Bank of America tops league table for U.S. structured products in 2015, Q4, December

By Emma Trincal

New York, Jan. 6 – In a disappointing year, Bank of America as an agent maintained its strong lead in structured notes sales, according to data compiled by Prospect News.

Bank of America sold $13.31 billion in 2015, a 14.5% increase from the $11.64 it priced the year before. The agent remained by far the top player with a 30.37% market share, an advance from 27.35% in 2014.

Moreover, the number of deals distributed by this agent rose to 429 from 381 the year before.

Modest uptick

Volume year over year ended up positive, but the increase was subdued compared to prior years, according to the data.

Agents sold $43.83 billion, a 3% increase from $42.56 billion seen in the previous year.

The league table figures do not include exchange-traded notes. 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 also not included in the league table totals. Ironically, those two types of products registered significant growth last year.

ETNs were up 46% compared to 2014, growing to $17.8 billion from $12.20 billion. The top agent in this category remained Credit Suisse.

Structured coupon issuance volume rose to $56.67 billion from $40.54 billion in the previous year, a 40% surge. First Tennessee continued to lead in this category.

JPMorgan, Goldman

Coming next after Bank of America, JPMorgan remained the No. 2 agent for the year with $7.05 billion, or 16% of the market, a 2% volume decline from the previous year. This agent saw the number of its deals rise by 17% to 1,729.

Goldman Sachs moved up one notch to third ranking, pushing down UBS to the fourth slot. Goldman Sachs sold 632 deals, a nearly 20% increase from the previous year’s 531 offerings.

This agent pushed up its notional sales nearly 53% to $5.21 billion from $3.41 billion. Part of that growth was due to a few very large deals issued by GS Finance Corp., a subsidiary of Goldman Sachs Group, Inc.

Toward the end of October in particular, Goldman Sachs priced a $350 million leveraged deal based on the S&P 500 index on the behalf of GS Finance. Another one sold for $250 million, and several others were priced over the $100 million mark.

Fewer deals priced last year in the overall market. The number of offerings dropped 8.5% to 8,457 from 9,232 the year before.

Fourth quarter, December

Bank of America kept its No. 1 slot for the fourth quarter. It sold $2.98 billion in 100 deals, compared with $2.69 billion in 92 deals during the same period the year before. The agent was also on top of the December league table with $913 million priced in 28 offerings.

Indexes on steroids

All asset classes categorized in the league tables saw a drop in volume last year except equity index products, which surged in volume by over a third to $29.43 billion from $22.03 billion. It was good news for the market because these types of structured notes represent about two-thirds of the overall volume, according to data compiled by Prospect News.

Bank of America continued to dominate this asset class, capturing nearly 40% of the volume issued. Its notional sales rose by 25% to $11.62 billion from $9.31 billion, helping Bank of America maintain its well-established lead in the most popular part of the market. This positive contribution to the overall market may have been the reason the past year did not show a negative trend given how much other asset classes fell in volume.

Stocks out of favor

Single stocks for instance suffered a 37.5% drop to $7.17 billion from $11.47 billion. The number of offerings shrunk to 2,930 from 4,549, a 35% decline.

UBS remained the top agent in this category with 27% of the volume, but the number of its offerings fell by 41% to 1,753 from 2,962.

Overall, the number of single stock-linked deals dropped 37.5% from the previous year to 2,930.

Bearish commodities

Commodity-linked issuance last year fell to new record lows, declining 64% to $836 million from $2.32 billion in 2014. Activity in this sector is in dire straits. The year 2014 recorded a temporary recovery with sales up 16% from 2013, but in 2013 and 2012, sales plummeted by 32% and 38%, respectively, from their previous years.

The year 2010 and 2011,while up, showed unimpressive volume increases below 5%, reflecting a persistent downturn in commodities, exacerbated last year by the collapse in oil prices and the rising dollar, according to analysts.

JPMorgan remained the top agent last year in commodities with $384 million in 61 deals, or a 46% market share.

FX, rates

FX continued to be the laggard asset class. Making matters worse, volume in currency-linked notes fell 40.5% to $326 million from $547 million in 2014. The number of deals fell by nearly half to 49 from 93.

JPMorgan kept its top position with 47.5% of the total in $155 million priced in 27 deals.

