Analysis of structured products issuance for 12 months through December 2009

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Issuer

	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
AB Svensk ExportKredit	0.318	0.168	0.276	0	0.053	0.066	0.051	0.091	0.047	0.082	0.104	0.105
ABN Amro Bank NV	0.036	0.007	0.001	0.012	0.016	0.008	0.016	0.013	0.019	0.016	0.013	0.015
BNP Paribas	0	0	0	0	0	0	0	0	0	0	0.010	0
Bank Hapoalim	0	0	0.020	0	0	0	0	0	0	0	0	0
Bank of America Corp.	0.325	0.192	0.144	0.063	0.370	0.356	0.363	0.529	0.769	0.584	0.417	0.387
Barclays Bank plc	1.682	2.683	0.188	0.274	0.426	1.129	1.271	0.966	0.766	0.632	2.591	0.397
Citigroup Funding Inc.	0.037	0.053	0.077	0.085	0.143	0.138	0.140	0.149	0.117	0.123	0.150	0.116
Credit Suisse, Nassau Branch	0.016	0.051	0.081	0.197	0.186	0.269	0.174	0.198	0.097	0.056	0.037	0.119
Deutsche Bank AG, London Branch	0.020	0.084	0.090	0.074	0.225	0.122	0.570	0.150	0.050	0.089	0.093	0.044
Eksportfinans ASA	0.018	0.151	0.059	0.019	0.281	0.098	0.052	0.089	0.258	0.205	0.119	0.072
Fannie Mae	0	0	0	0	0	0.025	0	0	0	0	0	0
Federal Home Loan Banks	0	0.065	0.010	0	0.075	0.195	0.122	0.124	0.110	0.160	0.070	0.091
Freddie Mac	0	0	0.010	0.010	0.075	0.025	0	0	0	0	0.025	0
Goldman Sachs Group, Inc.	0.129	0.033	0.113	0.057	0.449	0.143	0.141	0.059	0.141	0.309	0.640	0.134
HSBC Bank USA, NA	0	0.003	0	0	0.028	0.031	0.033	0.012	0.052	0.011	0	0.031
HSBC USA Inc.	0.139	0.155	0.062	0.099	0.160	0.136	0.230	0.203	0.169	0.137	0.106	0.060
Harris, NA	0	0	0.013	0.009	0	0	0	0	0	0	0	0
Inter-American Development Bank	0	0	0	0	0	0	0	0	0.025	0	0	0
International Bank for Reconstruction and Development	0	0	0	0	0	0	0.035	0	0	0	0	0
JPMorgan Chase & Co.	0.158	0.243	0.215	0.187	0.139	0.148	0.196	0.190	0.256	0.073	0.124	0.259
JPMorgan Chase Bank, NA	0	0	0	0	0.011	0	0	0	0	0	0	0
KfW	0	0	0	0	0	0	0	0	0	0	0.010	0.008
Morgan Stanley	0.103	0.078	0.167	0.251	0.402	0.243	0.157	0.305	0.188	0.363	0.128	0.249
Royal Bank of Canada	0.006	0.045	0.045	0.036	0.026	0.125	0.061	0.073	0.112	0.093	0.114	0.093
Safety First Trust for Citigroup Funding Inc.	0	0	0.021	0.024	0	0.006	0	0	0	0	0	0
SunTrust Bank	0	0	0	0.002	0	0.005	0	0	0	0	0.003	0
UBS AG	0.088	0.081	0.040	0.056	0.010	0.091	0.062	0.063	0.071	0.225	0.048	0.100
Wells Fargo & Co.	0.006	0.003	0.016	0.006	0	0.033	0.020	0.030	0.017	0.031	0.006	0
Wells Fargo Bank, NA	0	0	0	0	0	0	0.120	0.100	0.009	0.093	0.028	0.022
Total	3.082	4.096	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.302
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
AB Svensk ExportKredit	0.762	67	0.120	13	0.190	44	0.292	49	1.364	173	1.364	173	3.63%
