 1 | 1.136 | 936 | 29.28%
|
4 | Barclays | 0.137 | 48 | 10.77% | 5 | 0.279 | 68 | 7.20%
|
5 | Credit Suisse | 0.108 | 52 | 8.46% | 10 | 0.067 | 36 | 1.72%
|
6 | RBC | 0.093 | 33 | 7.28% | 9 | 0.079 | 25 | 2.03%
|
7 | Morgan Stanley | 0.084 | 22 | 6.60% | 4 | 0.304 | 57 | 7.84%
|
8 | HSBC | 0.065 | 20 | 5.13% | 8 | 0.093 | 19 | 2.41%
|
9 | Goldman Sachs | 0.056 | 19 | 4.39% | 6 | 0.169 | 16 | 4.36%
|
10 | Citigroup | 0.028 | 16 | 2.23% | 7 | 0.120 | 28 | 3.08%
|
| Total | 1.272 | 682 | 3.881 | 1478
|
| 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 | 1.524 | 71 | 6.84% | 1 | 2.182 | 91 | 7.54%
|
2 | Multi-Bank | 1.079 | 67 | 4.85% | 28 | 0.313 | 23 | 1.08%
|
3 | Piper Jaffray | 0.900 | 39 | 4.04% | 14 | 0.726 | 53 | 2.51%
|
4 | Stifel | 0.775 | 50 | 3.48% | 2 | 1.671 | 67 | 5.77%
|
5 | Incapital | 0.758 | 49 | 3.40% | 9 | 0.996 | 85 | 3.44%
|
6 | Finacorp | 0.745 | 43 | 3.34% | 15 | 0.703 | 63 | 2.43%
|
7 | Citigroup | 0.699 | 17 | 3.14% | 46 | 0.090 | 14 | 0.31%
|
8 | Vining | 0.681 | 67 | 3.06% | 4 | 1.434 | 101 | 4.95%
|
9 | RBC | 0.667 | 49 | 2.99% | 12 | 0.758 | 36 | 2.62%
|
10 | Jefferies 0.637 | 33 | 2.86% | 3 | 1.457 | 47 | 5.03%
|
| Total | 22.277 | 905 | 28.944 | 1023
|
| Average size: | 0.025 | 0.028
|
|
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 | 0.200 | 15 | 19.40% | 4 | 0.151 | 8 | 9.34%
|
2 | Goldman Sachs | 0.167 | 20 | 16.24% | 2 | 0.265 | 29 | 16.39%
|
3 | Morgan Stanley | 0.112 | 5 | 10.84% | 9 | 0.041 | 3 | 2.54%
|
4 | Barclays | 0.092 | 4 | 8.97% | 1 | 0.408 | 7 | 25.28%
|
5 | Bank of America 0.092 | 8 | 8.88% | 6 | 0.103 | 5 | 6.41%
|
6 | JPMorgan | 0.091 | 18 | 8.84% | 8 | 0.078 | 18 | 4.83%
|
7 | RBC | 0.067 | 9 | 6.52% | 3 | 0.224 | 20 | 13.86%
|
8 | Citigroup | 0.059 | 9 | 5.67% | 11 | 0.035 | 8 | 2.14%
|
9 | Jefferies 0.050 | 1 | 4.85%
|
10 | BMO | 0.047 | 8 | 4.53% | 18 | 0.001 | 1 | 0.06%
|
| Total | 1.031 | 110 | 1.616 | 141
|
| Average size: | 0.009 | 0.011
|
|
All structured products, no ETNs, by issuer, year to date
|
| | | | | 2015 Comparables
|
| Issuer | Amount No. | Share | Rank | Amount No. | Share
|
1 | Bank of America Corp. | 2.001 | 52 | 13.16% | 5 | 2.247 | 46 | 10.61%
|
2 | Credit Suisse AG, London Branch | 1.696 | 365 | 11.15% | 4 | 2.276 | 338 | 10.75%
|
3 | Barclays Bank plc | 1.503 | 277 | 9.88% | 1 | 2.970 | 330 | 14.02%
|
4 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 1.456 | 303 | 9.57%
|
5 | Goldman Sachs Group, Inc. | 1.266 | 30 | 8.32% | 3 | 2.534 | 297 | 11.96%
|
6 | JPMorgan Chase & Co. | 1.083 | 368 | 7.12% | 2 | 2.869 | 652 | 13.55%
|
7 | HSBC USA Inc. | 1.078 | 247 | 7.09% | 6 | 1.870 | 340 | 8.83%
|