Interest rate notes – at the exclusion of the structured coupon products as defined earlier – fell by 27% to $1.33 billion from $1.82 billion. Wells Fargo elevated itself from 10th to first in the rankings with $297 million priced in 22 offerings, or 22.3% of the total. The previous winner was Citigroup, now No. 4.

Top issuers

The league table for issuers showed Barclays Bank plc moving up to first in 2015 from third in 2014, all asset classes included.

Barclays brought to market $5.88 billion, or 13.42% of the issuance.

JPMorgan Chase & Co., No. 1 for the previous year, closely followed with $5.62 billion issued.

For the fourth quarter, the top issuer was Bank of America Corp.

Barclays led for the month of December.

The analysis of the leading issuers by asset classes revealed a compartmentalized market.

Credit Suisse AG, London Branch was No. 1 for equity indexes, JPMorgan for single stocks and Wells Fargo & Co. for interest rates. Goldman Sachs led in currencies and Barclays in commodities.

All structured products, no ETNS, by agent, 2015

2014 Comparables

	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	13.310	429	30.37%	1	11.640	381	27.35%
2	JPMorgan	7.052	1729	16.09%	2	7.218	1473	16.96%
3	Goldman Sachs	5.213	632	11.89%	4	3.410	531	8.01%
4	UBS	4.555	2290	10.39%	3	5.917	3477	13.90%
5	Morgan Stanley	3.053	570	6.97%	6	3.034	477	7.13%
6	Barclays	2.747	580	6.27%	5	3.060	526	7.19%
7	Credit Suisse	1.830	540	4.18%	7	1.565	487	3.68%
8	HSBC	1.286	568	2.93%	9	1.316	761	3.09%
9	Citigroup	1.193	297	2.72%	10	1.223	219	2.87%
10	RBC	0.961	266	2.19%	8	1.513	548	3.55%
	Total	43.827	8457	42.561	9232
	Average size:	0.005	0.005
All structured products, no ETNS, by agent, fourth quarter
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	2.978	100	31.61%	1	2.692	92	26.78%
2	Goldman Sachs	1.536	143	16.30%	4	0.954	135	9.49%
3	JPMorgan	0.954	337	10.12%	2	1.588	351	15.80%
4	UBS	0.642	384	6.82%	3	1.390	819	13.83%
5	Morgan Stanley	0.642	136	6.81%	5	0.904	138	8.99%
6	Credit Suisse	0.632	142	6.70%	7	0.410	141	4.08%
7	Barclays	0.539	143	5.72%	6	0.518	109	5.16%
8	HSBC	0.301	129	3.19%	10	0.271	183	2.69%
9	RBC	0.276	82	2.93%	8	0.352	93	3.51%
10	Citigroup	0.243	72	2.58%	12	0.232	55	2.31%
	Total	9.422	1823	10.051	2216
	Average size:	0.005	0.005
All structured products, no ETNS, by agent, December
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	0.913	28	31.95%	1	0.833	30	27.13%
2	JPMorgan	0.360	112	12.61%	4	0.323	107	10.52%
3	UBS	0.275	152	9.62%	2	0.394	274	12.84%
4	Barclays	0.242	54	8.46%	6	0.194	45	6.32%
5	Morgan Stanley	0.173	47	6.05%	5	0.287	42	9.36%
6	BMO	0.169	20	5.92%	7	0.183	10	5.95%
7	Goldman Sachs	0.156	42	5.46%	3	0.351	46	11.44%
8	HSBC	0.145	44	5.06%	10	0.079	59	2.57%
9	Credit Suisse	0.131	51	4.60%	8	0.147	49	4.80%
10	Wells Fargo	0.100	16	3.49%	13	0.029	5	0.95%
	Total	2.857	623	3.070	734
	Average size:	0.005	0.004