ABN Amro Bank NV	0.045	54	0.036	68	0.048	95	0.044	95	0.172	312	0.172	312	0.46%
BNP Paribas	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.03%
Bank Hapoalim	0.020	1	0	0	0	0	0	0	0.020	1	0.020	1	0.05%
Bank of America Corp.	0.661	24	0.789	32	1.661	43	1.388	43	4.499	142	4.499	142	11.97%
Barclays Bank plc	4.553	148	1.828	214	3.003	295	3.619	431	13.003	1088	13.003	1088	34.58%
Citigroup Funding Inc.	0.167	10	0.366	16	0.405	22	0.389	33	1.327	81	1.327	81	3.53%
Credit Suisse, Nassau Branch	0.148	41	0.653	71	0.470	63	0.212	61	1.482	236	1.482	236	3.94%
Deutsche Bank AG, London Branch	0.195	36	0.421	49	0.770	46	0.227	43	1.612	174	1.612	174.000	4.29%
Eksportfinans ASA	0.229	30	0.398	49	0.400	46	0.396	48	1.423	173	1.423	173	3.78%
Fannie Mae	0	0	0.025	1	0	0	0	0	0.025	1	0.025	1	0.07%
Federal Home Loan Banks	0.075	5	0.270	16	0.357	17	0.321	16	1.023	54	1.023	54	2.72%
Freddie Mac	0.010	1	0.110	5	0	0	0.025	1	0.145	7	0.145	7	0.39%
Goldman Sachs Group, Inc.	0.275	20	0.649	43	0.341	50	1.083	47	2.348	160	2.348	160	6.24%
HSBC Bank USA, NA	0.003	1	0.059	2	0.097	4	0.043	2	0.202	9	0.202	9	0.54%
HSBC USA Inc.	0.356	51	0.394	38	0.603	54	0.302	66	1.655	209	1.655	209	4.40%
Harris, NA	0.013	2	0.009	1	0	0	0	0	0.021	3	0.021	3	0.06%
Inter-American Development Bank	0	0	0	0	0.025	1	0	0	0.025	1	0.025	1	0.07%
International Bank for Reconstruction and Development	0	0	0	0	0.035	1	0	0	0.035	1	0.035	1	0.09%
JPMorgan Chase & Co.	0.616	140	0.475	105	0.641	111	0.456	109	2.188	465	2.188	465	5.82%
JPMorgan Chase Bank, NA	0	0	0.011	1	0	0	0	0	0.011	1	0.011	1	0.03%
KfW	0	0	0	0	0	0	0.018	2	0.018	2	0.018	2	0.05%
Morgan Stanley	0.348	55	0.895	67	0.649	59	0.740	64	2.631	245	2.631	245	7.00%
Royal Bank of Canada	0.096	90	0.187	162	0.246	226	0.300	191	0.829	669	0.829	669	2.20%
Safety First Trust Series 2009-1 for Citigroup Funding Inc.	0.021	1	0.030	2	0	0	0	0	0.051	3	0.051	3	0.14%
SunTrust Bank	0	3	0.006	2	0	0	0.003	1	0.009	6	0.009	6	0.02%
UBS AG	0.209	44	0.157	31	0.195	50	0.373	59	0.934	184	0.934	184	2.48%
Wells Fargo & Co.	0.024	3	0.039	4	0.067	12	0.037	4	0.166	23	0.166	23	0.44%
Wells Fargo Bank, NA	0	0	0	0	0.229	3	0.144	5	0.373	8	0.373	8	0.99%
Total	8.826	827	7.925	992	10.433	1242	10.419	1371	37.603	4432	37.603	4432	100.00%
Proceeds
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Less than $1 million	0.023	0.023	0.019	0.023	0.027	0.035	0.036	0.046	0.045	0.053	0.040	0.052
$1-1.99 million	0.068	0.054	0.047	0.036	0.051	0.066	0.065	0.073	0.087	0.083	0.121	0.101
$2-2.99 million	0.076	0.062	0.045	0.061	0.072	0.071	0.060	0.085	0.089	0.133	0.150	0.119
$3-4.99 million	0.159	0.134	0.272	0.205	0.192	0.198	0.179	0.275	0.243	0.294	0.287	0.143