8 | Morgan Stanley | 0.603 | 116 | 3.96% | 8 | 1.216 | 221 | 5.74%
|
9 | UBS AG, London Branch | 0.576 | 458 | 3.79% | 9 | 1.067 | 888 | 5.04%
|
10 | Canadian Imperial Bank of Commerce | 0.546 | 28 | 3.59% | 22 | 0.007 | 9 | 0.03%
|
| Total | 15.211 | 3104 | 21.180 | 3791
|
| Average size: | 0.005 | 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 | 3.329 | 256 | 16.78% | 1 | 5.295 | 398 | 18.63%
|
2 | Barclays Bank plc | 2.500 | 279 | 12.60% | 2 | 3.909 | 333 | 13.76%
|
3 | Bank of America Corp. | 2.001 | 52 | 10.09% | 6 | 2.247 | 46 | 7.91%
|
4 | Credit Suisse AG, London Branch | 1.696 | 365 | 8.55% | 5 | 2.276 | 338 | 8.01%
|
5 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 1.456 | 303 | 7.34%
|
6 | Goldman Sachs Group, Inc. | 1.266 | 30 | 6.38% | 4 | 2.534 | 297 | 8.92%
|
7 | JPMorgan Chase & Co. | 1.083 | 368 | 5.46% | 3 | 2.869 | 652 | 10.10%
|
8 | HSBC USA Inc. | 1.078 | 247 | 5.43% | 7 | 1.870 | 340 | 6.58%
|
9 | UBS AG, London Branch | 0.876 | 463 | 4.42% | 8 | 1.639 | 894 | 5.77%
|
10 | Morgan Stanley | 0.603 | 116 | 3.04% | 10 | 1.216 | 221 | 4.28%
|
| Total | 19.839 | 3373 | 28.417 | 4227
|
| Average size: | 0.006 | 0.007
|
|
Commodity structured products, no ETNs, by issuer, year to date
|
| | | | | 2015 Comparables
|
| Issuer | Amount No. | Share | Rank | Amount No. | Share
|
1 | Bank of America Corp. | 0.031 | 3 | 47.28% | 6 | 0.032 | 4 | 5.74%
|
2 | JPMorgan Chase & Co. | 0.016 | 12 | 23.86% | 1 | 0.121 | 31 | 21.74%
|
3 | Citigroup Global Markets Holdings Inc. | 0.009 | 2 | 13.75%
|
4 | UBS AG, London Branch | 0.004 | 3 | 5.64% | 8 | 0.010 | 4 | 1.80%
|
5 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 0.002 | 2 | 3.64%
|
6 | Morgan Stanley | 0.002 | 2 | 3.45% | 3 | 0.104 | 30 | 18.56%
|
7 | Toronto-Dominion Bank | 0.002 | 1 | 2.38%
|
| Total | 0.066 | 25 | 0.559 | 85
|
| Average size: | 0.003 | 0.007
|
|
Equity index structured products, no ETNs, by issuer, year to date
|
| | | | | 2015 Comparables
|
| Issuer | Amount No. | Share | Rank | Amount No. | Share
|
1 | Bank of America Corp. | 1.900 | 43 | 15.44% | 1 | 2.051 | 35 | 14.89%
|
2 | Credit Suisse AG, London Branch | 1.424 | 253 | 11.57% | 2 | 2.006 | 232 | 14.56%
|
3 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 1.355 | 269 | 11.01%
|
4 | Goldman Sachs Group, Inc. | 1.238 | 27 | 10.06% | 3 | 1.970 | 238 | 14.30%
|
5 | Barclays Bank plc | 1.121 | 182 | 9.10% | 4 | 1.922 | 174 | 13.96%
|
6 | HSBC USA Inc. | 0.917 | 178 | 7.45% | 5 | 1.384 | 207 | 10.05%
|
7 | JPMorgan Chase & Co. | 0.761 | 238 | 6.18% | 6 | 1.275 | 272 | 9.26%
|
8 | Canadian Imperial Bank of Commerce | 0.515 | 26 | 4.19%
|
