Lehman takes top spot as structured products underwriter year to date

• Structured products offerings total $6.19 billion year to date

By Sheri Kasprzak

New York, Feb. 28 - Lehman Brothers Holdings Inc. took over as the number one structured products underwriter, pushing Morgan Stanley out of the top spot.

For the year to date, Lehman has sold $977 million in products with 39 offerings, making up 15.78% of the market share. Morgan Stanley fell behind to the number two spot with $924 million in 32 offerings.

For February, however, Lehman took up the second spot, falling behind Citigroup Funding Inc., which sold $430 million in structured products offerings. Lehman issued $417 million in offerings for the month.

Barclays Bank plc rounded out the top three for underwriters year to date and claimed the number one position for equity index structured products year to date with $709 million in offerings.

Year to date, all structured products

	Underwriter	Amount	No.	Share
1	Lehman	0.977	39	15.78%
2	Morgan Stanley	0.924	32	14.93%
3	Barclays	0.725	109	11.72%
4	Merrill Lynch	0.649	15	10.48%
5	JPMorgan	0.594	98	9.59%
6	Citigroup	0.571	22	9.23%
7	Goldman Sachs	0.537	19	8.67%
8	UBS	0.374	37	6.05%
9	Banc of America	0.220	10	3.55%
10	Deutsche Bank	0.151	27	2.43%
	Total	6.190	565
	Average size:	0.011
Year to date, all structured products, excluding interest rates
	Underwriter	Amount	No.	Share
1	Morgan Stanley	0.859	30	15.55%
2	Barclays	0.724	108	13.10%
3	Merrill Lynch	0.636	14	11.51%
4	JPMorgan	0.594	98	10.74%
5	Lehman	0.579	27	10.47%
6	Goldman Sachs	0.537	19	9.72%
7	Citigroup	0.534	19	9.66%
8	UBS	0.329	34	5.96%
9	Banc of America	0.220	10	3.97%
10	Deutsche Bank	0.106	22	1.91%
	Total	5.525	536
	Average size:	0.010
Year to date, stock, equity index structured products
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.709	99	16.66%	7	0.084	22	1.65%
2	Morgan Stanley	0.658	22	15.46%	2	1.002	31	19.82%
3	JPMorgan	0.489	88	11.49%	10	0.032	11	0.63%
4	Merrill Lynch	0.456	8	10.73%	4	0.293	2	5.80%
5	Lehman	0.412	14	9.68%	6	0.219	8	4.34%
6	Citigroup	0.398	10	9.35%	5	0.271	10	5.36%
7	UBS	0.268	26	6.29%	1	2.428	10	48.00%
8	Goldman Sachs	0.250	7	5.87%	3	0.546	16	10.80%
9	Banc of America	0.197	7	4.63%	9	0.040	1	0.79%
10	Wachovia	0.084	6	1.96%	8	0.069	9	1.36%
	Total	4.254	447	5.058	147
	Average size:	0.010	0.034
February, all structured products
	Underwriter	Amount	No.	Share
1	Citigroup	0.430	18	15.53%
2	Lehman	0.417	20	15.06%
3	Goldman Sachs	0.315	7	11.39%
4	Morgan Stanley	0.287	15	10.35%
5	Merrill Lynch	0.253	5	9.12%
6	JPMorgan	0.241	51	8.69%
7	UBS	0.207	21	7.48%
8	Banc of America	0.188	7	6.78%
9	Barclays	0.117	57	4.23%
10	RBC	0.086	18	3.13%
	Total	2.767	278
	Average size:	0.010
February, all structured products, excluding interest rates
	Underwriter	Amount	No.	Share
1	Citigroup	0.407	16	16.00%
2	Lehman	0.345	15	13.55%
3	Goldman Sachs	0.315	7	12.39%
4	Merrill Lynch	0.253	5	9.93%
5	JPMorgan	0.241	51	9.45%
6	Morgan Stanley	0.232	14	9.10%
7	UBS	0.204	20	8.00%
8	Banc of America	0.188	7	7.38%
9	Barclays	0.117	57	4.60%
10	Wachovia	0.050	2	1.98%
	Total	2.544	264
	Average size:	0.010
February, stock, equity index structured products
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lehman	0.327	9	16.06%	5	0.155	5	4.06%
2	Citigroup	0.271	7	13.30%	6	0.130	5	3.41%
3	Merrill Lynch	0.240	3	11.79%	4	0.218	1	5.70%
4	JPMorgan	0.232	45	11.39%	9	0.026	7	0.67%
5	Morgan Stanley	0.215	11	10.53%	2	0.503	19	13.16%
6	Banc of America	0.174	5	8.57%
7	UBS	0.162	15	7.96%	1	2.359	7	61.70%
8	Goldman Sachs	0.129	3	6.33%	3	0.290	7	7.58%
9	Barclays	0.106	52	5.21%	7	0.053	13	1.39%
10	Wachovia	0.050	2	2.48%	8	0.047	6	1.24%
	Total	2.037	217	3.823	89
	Average size:	0.009	0.043
Prospect News Structured Products Manager Rankings

Criteria

• The tables include all dollar-denominated offerings sold in the United States as public or Rule 144A 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. For interest rate deals, callables with no further structure are excluded.

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