All structured products, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	14.457	1550	23.46%	2	9.195	1339	16.79%
2	Bank of America	13.310	429	21.60%	1	11.640	381	21.26%
3	UBS	7.587	2310	12.31%	3	8.674	3490	15.84%
4	JPMorgan	7.052	1729	11.44%	4	7.218	1473	13.18%
5	Goldman Sachs	5.213	632	8.46%	6	3.410	531	6.23%
6	Barclays	4.566	587	7.41%	5	4.088	535	7.47%
7	Morgan Stanley	3.083	571	5.00%	7	3.116	478	5.69%
8	HSBC	1.286	568	2.09%	10	1.316	761	2.40%
9	Citigroup	1.193	297	1.94%	9	1.357	223	2.48%
10	RBC	0.961	266	1.56%	8	1.517	549	2.77%
	Total	61.627	9556	54.756	10181
	Average size:	0.006	0.005
ETNS, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse	12.627	1010	70.94%	1	7.630	852	62.57%
2	UBS	3.032	20	17.04%	2	2.756	13	22.60%
3	Barclays	1.819	7	10.22%	3	1.028	9	8.43%
4	Nuveen	0.152	59	0.85%	4	0.194	64	1.59%
5	RBS	0.080	1	0.45%	6	0.182	3	1.49%
6	Deutsche Bank	0.060	1	0.34%	5	0.184	2	1.51%
7	Morgan Stanley	0.030	1	0.17%	8	0.083	1	0.68%
	Total	17.800	1099	12.195	949
	Average size:	0.016	0.013
Commodity structured products, no ETNS, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.384	61	45.90%	1	1.469	82	63.22%
2	Morgan Stanley	0.160	54	19.10%	3	0.247	33	10.62%
3	Citigroup	0.088	6	10.50%	9	0.003	1	0.13%
4	Goldman Sachs	0.083	4	9.88%	5	0.104	3	4.49%
5	Bank of America	0.062	7	7.45%	4	0.119	9	5.14%
6	Barclays	0.024	1	2.87%	2	0.277	15	11.92%
7	UBS	0.022	8	2.65%	6	0.066	25	2.82%
8	Deutsche Bank	0.008	3	0.92%	7	0.033	6	1.41%
9	BNP	0.006	5	0.73%	8	0.006	4	0.26%
	Total	0.836	149	2.323	178
	Average size:	0.006	0.013
Equity index structured products, no ETNS, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America	11.617	333	39.47%	1	9.308	285	42.26%
2	Goldman Sachs	4.404	531	14.96%	3	2.373	412	10.78%
3	JPMorgan	3.614	873	12.28%	2	2.510	510	11.40%
4	UBS	2.263	352	7.69%	4	1.807	347	8.20%
5	Barclays	1.788	374	6.08%	7	0.995	215	4.52%
6	Credit Suisse	1.477	390	5.02%	6	1.057	339	4.80%
7	Morgan Stanley	1.332	244	4.53%	5	1.205	205	5.47%
8	HSBC	0.819	367	2.78%	8	0.794	507	3.61%
9	Citigroup	0.589	161	2.00%	11	0.285	77	1.29%
10	Deutsche Bank	0.551	66	1.87%	9	0.665	76	3.02%
	Total	29.431	4013	22.027	3180
	Average size:	0.007	0.007
Foreign exchange structured products, no ETNS, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan	0.155	27	47.48%	1	0.242	48	44.16%
2	Morgan Stanley	0.083	2	25.53%	9	0.002	1	0.37%
3	Goldman Sachs	0.028	3	8.47%	2	0.240	31	43.79%
4	Deutsche Bank	0.025	2	7.71%	3	0.022	3	3.93%
5	HSBC	0.022	12	6.70%	6	0.005	3	1.00%
6	Bank of America	0.011	1	3.45%	4	0.021	3	3.81%
7	Citigroup	0.001	1	0.35%	8	0.003	1	0.53%
8	Barclays	0.001	1	0.31%	5	0.010	1	1.87%
	Total	0.326	49	0.547	93
	Average size:	0.007	0.006
Interest rate structured products, no ETNS, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Wells Fargo	0.297	22	22.29%	10	0.066	5	3.64%
2	Goldman Sachs	0.282	18	21.20%	5	0.122	31	6.72%
3	Morgan Stanley	0.224	20	16.81%	3	0.222	9	12.15%
4	Citigroup	0.174	23	13.04%	1	0.540	30	29.64%
5	Barclays	0.157	3	11.80%	2	0.264	23	14.50%
