Bank of America is still No. 1 structured products agent for the year; overall volume drops 16%

By Emma Trincal

New York, Dec. 5 – Bank of America remains the top agent in structured products sales for the year with $8.78 billion in 394 deals, capturing 25.54% of the overall market, according to data compiled by Prospect News.

Also unchanged are the rankings of JPMorgan, still second with 1,951 deals totaling $6.53 billion, and Goldman Sachs, still holding to the third position with $4.59 billion in 697 deals.

JPMorgan had 19% of the market shares, Goldman Sachs, 13.35%.

Top three

JPMorgan is the only agent among the top three that saw its sales increase from last year. It is also the only one to have augmented the number of deals it priced, as it rose by 19% from 1,643 during the same period last year.

Bank of America’s business deteriorated this year. Volume was down 29% from last year’s $12.40 billion. The number of deals priced by this agent remained stable at 394 from 401 last year.

Goldman Sachs suffered a nearly 10% drop in sales from last year’s $5.06 billion.

Two climbers

Credit Suisse was the big winner on the top-five list, jumping to the fourth from the seventh slot last. It was closely followed by Barclays, which moved up one notch from the sixth slot last year.

Volume for the year fell 16.20% to $34.38 billion from $41.04 billion. It represents a $6.66 billion difference from last year. More than half of this loss is due to Bank of America’s decreasing sales –$3.62 billion –from last year.

November’s volume was down by nearly a quarter to $2.46 billion in 661 offerings. Bank of America remained the top agent for the month, but its sales dropped 47% from $1 billion in November 2015 to $681 million.

Asset classes

Most leading agents by asset classes remained unchanged.

Bank of America remained the top agent in equity index-linked notes with 30% of the market. UBS held the top position in single-stocks with 20.50% of the total. JPMorgan remains the first agent in currency deals, with nearly half of this tiny $102 million corner of the market.

Two surprises in the rankings were found in commodities and rates.

Citigroup became the top commodities agent for the year from No. 3. It priced six deals totaling $64 million.

This advance was due to a $50.86 million deal linked to the S&P GSCI Total Return index this agent priced early on in November.

As an asset class, commodities issuance has vanished. Volume fell to $186 million from $819 million, a 77% decline.

The second surprise was JPMorgan, which jumped from the sixth to the top slot in interest rate structured products. Rather than being attributed to any larger deal, this ranking was simply the result of a greater number of deals. JPMorgan sold 26 offerings for a total of 58 in this asset class, with each agent pricing about three deals on average.

The interest rate category does not include step-up notes, step-down notes, fixed-to-floating notes and capped floaters, which are listed separately but not included in this category.

Issuers

Among issuers, Barclays remains No. 1 with $3.80 billion in 654 deals or 11% of the market.

JPMorgan’s JPMorgan Chase Financial Co. issuing company is second with $3.74 billion in 1,012 deals or 10.88% of the total.

Credit Suisse AG, London Branch is third.

GS Finance Corp. (Goldman Sachs’ issuing subsidiary) and HSBC USA, Inc. complete the top five.

