Structured Notes 2012 Review

STRUCTURED NOTES

2012 Review &2013 outlook

January 2013

Looking aheadIndustry executives weigh in on what they expect in 2013. Page 3

winning strategiesWhich notes in which asset classes will do best this year? Page 4

note hoLdersA look at the biggest holders of U.S. and global structured notes. Page 5

CLn buyers turn to russiaNote issuance tied to the credit of the country or its companies soared by $1 billion in 2012, mak-ing them the fastest growing sell-ers. Our map rounds up issuance tied to 74 other countries. Page 6

equity-Linked notes dominateThe securities made up almost two-thirds of 2012 U.S. volume. Page 7

banCa imi seLLs biggest noteOur tables reveal the top 10 notes sold last year, in the U.S. and globally. Page 7

gas-Linked etn grows fastestThe top 20 U.S. ETNs for growth and one-year return. Page 8.

note saLes drop over yearA month-by-month look at issu-ance shows a continued slide. Page 8

every word CountsWhat Finra is really saying when its executives talk about struc-tured notes. Page 9

reguLatory highLightsSome key events that defined the year in regulation. Page 9

who’s up, who’s downWhich banks rose and fell in the rankings of issuers. Pages 10, 11

a guide to our data* U.S. notes are securities issued in the U.S. that are registered with the SEC.

** Global notes exclude U.S. securities and also “variable-principal redemption” notes, such as reverse convertibles.

*** European notes are issued in Europe and exclude “variable-principal redemption” notes, such as reverse convertibles.

CONTENTS JUST ThE FaCTS

ThE NUmbERS whaT iT mEaNS

3.4 TimES the amount that sales by DZ Bank, the leading issuer of structured notes last year, exceeded those of its closest rival, Deutsche Bank.

9 Years since global issuance of structured notes was less than $100 billion (before 2012, when the total was less than $80 billion).

5Years since a u.S. bank was among the top three issuers of struc-tured notes globally, outside its domestic market (Merrill lynch last cracked the top three in 2007).

10.9Percentage of structured notes sold outside the u.S. in 2012 that weren’t denominated in dollars, euros or Japanese yen. the sales in other currencies totaled $8.5 billion, Bloomberg data show.

18the amount of notes in 2012, in millions of u.S. dollars, tied to the consumer price index, a gauge of inflation. Banks sold $760.7 mil-lion the year before.

31 Percentage of the 7,909 SeC-registered notes sold in the u.S. last year that were issued by uBS.

548 Number of notes linked to Apple inc. sold in the u.S. in 2012, total-ing $1.74 billion.

8

the largest distribution fee, in percent, charged in the u.S. last year, Bloomberg data show. it was for JPMorgan Chase’s $475,000 offering of six-year notes linked to the bank’s etF efficiente 5 index on May 25.

53.4Percentage of global structured note sales from the 10 biggest bank issuers in 2012. that’s up from 46 percent in 2011 and 44.3 percent in 2010.

1.93

the amount, in billions of u.S. dollars, by which sales of credit-linked notes tied to Russia (the most popular underlying among emerging market sovereigns) surpassed sales of notes linked to France (the most popular developed market nation).

8 the number of proprietary indexes that u.S. SeC-registered notes were tied to for the first time in 2012.

3.64 the amount of callable step-up notes, in billions of dollars, sold in the u.S. last year, Bloomberg data show.

57 Percentage decline in sales of u.S. reverse convertibles in 2012 from a year earlier.

bloomberg brief structured notes 2012 review & 2013 outlook

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reporters

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OUTlOOk

u.s.name: bill pangCompany: toyota motor Credit Corp. in torrance, Californiatitle: manager of derivatives and structured finance

“As interest rates continued to fall in 2012, I was surprised by the resiliency of the interest rate-linked structured notes market. Although total volume was down, overall deal size was up by over 7 percent. If the fiscal cliff gets resolved quickly and the European debt crisis stabilizes, I anticipate volumes similar to or greater than 2011. With global macroeconomic conditions improving, we should see higher rates than those in 2012. In that environ-ment, fixed-to-float notes should gain in popularity with continued strong demand for step-up callables.”