$5-9.99 million	0.183	0.245	0.303	0.299	0.329	0.423	0.446	0.420	0.447	0.393	0.345	0.246
$10-14.99 million	0.142	0.220	0.218	0.163	0.297	0.401	0.352	0.308	0.207	0.324	0.307	0.444
$15-$49.99 million	0.606	0.639	0.636	0.488	1.314	1.321	0.746	0.965	1.123	1.250	0.768	0.854
$50 million and higher	1.826	2.720	0.108	0.184	0.792	0.876	1.929	1.175	1.032	0.753	2.818	0.343
Total	3.082	4.096	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.302
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.064	228	0.086	263	0.127	357	0.145	368	0.422	1216	0.422	1216	1.12%
$1-1.99 million	0.169	118	0.153	116	0.224	175	0.305	250	0.851	659	0.851	659	2.26%
$2-2.99 million	0.183	77	0.203	85	0.235	100	0.402	184	1.023	446	1.023	446	2.72%
$3-4.99 million	0.565	155	0.595	161	0.698	189	0.723	199	2.582	704	2.582	704	6.87%
$5-9.99 million	0.731	112	1.051	158	1.312	207	0.983	142	4.078	619	4.078	619	10.84%
$10-14.99 million	0.580	49	0.861	75	0.866	73	1.075	94	3.383	291	3.383	291	9.00%
$15-$49.99 million	1.880	73	3.124	117	2.834	112	2.871	107	10.709	409	10.709	409	28.48%
$50 million and higher	4.654	15	1.851	17	4.136	29	3.914	27	14.555	88	14.555	88	38.71%
Total	8.826	827	7.925	992	10.433	1242	10.419	1371	37.603	4432	37.603	4432	100.00%
Type
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Basket of stocks	0.004	0.008	0.001	0.003	0.028	0.039	0.045	0.016	0.051	0.026	0.011	0.042
Commodities	1.173	2.990	0.288	0.149	0.345	0.555	0.294	0.601	0.268	0.493	0.397	0.275
ETF	0.125	0.037	0.112	0.089	0.125	0.151	0.260	0.155	0.120	0.146	0.159	0.126
Equity index	0.981	0.767	0.875	0.742	1.393	0.863	0.787	1.241	1.403	1.198	2.309	0.796
Foreign exchange	0.001	0.011	0.005	0.013	0.153	0.259	0.669	0.191	0.354	0.181	0.083	0.100
Fund	0	0.002	0.002	0.003	0.001	0.005	0.001	0.001	0.001	0	0	0.001
Interest rate	0.076	0.081	0.055	0.184	0.356	0.486	0.366	0.449	0.231	0.416	0.216	0.304
Multiple/Other	0.531	0.026	0.078	0.023	0.056	0.635	1.089	0.031	0.079	0.092	1.070	0.105
Single stock	0.192	0.174	0.233	0.253	0.617	0.399	0.303	0.663	0.766	0.729	0.591	0.553
Total	3.082	4.096	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.302
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Basket of stocks	0.013	5	0.070	5	0.111	11	0.079	9	0.274	30	0.274	30.000	0.73%
Commodities	4.451	94	1.049	75	1.163	124	1.165	119	7.828	412	7.828	412	20.82%
ETF	0.274	45	0.364	69	0.535	86	0.431	88	1.604	288	1.604	288	4.27%
Equity index	2.623	297	2.998	264	3.431	266	4.304	282	13.355	1109	13.355	1109	35.52%
Foreign exchange	0.016	8	0.426	34	1.214	56	0.364	53	2.020	151	2.020	151	5.37%
Fund	0.004	2	0.009	6	0.002	3	0.001	2	0.017	13	0.017	13	0.05%
Interest rate	0.212	20	1.026	70	1.046	69	0.936	75	3.221	234	3.221	234	8.57%
