Structured products volume dips for week; Credit Suisse takes top spot for bookrunners

By Sheri Kasprzak

New York, Oct. 14 – Structured products volume dipped for the week of Oct. 4, with 78 deals totaling $601 million, a 38.2% decline week-over-week, according to Prospect News data.

There were 187 deals totaling $972 million for the week of Sept. 27.

Excluding exchange-traded notes, there were 47 deals totaling $254 million, down 67.8% from the week of Sept. 27 when there were 165 deals totaling $789 million.

Small deals dominated, with nine offerings larger than $10 million compared to 20 the previous week and two deals larger than $20 million compared to six the week before. There was only one deal larger than $50 million compared to two the week before.

Equities lead underliers

Once again, equities were the most common underlier with 39 deals totaling $185 million, making up 72.8% of the week’s offerings.

Among those equity offerings, synthetic indices accounted for $157 million in 16 deals.

Synthetics made up 23 offerings totaling $28 million.

Credit Suisse top bookrunner

Leading the charge of bookrunners this week was Credit Suisse, which offered $105 million in four deals, comprising 41.4% of the week’s deals.

Goldman Sachs & Co. took the number two spot with three deals totaling $45 million, making up 17.6% of the week’s offerings. Goldman tumbled 77.7% from the previous week in which it offered $200 million in 31 deals.

Wells Fargo & Co. rounded out the top three with $22 million in two deals, making up 8.9% of the week’s deals.

Monthly deals up 51.2%

Month over month, structured products volume climbed 51.2% with $904 million in 126 deals offered between Oct. 1 and Oct. 9. Between Sept. 1 and Sept. 9, there were 147 deals totaling $598 million.

The total, however, slipped 18.9% from the $1.11 billion in 172 deals priced between Oct. 1, 2014 and Oct. 9, 2014.

Year-to-date totals up

Moving to the yearly totals, structured products issuance is up 18.4% year to date with $49.68 billion of offerings between Jan. 1 and Oct. 9 in 7,562 deals.

This compares to $41.96 billion in 7,844 deals between Jan. 1, 2014 and Oct. 9, 2014.

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