name: Justin CapetolaCompany: blue bell private wealth management LLCtitle: managing partner

“I think that despite all the headwinds in the news, like Europe, the lead-up to the presidential election, the whole debate with the fiscal cliff, [the surprise is] that we had as strong a stock market as we had. And our expectation for 2013 is hopefully that volatility continues to abate, and we’re back to more of a stabilizing economy.”

europename: thomas pfennigCompany: deutsche bank agtitle: head of structured notes trading

“Due to continuing low yields, even negative yields in certain European countries, risk-on mode will still be valid, and I expect the hunt for yield will continue and even grow. There will be an ongoing appetite for structures that pro-vide a pick-up compared to plain-vanilla bonds. I expect a broader client spectrum, including conservative clients that have been hesitating to get involved so far, to enter the ‘light’ structured notes space due to the need for yield.”

name: kara Lemont sportelliCompany: bnp paribas sa in Londontitle: head of fixed-income structuring

“In 2012, I was struck by the volume of hybrid products, mainly, combining equity, FX or interest rate coupons with credit-linked or first-to-default baskets. This seems to have addressed an increasing demand for yield with the comfort investors feel buying credit products, specifically linked to names in their home markets. I expect de-mand for structured notes, hybrids and more traditional yield enhancement products to be even higher in 2013.”

asianame: stefan masuhrCompany: royal bank of scotland group plctitle: Co-head of markets structuring asia-pacific

“Products have become much simpler than before. Regulatory pressure in the offshore market is becoming tighter and tighter, and people basically are no longer out at all for complex products. I think the biggest head-line number you’ll see for 2013 is what I would call local markets, [of] countries like Malaysia, Korea, Thailand, Taiwan. Local currency-denominated products for the jurisdiction they are being sold into will be the big theme.”

name: takamasa miyagawaCompany: ubs securities Japantitle: executive director, head of derivatives dCm/mtn

“Despite the tough market, the funding spreads which the investment banking issuers have funded on became tighter significantly post-summer. That was quite surprising. [In 2013], I think the main thing for investment banks is adjusting to Basel III. Everybody in the market understands that is coming, but I don’t think the whole industry is aligned in terms of timing, methodology, how to deploy the rules. In Asia, it’s a little bit different, because not everybody is under Basel III.”

what Surprised You the most about 2012, and what Do You Expect This Year?

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name: vincent berard (on rate-linked)Company: bnp paribas satitle: head of interest rates and foreign-exchange structuring

“For the first part of the year, the same products popular last year: callable notes, either bullets or accreting zero coupons, for institutional investors, and simple pay-offs, such as capped and floored floating-rate notes, for retail buyers. Relatively high volatility has meant investors have been able to mostly achieve required returns. However, with governments committing to very low rates for a long time, volatility will be most likely driven lower, which should lead to a surge of issuance in the first two months of 2013 as investors try to capture as much of that volatility as possible. After that they may need to sell more leveraged volatility or diversify into hybrids to boost returns.”

name: Jean-Luc bernardi (on equity-linked)Company: Citigroup inc.title: head of equity structuring for europe, the middle east and africa

“Equity themes based on high-quality dividends are likely to be popular, with investors wary of seeking yield at any cost. We have a strategy that offers exposure to companies with high dividend yields, but that are seen as safe by the markets. In terms of notes, we see ongoing demand for low-risk, income-paying products with a degree of principal protection. Investors are likely to prefer a higher likelihood of receiving income, for example, receiving a coupon if an equity market is not down more than 20 percent, over attention-grabbing headline numbers.”

name: nordine farsi (on credit-linked) Company: Landesbank baden-wuerttembergtitle: head of structured credit trading

“Two factors will drive demand for credit-linked notes in 2013. First, the search for yield in an environment characterized by unprecedentedly low government bond yields due to extremely accommodative policies from low rates to quantitative easing. Second, debt deleveraging, which will affect the supply of new issues. In such an environment, single name step-up CLNs with maturities of five years and longer, to take advantage of the steepness of credit curves, will remain attractive in particular for utility and financial underlyings from Southern Europe, excluding Greece, as I expect a coming compression of credit spreads between Europe’s ‘core’ and its ‘periphery’. Linear basket CLNs of eight to 12 selective credits from the Markit iTraxx Crossover Index will also remain popular.”