Multiple/Other	0.635	25	0.714	20	1.199	24	1.266	37	3.814	106	3.814	106	10.14%
Single stock	0.598	331	1.269	449	1.732	603	1.872	706	5.472	2089	5.472	2089	14.55%
Total	8.826	827	7.925	992	10.433	1242	10.419	1371	37.603	4432	37.603	4432	100.00%
Structure
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
callable reverse convertible	0.008	0.002	0.003	0.003	0	0.003	0	0.004	0	0	0.008	0.006
convertible/linked	0.023	0.040	0.139	0.103	0.202	0.370	0.016	0.740	0.156	0.169	0.981	0.178
downside protection	0.002	0.030	0.082	0.057	0.065	0.138	0.123	0.092	0.102	0.129	0.150	0.107
increasing calls	0.333	0.331	0.170	0.046	0.140	0.081	0.112	0.130	0.109	0.070	0.293	0.109
leveraged return	0.273	0.043	0.206	0.133	0.368	0.321	0.253	0.230	0.236	0.353	0.275	0.277
leveraged return, downside protection	0.039	0.051	0.027	0.044	0.030	0.101	0.038	0.029	0.024	0.038	0.011	0.016
leveraged return, partial downside protection	0.442	0.430	0.438	0.323	0.784	0.662	0.912	0.433	0.543	0.528	0.344	0.471
other/NA	1.695	2.905	0.292	0.375	0.476	0.945	1.808	0.897	1.215	1.056	2.074	0.466
range	0.032	0.074	0.053	0.143	0.353	0.418	0.199	0.252	0.191	0.350	0.120	0.152
reverse convertibles	0	0	0	0	0	0	0	0	0	0	0	0.020
steepener	0	0	0	0.005	0	0.013	0.029	0.055	0.069	0.016	0.014	0.006
trigger reverse convertible	0.235	0.191	0.238	0.228	0.655	0.341	0.322	0.484	0.628	0.571	0.567	0.494
Total	3.082	4.096	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.302
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
callable reverse convertible	0.013	4	0.006	2	0.004	3	0.014	7	0.036	16	0.036	16	0.10%
convertible/linked	0.202	40	0.675	25	0.912	49	1.328	53	3.118	167	3.118	167	8.29%
downside protection	0.114	19	0.259	16	0.317	21	0.386	29	1.075	85	1.075	85	2.86%
increasing calls	0.834	53	0.267	19	0.351	18	0.472	14	1.924	104	1.924	104	5.12%
leveraged return	0.522	40	0.821	84	0.720	73	0.905	108	2.968	305	2.968	305	7.90%
leveraged return, downside protection	0.117	18	0.176	27	0.092	21	0.064	13	0.449	79	0.449	79	1.19%
leveraged return, partial downside protection	1.311	181	1.769	174	1.888	180	1.343	192	6.311	727	6.311	727	16.78%
other/NA	4.891	102	1.796	132	3.920	207	3.596	193	14.204	634	14.204	634	37.77%
range	0.159	17	0.913	58	0.643	36	0.622	39	2.338	150	2.338	150	6.22%
reverse convertibles	0	0	0	0	0	0	0.020	1	0.020	1	0.020	1	0.05%
steepener	0	0	0.018	4	0.152	23	0.036	10	0.206	37	0.206	37	0.55%
trigger reverse convertible	0.663	353	1.224	451	1.434	611	1.633	712	4.954	2127	4.954	2127	13.17%
Total	8.826	827	7.925	992	10.433	1242	10.419	1371	37.603	4432	37.603	4432	100.00%
Tenor