9 | Morgan Stanley | 0.435 | 81 | 3.54% | 8 | 0.478 | 94 | 3.47%
|
10 | Deutsche Bank AG, London Branch | 0.363 | 46 | 2.95% | 7 | 1.115 | 101 | 8.10%
|
| Total | 12.308 | 1890 | 13.774 | 1645
|
| Average size: | 0.007 | 0.008
|
|
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. | 0.032 | 9 | 44.06% | 1 | 0.059 | 6 | 42.08%
|
2 | Morgan Stanley | 0.019 | 2 | 26.93%
|
3 | JPMorgan Chase Financial Co. LLC | 0.008 | 3 | 10.46%
|
4 | Barclays Bank plc | 0.007 | 2 | 9.23% | 5 | 0.012 | 2 | 8.74%
|
5 | Deutsche Bank AG, London Branch | 0.005 | 2 | 7.14% | 2 | 0.027 | 3 | 19.15%
|
6 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 0.002 | 1 | 2.18%
|
| Total | 0.072 | 19 | 0.140 | 38
|
| Average size: | 0.004 | 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. | 0.042 | 4 | 39.67% | 3 | 0.125 | 6 | 17.98%
|
2 | Morgan Stanley | 0.016 | 2 | 15.21% | 4 | 0.089 | 7 | 12.79%
|
3 | Goldman Sachs Group, Inc. | 0.016 | 1 | 14.77% | 1 | 0.200 | 9 | 28.69%
|
4 | Credit Suisse AG, Nassau Branch | 0.012 | 3 | 11.72%
|
5 | Citigroup Inc. | 0.011 | 1 | 9.98% | 5 | 0.076 | 11 | 10.95%
|
6 | Royal Bank of Canada | 0.004 | 2 | 3.98% | 12 | 0.001 | 1 | 0.14%
|
7 | Deutsche Bank AG, London Branch | 0.002 | 1 | 2.00% | 9 | 0.007 | 1 | 1.08%
|
8 | JPMorgan Chase Bank, NA | 0.002 | 1 | 1.53%
|
9 | Barclays Bank plc | 0.001 | 1 | 1.14% | 2 | 0.142 | 1 | 20.42%
|
| Total | 0.105 | 16 | 0.696 | 48
|
| Average size: | 0.007 | 0.015
|
|
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 | 0.243 | 53 | 19.11% | 2 | 0.555 | 110 | 14.31%
|
2 | UBS AG, London Branch | 0.210 | 351 | 16.54% | 3 | 0.539 | 751 | 13.88%
|
3 | Credit Suisse AG, London Branch | 0.126 | 59 | 9.93% | 8 | 0.178 | 74 | 4.58%
|
4 | JPMorgan Chase & Co. | 0.117 | 61 | 9.20% | 1 | 0.978 | 242 | 25.19%
|
5 | Royal Bank of Canada | 0.093 | 33 | 7.28% | 4 | 0.379 | 75 | 9.76%
|
6 | JPMorgan Chase Financial Co. LLC | 0.080 | 28 | 6.25%
|
7 | HSBC USA Inc. | 0.073 | 22 | 5.71% | 6 | 0.258 | 42 | 6.66%
|
8 | Bank of America Corp. | 0.068 | 5 | 5.34% | 10 | 0.147 | 4 | 3.79%
|
9 | GS Finance Corp. (Goldman Sachs Group, Inc.) | 0.056 | 19 | 4.39%
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10 | Morgan Stanley | 0.044 | 10 | 3.47% | 5 | 0.301 | 55 | 7.77%
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| Total | 1.272 | 682 | 3.881 | 1478
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| Average size: | 0.002 | 0.003
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Prospect News Structured Products Rankings
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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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