name: adam baker (on inflation-linked) Company: Jpmorgan Chase & Co.title: head of inflation structuring

“The potential for high inflation remains a concern for many investors. However, the biggest headwind for the inflation note market is the negative real rates at the front end of nearly all inflation curves, including in the U.S., U.K. and euro area. These are caused by low central bank rates and inflation running close to or above target. This means participation rates for structured notes are likely to be considerably below 100 percent. We’re likely to see continued interest in yield-enhancement approaches to try and boost participation. This may include referencing other asset classes in inflation-linked notes, such as down-and-in puts on equities or synthetic credit linkages.”

name: Christine Lefort (on currency-linked)Company: Credit agricole satitle: global head of foreign-exchange and precious metals research, development and structuring

“Since the second half of 2012, bank credit spreads and funding levels have tightened quite a bit. When this happens there tends to be less interest in structured notes, and I see this continuing. Also, foreign-exchange volatility has fallen a lot, which will hinder returns on correlation products, but this could be good for single-asset products as an investor is effectively a net buyer of volatility here, and low volatility makes most of the payoffs cheaper. This could even offset the negative effects of lower funding spreads at banks, although overall I imagine there will be less FX-linked notes sold. I see a return to high-yielding currencies and carry-trade strategies where the Australian and New Zealand dollars, as well as Japan’s yen, will be most popular, and there will be a pullback from emerging-market currencies.”

which Notes or Strategies Do You Think will Do best in Your asset Class This Year?

outlook...

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TOp 50 hOlDERS OF laRgEST STNS Click on orange triangles for interactive features

We looked at who holds structured notes issued in the U.S. and global markets, according to public filings. For the U.S., we examined about 15 of the biggest notes each year from 2010 through 2012, and for global, the 100 largest each year from 2008 through 2012. All totals are based on notional amounts of the securities. note: Because of data limitations, some global numbers are approximations.

u.s. NamE hOlDiNgS ($)BCBS of Ala. 17,250,000CareSource 15,000,000Hwang-DBS investment Management 9,688,000Frost investment Advisors 7,071,000Berkley ins. 6,000,000waddell & Reed Financial 5,666,000Alfa life insurance 5,000,000toa Reinsurance Co. of America 5,000,000Berkley Regional insurance 4,000,000liberty Bankers life insurance 3,500,000kentucky Farm Bureau insurance 3,000,000Penn Mutual life insurance 2,269,000waverton investment Funds 2,128,000Care west insurance 2,000,000FFvA Mutual insurance 2,000,000vAliC Co. 2,000,000Pioneer investment Management 1,750,000American eqty. investment life 1,500,000insurance Company of the west 1,500,000landesbank Berlin investment 1,393,500Atlantic Charter insurance Comp. 1,100,000western General insurance Co. 1,030,000Mackenzie Financial 1,005,000Grinnell Mutual Reinsurance Co. 1,000,000Harco National insurance Co. 1,000,000luther king Capital Management 1,000,000orbitex Management inc. 1,000,000texas Farm Bureau Mutual insur. 1,000,000wilshire insurance Co. 1,000,000icon Advisers inc. 950,000British American insurance Co. 850,000Health Plan of Mich. 750,000old united Casualty Co. 725,000Affirmative insurance Co. 625,000thompson investment Management 601,000American european ins. Co. 600,000South Dakota State Med. Holding 600,000timber Products Manufacturers 505,000Amguard insurance Co. 500,000Ari Casualty Co. 500,000Cooperativa de Seguros Multiples 500,000Developers Surety and indemnity 500,000eagle life insurance Co. 500,000eastguard insurance Co. 500,000educators Mutual insurance Asn. 500,000Farm Bureau life ins. of Missouri 500,000Farm Bureau town & Country ins. of Missouri 500,000John Deere ins. Co. 500,000Mlba Mut. ins. Co. 500,000North Coast life insurance Co. 500,000

Source: Bloomberg LP

global NamE hOlDiNgS ($)

