Merrill Lynch knocks Morgan Stanley off perch as top underwriter year to date

• Structured products issuance totals $14.37 billion year to date

• Morgan Stanley top underwriter for April

• Structured products issuance totals $3.15 billion in April

By Sheri Kasprzak

New York, April 30 - Merrill Lynch overtook Morgan Stanley as the top underwriter of structured products for the year so far through April 30.

Merrill Lynch so far this year has conducted $2.271 billion in 44 offerings, making up 15.8% of the market share.

For March, Merrill was number two among underwriters of structured products with $1.385 billion in sales with 27 offerings.

Morgan Stanley was pushed out of the top spot in February by Lehman Brothers Holdings Inc. but regained its position for March.

In April, Morgan Stanley took the number-two position, with $2.187 billion from 92 deals year to date.

Barclays Bank plc rounded out the top three, occupying the spot held by Lehman in March. Barclays conducted $1.612 billion in 250 structured products offerings.

For April, Morgan Stanley was the lead underwriter with $599 million in offerings, making up 19.02% of the market share. Merrill followed in second place with $487 million in just eight offerings in April with 15.46% of the market share.

Citigroup, which had not until March appeared on the top 10 list of underwriters, conducted $467 million in April in just eight deals, making up 14.84% of the market share.

In April, $3.147 billion in structured products offerings were sold.

Year to date, all structured products

	Underwriter	Amount	No.	Share
1	Merrill Lynch	2.271	44	15.80%
2	Morgan Stanley	2.187	92	15.21%
3	Barclays	1.612	250	11.22%
4	Lehman	1.552	86	10.80%
5	Goldman Sachs	1.426	49	9.92%
6	Citigroup	1.370	39	9.53%
7	JPMorgan	1.322	247	9.19%
8	UBS	1.109	87	7.71%
9	Banc of America	0.327	19	2.28%
10	ABN	0.233	115	1.62%
	Total	14.374	1382
	Average size:	0.010
Year to date, all structured products, excluding interest rates
	Underwriter	Amount	No.	Share
1	Merrill Lynch	2.144	39	16.21%
2	Morgan Stanley	2.046	86	15.46%
3	Barclays	1.611	249	12.17%
4	Goldman Sachs	1.426	49	10.77%
5	JPMorgan	1.322	247	9.99%
6	Citigroup	1.291	33	9.75%
7	UBS	1.025	79	7.75%
8	Lehman	1.008	61	7.62%
9	Banc of America	0.319	18	2.41%
10	ABN	0.233	115	1.76%
	Total	13.231	1317
	Average size:	0.010
Year to date, stock, equity index structured products
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.714	71	15.52%	2	1.628	49	20.39%
2	Merrill Lynch	1.601	22	14.50%	4	0.768	11	9.62%
3	Barclays	1.561	230	14.14%	7	0.163	55	2.04%
4	JPMorgan	1.192	225	10.80%	10	0.110	23	1.38%
5	Citigroup	1.072	21	9.71%	5	0.656	23	8.22%
6	Goldman Sachs	1.044	28	9.46%	3	0.927	30	11.60%
7	UBS	0.855	65	7.75%	1	2.793	25	34.98%
8	Lehman	0.813	40	7.36%	6	0.496	17	6.21%
9	Banc of America	0.275	12	2.50%	8	0.137	6	1.71%
10	ABN	0.233	115	2.11%	20	0.004	1	0.05%
	Total	11.040	1147	7.985	339
	Average size:	0.010	0.024
April, all structured products
	Underwriter	Amount	No.	Share
1	Morgan Stanley	0.599	28	19.02%
2	Merrill Lynch	0.487	8	15.46%
3	Citigroup	0.467	8	14.84%
4	JPMorgan	0.352	72	11.19%
5	UBS	0.298	24	9.46%
6	Lehman	0.272	20	8.65%
7	Barclays	0.203	56	6.44%
8	Goldman Sachs	0.182	12	5.80%
9	ABN	0.075	36	2.40%
10	Banc of America	0.060	4	1.92%
	Total	3.147	311
	Average size:	0.010
April, all structured products, excluding interest rates
	Underwriter	Amount	No.	Share
1	Barclays	0.651	67	27.20%
2	Citigroup	0.332	9	13.87%
3	UBS	0.313	24	13.07%
4	JPMorgan	0.273	65	11.42%
5	Lehman	0.179	23	7.47%
6	Morgan Stanley	0.177	16	7.41%
7	Merrill Lynch	0.135	7	5.65%
8	Goldman Sachs	0.078	8	3.24%
9	ABN	0.076	31	3.17%
10	Deutsche Bank	0.055	8	2.29%
	Total	2.394	334
	Average size:	0.007
April, stock, equity index structured products
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.636	62	34.49%	9	0.031	14	2.63%
2	Citigroup	0.284	7	15.40%	3	0.145	7	12.48%
3	JPMorgan	0.267	60	14.47%	8	0.035	6	3.03%
4	UBS	0.215	17	11.67%	5	0.085	6	7.30%
5	Lehman	0.120	14	6.53%	4	0.103	2	8.87%
6	Morgan Stanley	0.077	11	4.18%	1	0.305	9	26.28%
7	ABN	0.076	31	4.12%
8	Goldman Sachs	0.060	4	3.25%	2	0.276	8	23.76%
9	RBC	0.041	35	2.20%	17	0.003	2	0.26%
10	Banc of America	0.026	2	1.39%	7	0.047	2	4.04%
	Total	1.844	282	1.162	92
	Average size:	0.007	0.013
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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