All structured products, no ETNS, by agent, year to date

2015 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	8.782	394	25.54%	1	12.398	401	30.21%
2	JPMorgan	6.530	1951	18.99%	2	6.744	1643	16.43%
3	Goldman Sachs	4.588	697	13.34%	3	5.057	590	12.32%
4	Credit Suisse	2.309	726	6.72%	7	1.699	489	4.14%
5	Barclays	2.266	577	6.59%	6	2.505	526	6.10%
6	UBS	1.992	1835	5.79%	4	4.280	2138	10.43%
7	Morgan Stanley	1.961	371	5.70%	5	2.881	523	7.02%
8	HSBC	1.836	546	5.34%	8	1.141	524	2.78%
9	Citigroup	1.162	283	3.38%	9	1.097	274	2.67%
10	RBC	1.094	316	3.18%	10	0.913	243	2.22%
	Total	34.384	8261	41.038	7863
	Average size:	0.004	0.005
All structured products, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	8.782	394	21.40%	2	12.398	401	21.54%
2	JPMorgan	6.530	1951	15.91%	4	6.744	1643	11.72%
3	Credit Suisse	5.648	999	13.76%	1	13.538	1423	23.52%
4	Barclays	4.620	584	11.26%	6	3.843	531	6.68%
5	Goldman Sachs	4.588	697	11.18%	5	5.057	590	8.79%
6	UBS	2.817	1844	6.86%	3	7.312	2158	12.70%
7	Morgan Stanley	1.961	371	4.78%	7	2.910	524	5.06%
8	HSBC	1.836	546	4.47%	8	1.141	524	1.98%
9	Citigroup	1.187	284	2.89%	9	1.097	274	1.90%
10	RBC	1.098	317	2.68%	10	0.913	243	1.59%
	Total	41.046	8601	57.561	8880
	Average size:	0.005	0.006
ETNS, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	3.338	273	50.12%	1	11.839	934	71.65%
2	Barclays	2.354	7	35.33%	3	1.338	5	8.10%
3	UBS	0.825	9	12.38%	2	3.032	20	18.35%
4	Nuveen	0.115	49	1.73%	4	0.144	55	0.87%
5	Citigroup	0.025	1	0.38%
6	RBC	0.004	1	0.06%
	Total	6.662	340	16.524	1017
	Average size:	0.020	0.016
All structured products, no ETNS, by agent, November
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	0.681	34	27.73%	1	1.000	33	31.12%
2	JPMorgan	0.424	138	17.26%	3	0.347	138	10.78%
3	Goldman Sachs	0.223	33	9.07%	2	0.595	49	18.52%
4	Morgan Stanley	0.222	33	9.05%	7	0.170	44	5.30%
5	UBS	0.221	227	8.98%	4	0.237	127	7.39%
6	Barclays	0.189	46	7.68%	6	0.174	52	5.40%
7	Credit Suisse	0.154	52	6.28%	5	0.234	39	7.29%
8	Citigroup	0.130	29	5.29%	11	0.059	24	1.83%
9	HSBC	0.106	36	4.32%	9	0.093	45	2.89%
10	RBC	0.075	21	3.05%	8	0.129	29	4.02%
	Total	2.455	661	3.214	633
	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	Citigroup	0.064	6	34.36%	3	0.088	6	10.72%
2	Bank of America	0.057	8	30.54%	5	0.062	7	7.61%
3	JPMorgan	0.045	33	24.02%	1	0.381	59	46.54%
4	TD	0.008	5	4.05%
5	Goldman Sachs	0.007	6	3.95%	4	0.077	3	9.45%
6	UBS	0.003	2	1.85%	7	0.016	6	2.00%
7	Morgan Stanley	0.002	2	1.23%	2	0.159	53	19.44%
	Total	0.186	60	0.819	142
	Average size:	0.003	0.006
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	7.998	334	30.16%	1	10.740	309	39.11%
2	JPMorgan	5.001	1370	18.86%	3	3.440	833	12.53%
3	Goldman Sachs	3.960	583	14.93%	2	4.283	498	15.60%
4	Credit Suisse	1.690	477	6.37%	6	1.355	351	4.93%
5	Barclays	1.526	369	5.75%	5	1.583	331	5.77%
6	HSBC	1.414	381	5.33%	8	0.736	340	2.68%
7	Morgan Stanley	1.335	225	5.03%	7	1.254	224	4.57%
8	UBS	0.968	163	3.65%	4	2.114	330	7.70%
9	Citigroup	0.869	174	3.28%	10	0.513	146	1.87%
10	Wells Fargo	0.707	119	2.66%	12	0.174	43	0.63%
	Total	26.519	4529	27.462	3724
	Average size:	0.006	0.007
Foreign exchange structured products, no ETNS, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.050	18	49.21%	1	0.155	27	48.37%
2	Morgan Stanley	0.022	3	21.51%	2	0.083	2	26.01%
3	Goldman Sachs	0.009	3	9.25%	5	0.022	2	6.74%
4	Barclays	0.008	3	7.46%	8	0.001	1	0.31%
5	Deutsche Bank	0.007	1	6.94%	3	0.025	2	7.86%
6	HSBC	0.002	1	2.10%	4	0.022	12	6.83%
7	RBC	0.002	1	1.95%
8	UBS	0.002	2	1.58%
	Total	0.102	32	0.320	48
	Average size:	0.003	0.007
Interest rate structured products, no ETNS, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.100	26	35.19%	6	0.126	23	9.62%