Franklin Resources 154,177,000Goldman Sachs Asset Management 83,184,000Julius Baer Multicooperation 78,710,000uBS Global Asset Management 78,123,000Fideuram Gestions SA 33,191,000FMR llC 29,232,000iwatsuka Confectionery Co. 25,988,000BNP Asset Management Paris 23,234,000oppenheimerFunds inc. 22,681,000Henderson investors ltd. 22,570,000Aberdeen 15,541,000tokio Marine Asset Mgmt Co. 14,351,000Dexia Asset Management lux 13,245,000espirito Santo Gestion SA 13,243,000Skandia Global Funds 11,061,000Putnam investment Management 10,441,000Swisscanto Fondsleitung 9,735,000Hwang-DBS investment Management 9,665,000e. ohman J:or 9,270,000legal & General 8,943,000Goldman Sachs Group 8,866,000Societe Generale 8,605,000Schoellerbank invest 8,075,000old Mutual 7,077,000interfund Advisory Co. 6,771,000Robeco Fund Management 6,752,000eurizon investment Sicav 6,606,000Nitto kogyo Corp. 6,497,000invesco ltd. 6,142,000Altshuler Shaham Mutual Funds 5,560,000investec Asset Management 5,488,000Sei investments Management 5,011,000Bankhaus Schelhammer & Schattera 4,635,000Alliance trust Asset Management 4,500,000Artemis investment Mgmt 4,000,000Santander Asset Management lux 3,961,000Fukuda Denshi Co. 3,897,000legg Mason Global Funds 3,868,000universal investment 3,641,800Santander Asset Mgmt SA 3,580,000t. Rowe Price Associates 3,405,000kBC Bank luxembourg 3,305,000uBS 3,060,000Deka international 3,045,000Jefferies Asset Management 2,923,000BlackRock 2,833,700Siemens kapitalanlagegesellschaf 2,814,100Perfect Mutual Funds 2,650,000Sella Gestioni Sgr 2,648,600Skandia investment Management 2,645,000


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biggest gainers

COUNTRY 2012 iSSUaNCE (mlN) ChaNgE (mlN)

Russia 2,640.2 1,003.2

united kingdom 1,314.0 805.1

France 2,029.4 781.6

Netherlands 853.4 703.7

korea 1,227.4 659.3

Switzerland 856.0 639.9

luxembourg 554.0 410.0

Denmark 378.7 377.9

Nigeria 427.0 334.8

Austria 445.6 208.1


CREDiT-liNkED NOTES

ClNs Tied to Russia Surge in popularity, Rising by $1 billion The map shows the yearly change, in millions of U.S. dollars, in issuance of credit-linked notes tied to sovereign or company debt in 75 countries (yellow indicates no data). Russia was the “hottest” country, with $1 billion more of sales of notes linked to its debt. Brazil was the “coolest,” dropping by $1.6 billion from 2011.

biggest Losers

COUNTRY 2012 iSSUaNCE (mlN) ChaNgE (mlN)

Brazil 1,825.4 -1,604.8

Spain 485.6 -1,273.7

China 415.8 -798.1

Germany 6,928.3 -792.3

indonesia 343.5 -718.6

Japan 1,874.2 -500.9

Mexico 26.5 -411.7

Colombia 234.1 -279.8

united States 1,290.0 -206.7

South Africa 62.4 -201.0


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Equity, 64.2%

FX, 2.5%

Rates, 14.6%

Commodity, 6.7%

Reverse Convertible, 6.0%

Hybrid, 2.6%

Other, 3.3%

2012 U.S.


Equity, 50.7%

Rates/Equity, 2.5% Rates, 18.1%

Reverse Convertible, 12.0%

Commodity, 9.3% FX, 2.8%

Other, 4.7%

2011 U.S.


Credit, 54.7%

Rates, 38.5%

Other, 4.3%

Inflation, 2.5%

2012 Global


Rates, 47.4%

Credit, 37.7% Inflation, 7.7%

Other, 7.2%

2011 Global


Equity-tied notes accounted for almost two-thirds of overall issuance, while reverse convertibles sank to 6 percent from 12 percent in 2011.

There were 600 rate-linked offerings in 2011, accounting for $8.27 billion of sales.