6	JPMorgan	0.115	21	8.62%	4	0.164	18	8.99%
7	Bank of America	0.037	5	2.82%	9	0.068	6	3.74%
8	Deutsche Bank	0.022	3	1.69%	8	0.082	8	4.48%
9	Jefferies	0.010	1	0.75%
10	RBC	0.005	2	0.38%	7	0.083	10	4.55%
	Total	1.332	120	1.823	165
	Average size:	0.011	0.011
Single stock structured products, no ETNS, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	UBS	1.938	1753	27.03%	1	3.586	2962	31.27%
2	JPMorgan	1.647	497	22.97%	2	1.947	584	16.98%
3	Bank of America	1.362	63	19.00%	3	1.897	61	16.54%
4	Morgan Stanley	0.580	143	8.09%	5	0.905	155	7.89%
5	Barclays	0.524	129	7.30%	4	1.212	193	10.57%
6	RBC	0.231	80	3.22%	6	0.589	358	5.14%
7	HSBC	0.208	53	2.90%	9	0.240	42	2.10%
8	Goldman Sachs	0.204	33	2.84%	8	0.291	15	2.54%
9	Credit Suisse	0.176	89	2.46%	7	0.336	75	2.93%
10	Citigroup	0.166	52	2.31%	10	0.240	76	2.09%
	Total	7.170	2930	11.468	4549
	Average size:	0.002	0.003
Interest rate products with structured coupons (not included above), by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	First Tennessee	4.555	199	8.04%	1	3.181	156	7.85%
2	Stifel	2.849	141	5.03%	5	1.981	109	4.89%
3	Vining	2.687	210	4.74%	10	1.582	109	3.90%
4	Morgan Stanley	2.423	135	4.28%	7	1.818	94	4.48%
5	Raymond James	2.422	178	4.27%	4	1.999	125	4.93%
6	Incapital	2.195	175	3.87%	3	2.248	133	5.54%
7	Piper Jaffray	1.909	136	3.37%	19	0.790	50	1.95%
8	Jefferies	1.887	77	3.33%	2	2.272	81	5.61%
9	Finacorp	1.822	158	3.22%	31	0.338	39	0.83%
10	Hapoalim	1.715	84	3.03%	9	1.600	80	3.95%
	Total	56.665	2172	40.544	1638
	Average size:	0.026	0.025
Interest rate products with structured coupons (not included above), no agencies, by agent, 2015
					2014 Comparables
	Underwriter	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs	0.514	66	17.29%	3	0.457	54	18.15%
2	Barclays	0.503	11	16.94%	1	0.700	25	27.84%
3	RBC	0.430	41	14.47%	2	0.479	43	19.06%
4	Bank of America	0.279	22	9.39%	11	0.028	4	1.11%
5	Wells Fargo	0.277	17	9.32%	7	0.091	9	3.63%
6	TD	0.269	45	9.05%	13	0.018	2	0.70%
7	Morgan Stanley	0.188	12	6.33%	5	0.142	10	5.63%
8	JPMorgan	0.173	48	5.81%	9	0.066	19	2.63%
9	HSBC	0.115	14	3.86%	10	0.060	7	2.38%
10	Nomura	0.052	6	1.75%	15	0.011	4	0.44%
	Total	2.970	314	2.516	255
	Average size:	0.009	0.010
All structured products, no ETNs, by issuer, 2015
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	5.880	747	13.42%	3	5.096	710	11.97%
2	JPMorgan Chase & Co. 5.616	1468	12.81%	1	5.848	1278	13.74%
3	Credit Suisse AG, London Branch 4.862	835	11.10%	2	5.192	672	12.20%
4	Bank of America Corp. 4.586	122	10.46%	10	2.383	87	5.60%
5	Goldman Sachs Group, Inc.	4.416	679	10.08%	4	3.787	570	8.90%
6	HSBC USA Inc.	3.825	722	8.73%	7	3.228	902	7.58%
7	Morgan Stanley	3.045	572	6.95%	9	2.874	470	6.75%
8	Deutsche Bank AG, London Branch	2.517	387	5.74%	6	3.651	500	8.58%
9	UBS AG, London Branch 2.077	1754	4.74%	8	2.959	2808	6.95%
10	Royal Bank of Canada 1.601	370	3.65%	5	3.685	763	8.66%
	Total	43.827	8457	42.561	9232
	Average size:	0.005	0.005