2	Wells Fargo	0.047	6	16.62%	2	0.278	19	21.23%
3	Morgan Stanley	0.043	8	15.14%	3	0.214	18	16.36%
4	Goldman Sachs	0.037	6	12.93%	1	0.282	18	21.57%
5	Incapital	0.033	4	11.46%
6	Citigroup	0.011	1	3.68%	4	0.174	23	13.26%
7	RBC	0.006	3	2.27%	10	0.005	2	0.39%
8	Credit Suisse	0.004	1	1.40%
9	Deutsche Bank	0.002	1	0.74%	8	0.018	2	1.34%
10	Barclays	0.002	2	0.58%	5	0.157	3	12.00%
	Total	0.286	58	1.309	116
	Average size:	0.005	0.011
Single stock structured products, no ETNS, by agent, year to date
					2015 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	0.783	1472	20.50%	1	1.833	1640	26.81%
2	JPMorgan	0.639	255	16.72%	2	1.584	468	23.17%
3	Bank of America	0.549	34	14.36%	3	1.335	60	19.51%
4	Barclays	0.432	114	11.31%	4	0.510	125	7.46%
5	Goldman Sachs	0.342	51	8.96%	8	0.195	31	2.86%
6	Credit Suisse	0.283	136	7.42%	9	0.171	80	2.51%
7	Morgan Stanley	0.249	62	6.52%	5	0.509	125	7.44%
8	RBC	0.230	73	6.01%	7	0.199	68	2.91%
9	HSBC	0.182	50	4.76%	6	0.208	53	3.04%
10	Citigroup	0.074	36	1.95%	10	0.161	50	2.35%
	Total	3.821	2296	6.839	2737
	Average size:	0.002	0.002
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	3.458	168	6.93%	1	4.356	187	8.14%
2	Multi-Bank	2.245	160	4.50%	16	1.215	86	2.27%
3	Incapital	1.885	129	3.78%	6	2.077	168	3.88%
4	Stifel	1.822	118	3.65%	2	2.624	129	4.90%
5	RBC	1.720	116	3.45%	15	1.216	62	2.27%
6	TD	1.685	33	3.37%	12	1.519	60	2.84%
7	Finacorp	1.622	100	3.25%	10	1.597	144	2.98%
8	Barclays	1.533	59	3.07%	13	1.476	49	2.76%
9	Piper Jaffray	1.438	86	2.88%	9	1.704	123	3.18%
10	Jefferies	1.412	70	2.83%	7	1.795	73	3.35%
	Total	49.929	2089	53.515	2039
	Average size:	0.024	0.026
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	Goldman Sachs	0.436	52	15.79%	2	0.477	62	16.61%
2	Wells Fargo	0.432	31	15.65%	6	0.253	15	8.82%
3	JPMorgan	0.326	44	11.82%	8	0.173	48	6.01%
4	Bank of America	0.270	31	9.77%	4	0.279	22	9.72%
5	RBC	0.245	19	8.86%	3	0.401	38	13.96%
6	Barclays	0.203	8	7.33%	1	0.503	10	17.52%
7	Jefferies	0.165	4	5.98%
8	Morgan Stanley	0.154	10	5.56%	7	0.188	12	6.55%
9	Citigroup	0.150	27	5.45%	11	0.044	13	1.52%
10	HSBC	0.109	15	3.94%	9	0.113	13	3.92%
	Total	2.761	288	2.869	298
	Average size:	0.010	0.010
All structured products, no ETNs, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	3.795	654	11.04%	1	5.481	689	13.36%
2	JPMorgan Chase Financial Co. LLC	3.740	1012	10.88%
3	Credit Suisse AG, London Branch 3.472	866	10.10%	3	4.597	756	11.20%
4	GS Finance Corp. (Goldman Sachs Group, Inc.)	3.305	670	9.61%	12	0.990	7	2.41%
5	HSBC USA Inc.	3.193	649	9.29%	6	3.489	671	8.50%
6	Bank of America Corp. 3.115	108	9.06%	4	4.269	117	10.40%
7	UBS AG, London Branch 1.548	1749	4.50%	9	1.914	1626	4.66%
8	Royal Bank of Canada 1.378	351	4.01%	10	1.533	343	3.73%
9	Goldman Sachs Group, Inc.	1.315	38	3.82%	5	4.263	640	10.39%
10	JPMorgan Chase & Co. 1.224	412	3.56%	2	5.291	1366	12.89%
	Total	34.384	8261	41.038	7863
	Average size:	0.004	0.005
All structured products, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	6.149	661	14.98%	2	6.820	694	11.85%
2	JPMorgan Chase Financial Co. LLC	3.740	1012	9.11%
3	Credit Suisse AG, London Branch 3.472	866	8.45%	4	4.597	756	7.99%
4	Credit Suisse AG, Nassau Branch 3.388	291	8.25%	1	11.992	962	20.83%
5	GS Finance Corp. (Goldman Sachs Group, Inc.)	3.305	670	8.05%	14	0.990	7	1.72%
6	HSBC USA Inc.	3.193	649	7.78%	7	3.489	671	6.06%
7	Bank of America Corp. 3.115	108	7.59%	5	4.269	117	7.42%
8	UBS AG, London Branch 2.363	1758	5.78%	8	3.005	1641	5.22%
9	Royal Bank of Canada 1.382	352	3.37%	12	1.533	343	2.66%
10	Goldman Sachs Group, Inc.	1.315	38	3.20%	6	4.263	640	7.41%
	Total	41.046	8601	57.561	8880
	Average size:	0.005	0.006