Outside the U.S., banks sold $42.3 billion of credit-tied notes, more than half of the overall. Inflation-tied dwindled to $1.97 billion from $8.2 billion.

Rate-linked securities were almost half the sales total in 2011, or $50.5 billion of $106.7 billion.

top 10 u.s. notes

aSSET ClaSS bREakDOwN

Equity-linked Notes Dominate in U.S., while Credit-Tied Surges globally

iSSUER DESCRipTiON amT. (mlN $)

uBS 1 yr., tied to Russell 1000 Growth index 946.2

Deutsche Bank 18 mo., tied to euro Stoxx 50 index 429.6

RBC 3 yr., fixed-to-floating rate 200

HSBC 1 yr., tied to the MSCi Net world index 171.8

Barclays 1 yr., tied to gold 143.2

Bank of America 14 mo., tied to the S&P 500 index 130.5

General electric 3 yr., fixed-to-floating rate 125

Bank of America 2 yr., tied to the S&P 500 123.9

Bank of America 1-yr., tied to Ford Motor Co. 121.1

Bank of America 13-mo., tied to the S&P 500 118.5


top 10 global notes (outside U.S.)iSSUER DESCRipTiON amT. (mlN $)

Banca iMi 5 yr., fixed-to-floating rate 984.7

elm Bv 7.5 yr., credit-linked 785.6

uniCredit 5 yr., fixed-to-floating rate 747.1

vtB Capital 7 yr., credit-linked to loan 676.9

iris SPv 9.5 yr., “partly paid notes” 648

BG energy Capital 60 yr., fixed-to-floating rate 500

Santander intl. Debt 1 yr., floating rate 483.5

uniCredit 6 yr., fixed then linked to basket 407.1

Banco Popolare 15 yr., fixed-to-floating rate 279.7

Caisse D'Amort. Dette Sociale 13.5 yr., floating rate 276.7


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U.S. sales climbed to $4.54 billion in March, led by HSBC’s $625.8 million of issuance. There were 832 offerings that month.

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U.S. Sales Drop Off After March


ETNs

gas-Tied Note is Fastest-growing of Year in U.S.A Barclays ETN linked to gas, which made its debut in April 2011, grew 20 times larger over the course of last year, leading all securities in the U.S. For one-year return, three of the five best-performing notes were short bets on volatility tracking the VIX Index.

The number of global offerings declined each month after reaching 398 in April. Sales exceeded $7 billion for only four months.

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Global Sales Average Less Than $7 Billion Monthly


Structured note issuance, both outside and inside the U.S., dropped this year. For example, during the first quarter, global volume fell to $25 billion from $29.7 billion a year earlier, and in the U.S. over the same three months, sales declined to $11.3 billion from $14.8 billion. The second-quarter global gap was the largest: issuance of $18.4 billion this year was a little more than half of 2011’s $34.1 billion.

iSSUaNCE bY mONTh

growth in assets TiCkER aND iSSUER 1-YR. ChaNgE (%)

DCNG, Barclays (Gas) 1,951

uGlD, Credit Suisse (leveraged on gold) 762

uSlv, Credit Suisse (leveraged on silver) 532

JGBS, Deutsche Bank (Short on Japanese government bonds) 360

GSC, Goldman Sachs (Basket of commodities) 250

JGBD, Deutsche Bank (leveraged short on Japanese gov. bonds) 248

tNDQ, RBS (Nasdaq, treasuries) 234

DJCi, uBS (Basket of commodities) 219

StPP, Barclays (treasuries) 207

BDCl, uBS (leveraged on Business Development Company index) 188

GCe, Goldman Sachs (Claymore CeF) 165

DtYS, Barclays (Short on treasuries) 161

DoD, Deutsche Bank (“Dogs of the Dow”) 154

Jo, Barclays (Coffee) 141

BDCS, uBS (Business Development Company index) 133

MlPi, uBS (Alerian MlP infrastructure index) 130

tBAR, RBS (Gold, treasuries) 124

Ziv, Credit Suisse (Short on viX) 123

DSlv, Credit Suisse (leveraged short on silver) 120

lBND, Deutsche Bank (leveraged on treasuries) 118


return TiCkER aND iSSUER 1 YR. RETURN (%)