All structured products, no ETNs, by issuer, fourth quarter
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Bank of America Corp. 1.308	38	13.88%	10	0.534	20	5.31%
2	Barclays Bank plc	1.087	165	11.53%	5	1.000	144	9.95%
3	Credit Suisse AG, London Branch 0.940	194	9.97%	2	1.450	214	14.43%
4	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.857	9	9.10%
5	JPMorgan Chase & Co. 0.844	296	8.96%	1	1.462	318	14.54%
6	HSBC USA Inc.	0.770	154	8.17%	9	0.614	227	6.11%
7	Goldman Sachs Group, Inc.	0.693	140	7.35%	3	1.045	150	10.40%
8	Morgan Stanley	0.622	132	6.60%	6	0.776	136	7.72%
9	UBS AG, London Branch 0.433	337	4.59%	7	0.647	633	6.44%
10	Royal Bank of Canada 0.311	88	3.30%	8	0.647	129	6.43%
	Total	9.422	1823	10.051	2216
	Average size:	0.005	0.005
All structured products, no ETNs, by issuer, December
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.398	58	13.94%	2	0.366	58	11.92%
2	HSBC USA Inc.	0.336	51	11.77%	10	0.171	70	5.58%
3	JPMorgan Chase & Co. 0.331	102	11.60%	5	0.329	105	10.73%
4	Bank of America Corp. 0.317	5	11.10%	12	0.063	4	2.04%
5	Credit Suisse AG, London Branch 0.265	79	9.28%	1	0.440	68	14.35%
6	Bank of Montreal	0.169	20	5.92%	8	0.183	10	5.95%
7	Morgan Stanley	0.166	45	5.79%	6	0.286	41	9.32%
8	UBS AG, London Branch 0.163	128	5.71%	7	0.206	219	6.71%
9	Goldman Sachs Group, Inc.	0.154	39	5.38%	3	0.354	48	11.52%
10	Wells Fargo & Co.	0.100	16	3.49%	13	0.027	4	0.88%
	Total	2.857	623	3.070	734
	Average size:	0.005	0.004
All structured products, by issuer, 2015
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, Nassau Branch 12.788	1040	20.75%	1	7.904	870	14.44%
2	Barclays Bank plc	7.699	754	12.49%	2	6.125	719	11.19%
3	JPMorgan Chase & Co. 5.616	1468	9.11%	3	5.848	1278	10.68%
4	Credit Suisse AG, London Branch 4.862	835	7.88%	4	5.192	672	9.48%
5	Bank of America Corp. 4.586	122	7.44%	11	2.383	87	4.35%
6	Goldman Sachs Group, Inc.	4.416	679	7.17%	7	3.787	570	6.92%
7	HSBC USA Inc.	3.825	722	6.21%	9	3.228	902	5.89%
8	UBS AG, London Branch 3.168	1769	5.14%	5	4.309	2817	7.87%
9	Morgan Stanley	3.075	573	4.99%	10	2.957	471	5.40%
10	Deutsche Bank AG, London Branch	2.577	388	4.18%	6	3.835	502	7.00%
	Total	61.627	9556	54.756	10181
	Average size:	0.006	0.005
Commodity structured products, no ETNS, by issuer, 2015
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Barclays Bank plc	0.208	3	24.84%	2	0.478	20	20.58%
2	JPMorgan Chase & Co. 0.176	52	21.02%	1	0.896	40	38.57%
3	Morgan Stanley	0.170	57	20.34%	4	0.247	33	10.62%
4	Citigroup Inc.	0.088	6	10.50%	10	0.003	1	0.13%
5	Goldman Sachs Group, Inc.	0.083	4	9.88%	6	0.104	3	4.49%
6	Bank of America Corp. 0.062	7	7.45%	5	0.108	8	4.67%
7	UBS AG, London Branch 0.029	11	3.42%	7	0.050	21	2.17%
8	Deutsche Bank AG, London Branch	0.015	4	1.81%	3	0.419	47	18.05%
9	Bank of the West	0.006	5	0.73%	9	0.006	4	0.26%
	Total	0.836	149	2.323	178
	Average size:	0.006	0.013
Equity index structured products, no ETNS, by issuer, 2015