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Less than 1 year	0.268	0.204	0.275	0.177	0.688	0.343	0.444	0.470	0.703	0.601	1.210	0.490
1	0.227	0.501	0.331	0.255	0.462	0.444	0.351	0.448	0.584	0.680	0.524	0.434
1.25	0.209	0.007	0.126	0.061	0.292	0.104	0.112	0.175	0.271	0.199	0.145	0.071
1.5	0.309	0.302	0.302	0.163	0.247	0.219	0.154	0.235	0.216	0.150	0.089	0.112
1.75	0.023	0.021	0	0	0.020	0.001	0.005	0	0	0.004	0.011	0
2	0.305	0.308	0.211	0.240	0.411	0.388	0.906	0.489	0.787	0.589	0.365	0.405
2.25-4.75 years	0.124	0.045	0.032	0.067	0.162	0.331	0.281	0.143	0.159	0.134	0.142	0.157
5	0.033	0.090	0.144	0.228	0.123	0.197	0.115	0.067	0.065	0.160	1.034	0.090
5.25-9.75 years	0.039	0.003	0.005	0	0.039	0.068	0.046	0.044	0.080	0.096	0.045	0.088
10	0.512	0.013	0	0.010	0.045	0.566	1.120	0.158	0.043	0.122	1.002	0.057
10.25-14.75 years	0.021	0.029	0.134	0	0.053	0.011	0.009	0.075	0.027	0.066	0.048	0.017
15	0.011	0.061	0.041	0.115	0.245	0.287	0.202	0.241	0.175	0.262	0.172	0.202
More than 15	1.000	2.501	0.012	0.088	0.035	0.358	0.019	0.691	0.164	0.121	0.038	0.164
NA	0	0.010	0.035	0.054	0.251	0.074	0.050	0.113	0	0.100	0.011	0.016
Total	3.082	4.096	1.648	1.459	3.074	3.392	3.814	3.347	3.273	3.282	4.836	2.302
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 1 year	0.747	319	1.208	407	1.615	554	2.300	603	5.872	1883	5.872	1883	15.62%
1	1.060	164	1.162	161	1.383	175	1.637	259	5.242	759	5.242	759	13.94%
1.25	0.342	19	0.457	36	0.557	38	0.415	40	1.771	133	1.771	133	4.71%
1.5	0.913	88	0.628	69	0.604	85	0.351	82	2.497	324	2.497	324	6.64%
1.75	0.044	4	0.021	4	0.005	2	0.015	4	0.084	14	0.084	14	0.22%
2	0.824	98	1.039	104	2.182	151	1.359	136	5.404	489	5.404	489	14.37%
2.25-4.75 years	0.200	32	0.561	71	0.582	79	0.433	70	1.776	252	1.776	252	4.73%
5	0.266	31	0.548	53	0.247	33	1.283	42	2.345	159	2.345	159	6.24%
5.25-9.75 years	0.047	9	0.107	7	0.170	11	0.228	24	0.553	51	0.553	51	1.47%
10	0.525	4	0.621	9	1.321	8	1.181	12	3.648	33	3.648	33	9.70%
10.25-14.75 years	0.185	35	0.065	10	0.110	38	0.131	38	0.491	121	0.491	121	1.31%
15	0.114	13	0.647	39	0.618	45	0.636	46	2.015	143	2.015	143	5.36%
More than 15	3.513	5	0.481	11	0.874	17	0.323	11	5.191	44	5.191	44	13.80%
NA	0.045	6	0.379	11	0.163	6	0.127	4	0.714	27	0.714	27	1.90%
Total	8.826	827	7.925	992	10.433	1242	10.419	1371	37.603	4432	37.603	4432	100.00%

Criteria

• The tables include all dollar-denominated offerings sold in the U.S. 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).

• Each tranche is counted as a separate deal.

• Notes are included that convert into or are linked to one 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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