Xiv, Credit Suisse (Short on viX) 145.6

itlt, Deutsche Bank (leveraged on italian treasury bonds) 112.8

Ziv, Credit Suisse (Short on viX) 87.0

BDCl, uBS (leveraged on Business Development Company index) 66.7

ivoP, Barclays (Short on viX) 53.2

BXuC, Barclays (leveraged on S&P 500) 37.3

SFlA, Barclays (leveraged on S&P 500) 36.2

RtlA, Barclays (leveraged on Russell 2000) 33.8

BXuB, Barclays (leveraged on S&P 500) 32.3

BDCS, uBS (Business Development Company index) 29.7

itlY, Deutsche Bank (italian treasury bonds) 29.6

JJt, Barclays (tin) 23.5

iNP, Barclays (MSCi india) 23.3

wMw, Deutsche Bank (Morningstar wide Moat Focus) 22.6

lSkY, uBS (leveraged on iSe Cloud Computing) 22.0

uSv, uBS (Silver) 21.4

DiRt, Barclays (Agriculture) 20.1

BuNt, Deutsche Bank (leveraged on German bunds) 19.3

JJG, Barclays (Grains) 18.9

weet, Barclays (Grains) 18.4


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REgUlaTiON

what Do Regulators Talk about when They Talk about Structured Notes?Susan F. Axelrod, Finra’s head of member regulation sales practice, spoke at a forum on Sept. 27 on a familiar topic: product complexity. To find out what was really on her mind, we fed a copy of her speech through software that created a “cloud” based on word frequency.

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The Year in Regulation: Highlights Jan. 5: Finra puts out notice providing guidance on complex products.

April 13: SEC, in letter to issuers, seeks disclosure on how they value notes.

June 11: Finra reports $450,000 fine for BofA.

July 10: Finra issues investor alert on ETNs.

July 3: European Commission publishes draft proposals for KIDs.

Sept. 27: Finra's Richard Ketchum warns on sales abuses.

Dec. 7: Finra's board rules that brokers who switch firms should reveal incentives.

TimEliNE Click on orange triangles for interactive features

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U.S. RaNkiNgS bY aSSET ClaSS

