Morgan Stanley still number-one underwriter of structured products year to date

• $28.328 billion in structured products sold, year to date

• Merrill Lynch claims number-two spot

By Sheri Kasprzak

New York, July 31 - For the third straight month, Morgan Stanley was the top underwriter of structured products so far this year.

For the number-two spot, however, Merrill Lynch & Co. pushed out Barclays Bank plc, which was third place.

So far this year, Morgan Stanley has underwritten $5.193 billion in 187 structured products offerings, helped by its $355 million in structured products completed during July.

Merrill Lynch has conducted $4.345 billion in offerings this year, although its July total was just $90 million in three transactions. Meanwhile, Barclays has done $3.873 billion in offerings so far this year, helped by $206 million in 93 offerings in July.

In July, JP Morgan was the top underwriter of structured products, with $390 million in 62 transactions. That was followed by Morgan Stanley in second place and Citigroup with $270 million, taking third place.

Year to date, all structured products

	Underwriter	Amount	No.	Share
1	Morgan Stanley	5.193	187	18.33%
2	Merrill Lynch	4.345	88	15.34%
3	Barclays	3.873	574	13.67%
4	Citigroup	2.652	69	9.36%
5	JPMorgan	2.482	473	8.76%
6	Lehman	2.263	209	7.99%
7	UBS	2.092	155	7.39%
8	Goldman Sachs	2.058	80	7.27%
9	Banc of America	0.604	35	2.13%
10	ABN	0.544	218	1.92%
	Total	28.328	2853
	Average size:	0.010
Year to date, all structured products, excluding interest rates
	Underwriter	Amount	No.	Share
1	Morgan Stanley	5.018	178	19.20%
2	Merrill Lynch	4.066	71	15.55%
3	Barclays	3.868	572	14.80%
4	JPMorgan	2.482	473	9.50%
5	Citigroup	2.261	55	8.65%
6	Goldman Sachs	2.008	79	7.68%
7	UBS	1.963	143	7.51%
8	Lehman	1.442	159	5.52%
9	Banc of America	0.580	31	2.22%
10	ABN	0.544	217	2.08%
	Total	26.139	2705
	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	4.206	148	20.11%	2	2.551	81	22.19%
2	Merrill Lynch	2.911	45	13.92%	5	1.029	19	8.95%
3	Barclays	2.793	537	13.35%	8	0.320	107	2.78%
4	JPMorgan	2.332	436	11.15%	7	0.402	78	3.50%
5	Citigroup	1.754	35	8.39%	4	1.044	33	9.08%
6	UBS	1.701	120	8.13%	1	3.108	41	27.04%
7	Goldman Sachs	1.400	44	6.69%	3	1.210	43	10.52%
8	Lehman	1.148	114	5.49%	6	0.968	29	8.42%
9	ABN	0.544	217	2.60%	20	0.006	3	0.06%
10	Banc of America	0.520	22	2.49%	9	0.267	12	2.32%
	Total	20.915	2396	11.496	637
	Average size:	0.009	0.018
July, all structured products
	Underwriter	Amount	No.	Share
1	JPMorgan	0.390	62	18.90%
2	Morgan Stanley	0.355	26	17.19%
3	Citigroup	0.270	8	13.08%
4	Barclays	0.206	93	9.96%
5	UBS	0.166	14	8.04%
6	Merrill Lynch	0.090	3	4.34%
7	Deutsche Bank	0.088	14	4.24%
8	Bear Stearns	0.076	2	3.67%
9	Goldman Sachs	0.068	6	3.30%
10	ABN	0.066	32	3.19%
	Total	2.065	405
	Average size:	0.005
July, all structured products, excluding interest rates
	Underwriter	Amount	No.	Share
1	JPMorgan	0.390	62	19.87%
2	Morgan Stanley	0.335	24	17.05%
3	Citigroup	0.235	6	11.97%
4	Barclays	0.206	93	10.47%
5	UBS	0.160	13	8.13%
6	Merrill Lynch	0.087	2	4.41%
7	Bear Stearns	0.076	2	3.86%
8	Goldman Sachs	0.068	6	3.47%
9	Deutsche Bank	0.066	9	3.38%
10	ABN	0.066	32	3.35%
	Total	1.964	390
	Average size:	0.005
July, stock, equity index structured products
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.388	57	23.71%	4	0.082	22	7.38%
2	Citigroup	0.202	4	12.31%	8	0.032	3	2.93%
3	Morgan Stanley	0.201	19	12.30%	2	0.232	12	21.03%
4	Barclays	0.196	89	11.95%	5	0.070	21	6.38%
5	UBS	0.138	12	8.40%	3	0.116	6	10.45%
6	Merrill Lynch	0.087	2	5.29%
7	Bear Stearns	0.076	2	4.63%	9	0.025	3	2.22%
8	ABN	0.066	32	4.02%	15	0.003	2	0.26%
9	HSBC	0.057	21	3.49%	16	0.001	1	0.11%
10	Wachovia	0.049	2	2.99%	7	0.044	4	3.96%
	Total	1.638	351	1.105	110
	Average size:	0.005	0.010
Prospect News Structured Products Manager Rankings

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. For interest-rate deals, callables with no further structure are excluded.

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