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Credit Suisse AG, London Branch 4.188	579	14.23%	1	4.709	483	21.38%
2	Bank of America Corp. 4.147	90	14.09%	7	1.713	54	7.78%
3	Barclays Bank plc	3.940	449	13.39%	8	1.678	249	7.62%
4	Goldman Sachs Group, Inc.	3.532	562	12.00%	2	2.718	441	12.34%
5	HSBC USA Inc.	2.891	464	9.82%	3	2.166	593	9.84%
6	JPMorgan Chase & Co. 2.616	681	8.89%	6	1.722	415	7.82%
7	Deutsche Bank AG, London Branch	1.958	221	6.65%	5	1.939	190	8.80%
8	Morgan Stanley	1.416	257	4.81%	9	1.174	203	5.33%
9	GS Finance Corp. (Goldman Sachs Group, Inc.)	0.993	9	3.38%
10	UBS AG, London Branch 0.854	157	2.90%	10	0.778	170	3.53%
	Total	29.431	4013	22.027	3180
	Average size:	0.007	0.007
Foreign exchange structured products, no ETNS, by issuer, 2015
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Goldman Sachs Group, Inc.	0.101	19	31.09%	1	0.259	38	47.37%
2	Morgan Stanley	0.083	2	25.53%	8	0.002	1	0.37%
3	JPMorgan Chase & Co. 0.076	9	23.30%	3	0.118	23	21.63%
4	Deutsche Bank AG, London Branch	0.027	3	8.23%	2	0.128	23	23.43%
5	HSBC USA Inc.	0.022	12	6.70%	6	0.005	3	1.00%
6	Barclays Bank plc	0.012	2	3.76%	4	0.019	3	3.44%
7	Citigroup Inc.	0.004	2	1.37%	7	0.003	1	0.53%
	Total	0.326	49	0.547	93
	Average size:	0.007	0.006
Interest rate structured products, no ETNS, by issuer, 2015
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	Wells Fargo & Co.	0.297	22	22.29%	10	0.066	5	3.64%
2	Goldman Sachs Group, Inc.	0.282	18	21.20%	5	0.122	31	6.72%
3	Morgan Stanley	0.211	18	15.83%	7	0.102	6	5.57%
4	Citigroup Inc.	0.174	23	13.04%	1	0.540	30	29.64%
5	Barclays Bank plc	0.147	2	11.05%	3	0.181	15	9.95%
6	JPMorgan Chase & Co. 0.100	20	7.49%	4	0.164	18	8.99%
7	Federal Home Loan Banks	0.040	4	3.00%	2	0.197	9	10.81%
8	Bank of America Corp. 0.037	5	2.82%	11	0.065	5	3.56%
9	Deutsche Bank AG, London Branch	0.022	3	1.69%	9	0.072	7	3.94%
10	Credit Suisse AG, Nassau Branch 0.008	1	0.60%
	Total	1.332	120	1.823	165
	Average size:	0.011	0.011
Single stock structured products, no ETNS, by issuer, 2015
					2014 Comparables
	Issuer	Amount	No.	Share	Rank Amount	No.	Share
1	JPMorgan Chase & Co. 1.623	473	22.63%	2	2.090	562	18.23%
2	Barclays Bank plc	1.170	203	16.32%	1	2.329	334	20.31%
3	UBS AG, London Branch 1.013	1450	14.12%	3	1.912	2516	16.67%
4	Royal Bank of Canada 0.585	152	8.16%	4	1.157	477	10.09%
5	Morgan Stanley	0.572	136	7.98%	5	0.906	155	7.90%
6	HSBC USA Inc.	0.529	88	7.37%	7	0.646	80	5.63%
7	Credit Suisse AG, London Branch 0.422	186	5.88%	11	0.257	106	2.24%
8	Deutsche Bank AG, London Branch	0.379	121	5.28%	6	0.744	178	6.48%
9	Bank of America Corp. 0.331	17	4.61%	8	0.443	14	3.86%
10	Goldman Sachs Group, Inc.	0.206	34	2.88%	9	0.303	18	2.64%
	Total	7.170	2930	11.468	4549
	Average size:	0.002	0.003
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 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.

• 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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