all asset Classes

SEC-REgiSTEREDSTRUCTURED NOTE iSSUERS*

2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

Bank of America ⬆ 1 2 13.4% 5,236.5

Goldman Sachs ⬆ 2 4 12.3% 4,787.7

Barclays ⬇ 3 1 10.9% 4,244.6

JPMorgan ⬆ 4 5 10.2% 3,995.9

HSBC ⬆ 5 8 9.2% 3,606.1

uBS ⬆ 6 10 8.4% 3,289.2

RBC ⬇ 7 6 7.6% 2,971.5

Morgan Stanley ⬇ 8 3 7.1% 2,772.5

Deutsche Bank ⬇ 9 7 5.8% 2,260.5

Credit Suisse ⬆ 10 13 5.0% 1,944.7

Citigroup ⬇ 11 9 2.4% 947.0

wells Fargo ⬆ 12 14 2.0% 799.7

Sek ⬇ 13 11 1.5% 587.6

General electric ⬆ 14 17 1.3% 525.0

BMo 15 15 0.8% 310.4

toyota ⬆ 16 18 0.7% 270.0

Scotiabank ⬆ 17 21 0.6% 226.9

lloyds ⬆ 18 – 0.3% 100.0

Suntrust ⬆ 19 20 0.2% 66.6

westpac ⬆ 20 – 0.2% 66.5

RBS ⬇ 21 16 0.0% 3.7

TOTal (JaN. 1 TO DEC. 31, 2012) 100.0% 39,012.5

interest rate-Linked


2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

Goldman Sachs ⬆ 1 2 19.9% 1,134.1

Bank of America ⬆ 2 4 13.2% 750.3

Barclays 3 3 11.8% 672.1

General electric ⬆ 4 10 9.2% 525.0

RBC ⬆ 5 7 8.7% 495.0

Morgan Stanley ⬇ 6 1 8.1% 460.6

wells Fargo ⬆ 7 8 7.5% 425.2

JPMorgan ⬇ 8 5 5.3% 300.6

toyota ⬆ 9 13 4.7% 270.0

Citigroup ⬇ 10 6 4.2% 241.0

HSBC 11 11 1.5% 86.7

lloyds ⬆ 12 – 1.5% 84.0

Suntrust ⬆ 13 15 1.2% 66.6

westpac ⬆ 14 – 1.2% 66.5

uBS ⬇ 15 9 1.1% 62.0

Scotiabank ⬆ 16 17 0.6% 34.0

BMo ⬆ 17 18 0.3% 18.5

Deutsche Bank ⬇ 18 16 0.0% 2.7

TOTal (JaN. 1 TO DEC. 31, 2012) 100.0% 5,695.0

equity-Linked


2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

Bank of America 1 1 14.9% 3,740.3

Goldman Sachs ⬆ 2 3 11.9% 2,985.3

HSBC ⬆ 3 5 10.7% 2,674.9

JPMorgan 4 4 10.1% 2,532.7

uBS ⬆ 5 10 9.9% 2,483.3

Barclays ⬇ 6 2 8.8% 2,215.2

Morgan Stanley ⬇ 7 6 7.8% 1,951.4

RBC ⬇ 8 7 7.1% 1,781.3

Deutsche Bank ⬇ 9 8 6.1% 1,525.0

Credit Suisse ⬆ 10 13 5.9% 1,487.0

Citigroup ⬆ 11 12 2.4% 604.6

wells Fargo ⬆ 12 14 1.4% 341.8

Sek ⬇ 13 9 1.3% 327.1

BMo ⬆ 14 15 0.9% 227.1

Scotiabank ⬆ 15 – 0.7% 177.1

RBS 16 16 0.0% 3.7

TOTal (JaN. 1 TO DEC. 31, 2012) 100.0% 25,057.9


Commodity-Linked


2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

Barclays ⬆ 1 5 25.4% 665.3

Bank of America 2 2 19.8% 518.6

Deutsche Bank 3 3 10.9% 284.8

Sek ⬇ 4 1 9.9% 260.5

HSBC ⬆ 5 11 8.6% 226.2

Goldman Sachs ⬆ 6 7 7.4% 193.7

uBS ⬆ 7 13 7.1% 186.2

JPMorgan ⬇ 8 6 4.4% 114.7

Morgan Stanley ⬇ 9 8 4.0% 104.7

RBC ⬆ 10 14 0.9% 22.6

Credit Suisse ⬆ 11 12 0.6% 16.7

Citigroup ⬇ 12 9 0.5% 12.8

wells Fargo ⬇ 13 10 0.5% 12.2

BMo ⬆ 14 15 0.0% 0.5

TOTal (JaN. 1 TO DEC. 31, 2012) 100.0% 2,619.5

1 2 3 4 5 6 7 8 9 10 11


EUROpEaN RaNkiNgS bY aSSET ClaSS

all asset Classes


2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

DZ Bank 1 1 25.5% 16,621.71

Deutsche Bank AG ⬆ 2 3 7.5% 4,908.32

uBS AG ⬆ 3 7 4.8% 3,104.34

uniCredit SpA ⬆ 4 8 4.3% 2,805.93