Commodity structured products, no ETNS, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Citigroup Global Markets Holdings Inc. 0.064	6	34.36%
2	Bank of America Corp. 0.057	8	30.54%	6	0.062	7	7.61%
3	JPMorgan Chase & Co. 0.021	15	11.55%	2	0.173	50	21.14%
4	JPMorgan Chase Financial Co. LLC	0.021	16	11.20%
5	Toronto-Dominion Bank 0.010	5	5.47%
6	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.005	4	2.53%
7	UBS AG, London Branch 0.004	3	2.00%	7	0.026	10	3.12%
8	Morgan Stanley	0.002	2	1.23%	3	0.167	55	20.37%
9	Deutsche Bank AG, London Branch	0.002	1	1.12%	8	0.012	3	1.48%
	Total	0.186	60	0.819	142
	Average size:	0.003	0.006
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. 2.953	90	11.14%	2	3.849	87	14.02%
2	Credit Suisse AG, London Branch 2.798	590	10.55%	1	3.978	529	14.48%
3	Barclays Bank plc	2.775	427	10.46%	3	3.587	403	13.06%
4	GS Finance Corp. (Goldman Sachs Group, Inc.)	2.759	568	10.40%	9	0.989	6	3.60%
5	JPMorgan Chase Financial Co. LLC	2.730	657	10.30%
6	HSBC USA Inc.	2.699	463	10.18%	5	2.616	430	9.53%
7	Goldman Sachs Group, Inc.	1.245	28	4.70%	4	3.413	531	12.43%
8	Canadian Imperial Bank of Commerce 1.078	53	4.07%	16	0.135	8	0.49%
9	JPMorgan Chase & Co. 0.861	264	3.25%	6	2.419	623	8.81%
10	JPMorgan Chase Bank, NA	0.826	335	3.12%	20	0.034	24	0.13%
	Total	26.519	4529	27.462	3724
	Average size:	0.006	0.007
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	30.95%	3	0.076	9	23.74%
2	Morgan Stanley	0.019	2	18.92%	2	0.083	2	26.01%
3	JPMorgan Chase Financial Co. LLC	0.012	5	12.13%
4	Deutsche Bank AG, London Branch	0.012	3	11.96%	4	0.027	3	8.39%
5	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.009	3	9.25%
6	Barclays Bank plc	0.008	3	7.46%	6	0.012	2	3.83%
7	HSBC USA Inc.	0.003	3	3.21%	5	0.022	12	6.83%
8	Morgan Stanley Finance LLC 0.003	1	2.59%
9	Royal Bank of Canada 0.002	1	1.95%
10	UBS AG, London Branch 0.002	2	1.58%
	Total	0.102	32	0.320	48
	Average size:	0.003	0.007
Interest rate structured products, no ETNS, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase Financial Co. LLC	0.053	18	18.50%
2	Wells Fargo & Co.	0.047	6	16.62%	2	0.278	19	21.23%
3	Goldman Sachs Group, Inc.	0.037	6	12.93%	1	0.282	18	21.57%
4	Morgan Stanley	0.035	5	12.12%	3	0.209	17	15.97%
5	Credit Suisse AG, Nassau Branch 0.033	4	11.46%
6	Deutsche Bank AG, London Branch	0.032	5	11.28%	9	0.018	2	1.34%
7	JPMorgan Chase Bank, NA	0.015	3	5.11%	10	0.011	2	0.86%
8	Citigroup Inc.	0.011	1	3.68%	4	0.174	23	13.26%
9	Morgan Stanley Finance LLC 0.009	3	3.02%
10	Royal Bank of Canada 0.006	3	2.27%	11	0.005	2	0.39%
	Total	0.286	58	1.309	116
	Average size:	0.005	0.011
Single stock structured products, no ETNS, by issuer, year to date
					2015 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	UBS AG, London Branch 0.748	1459	19.57%	3	0.945	1350	13.82%
2	Barclays Bank plc	0.634	124	16.60%	2	1.149	198	16.80%
3	JPMorgan Chase Financial Co. LLC	0.448	158	11.74%
4	Royal Bank of Canada 0.356	82	9.32%	4	0.542	137	7.93%
5	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.343	52	8.98%	17	0.001	1	0.02%
6	Credit Suisse AG, London Branch 0.289	147	7.57%	7	0.382	162	5.58%
7	HSBC USA Inc.	0.227	65	5.94%	5	0.529	88	7.73%
8	JPMorgan Chase & Co. 0.141	70	3.70%	1	1.567	446	22.90%
9	Morgan Stanley Finance LLC 0.136	34	3.55%
10	Bank of America Corp. 0.086	6	2.25%	9	0.311	15	4.55%
	Total	3.821	2296	6.839	2737
	Average size:	0.002	0.002
Prospect News Structured Products 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 dealer or distributor, if identified, otherwise to the underwriter. 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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