lBBw ⬇ 5 2 4.3% 2,797.29

Societe Generale SA 6 6 4.2% 2,735.75

Barclays PlC ⬇ 7 4 3.9% 2,514.06

iNG Groep Nv ⬆ 8 10 3.1% 2,017.02

Standard Chartered PlC ⬆ 9 17 2.7% 1,762.49

Credit Suisse Group AG ⬆ 10 22 2.5% 1,616.38

BNP Paribas SA ⬆ 11 16 2% 1,295.87

intesa Sanpaolo SpA 12 12 1.8% 1,178.47

erste Group Bank AG ⬆ 13 38 1.8% 1,168.68

Stichting elM ⬆ 14 21 1.8% 1,158.05

Nordea Bank AB ⬆ 15 30 1.6% 1,046.95

Credit Agricole Groupe ⬆ 16 19 1.6% 1,046.10

Commerzbank AG ⬇ 17 11 1.4% 939.09

HSBC Holdings PlC ⬆ 18 26 1.3% 848.87

HSH Finanzfonds AoeR ⬆ 19 39 1.3% 846.09

vtB Bank oJSC ⬆ 20 51 1.3% 823.11

TOTal (JaN. 1 TO DEC. 31, 2012) ⬇ 117 124 100% 65,109.94

interest rate-Linked


2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

DZ Bank 1 1 27.6% 6,726.12

Deutsche Bank AG 2 2 5.6% 1,372.70

uniCredit SpA ⬆ 3 28 5.2% 1,273.87

intesa Sanpaolo SpA ⬆ 4 10 4.7% 1,150.01

BNP Paribas SA ⬆ 5 31 3.4% 834.14

Societe Generale SA ⬆ 6 8 3.4% 833.58


Caisse d'Amort. de la Dette Soc. ⬆ 8 – 2.8% 682.32

iris SPv PlC ⬆ 9 – 2.7% 647.99

iNG Groep Nv ⬆ 10 12 2.6% 642.55

Banco Popolare SC ⬆ 11 23 2.4% 593.88

Banco Santander SA ⬆ 12 71 2.4% 575.04

wGZ Beteiligungs GmbH ⬆ 13 20 2.1% 522.09

Reseau Ferre de France ⬆ 14 35 2.1% 520.97

Societe Nat. des Chemins de Fer ⬆ 15 – 2.1% 514.22

Commerzbank AG ⬇ 16 5 1.8% 437.56

uBS AG ⬆ 17 17 1.6% 383.59

Groupe BPCe ⬇ 18 14 1.2% 296.26

erste Group Bank AG ⬇ 19 38 1.1% 266.92

BayernlB Holdings AG ⬇ 20 18 1.1% 263.16

TOTal (JaN. 1 TO DEC. 31, 2012) 80 86 100% 24,401.13

Credit-Linked


2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

DZ Bank 1 1 29.1% 9,895.59

lBBw 2 2 7.8% 2,664.81

uBS AG ⬆ 3 5 7.6% 2,585.99

Barclays PlC ⬇ 4 3 5.9% 2,001.34

Deutsche Bank AG ⬇ 5 4 5.8% 1,956.36

Standard Chartered PlC ⬆ 6 8 4.8% 1,628.88

Societe Generale SA ⬆ 7 12 4.2% 1,425.59

Credit Suisse Group AG ⬆ 8 11 4% 1,356.45

iNG Groep Nv 9 9 3.9% 1,335.00

uniCredit SpA ⬇ 10 7 3.6% 1,223.07

Nordea Bank AB ⬆ 11 14 3.1% 1,046.95

erste Group Bank AG ⬆ 12 22 2.7% 901.76

vtB Bank oJSC ⬆ 13 24 2.4% 823.11

Stichting elM ⬆ 14 20 2.3% 790.15

HSBC Holdings PlC ⬆ 15 17 2% 685.39

JPMorgan Chase & Co ⬇ 16 6 1.7% 592.82

Commerzbank AG ⬇ 17 16 1.5% 500.17

Skandinaviska enskilda Banken ⬆ 18 21 1.1% 387.3

BNP Paribas SA ⬇ 19 10 1.1% 370.36

Credit Agricole Groupe ⬇ 20 18 0.9% 295.45

TOTal (JaN. 1 TO DEC. 31, 2012) 54 52 100% 33,984.13


inflation-Linked


2012 YEaR-TO-DaTE

RaNk 2011 RaNk

maRkET ShaRE

vOlUmE USD (mlN)

Societe Generale SA ⬆ 1 5 13.9% 253.27

uniCredit SpA ⬆ 2 18 11.2% 204.23

Raiffeisen landesbanken Hold. ⬆ 3 16 7.9% 144.47

Credit Agricole Groupe ⬆ 4 24 7.4% 134.48

Deutsche Bank AG ⬆ 5 21 7.3% 133.72

lBBw ⬇ 6 2 7.2% 132.49

enel SpA ⬆ 7 – 7.2% 132.34


Credit Suisse Group AG 9 9 3.6% 65.53

Raiffeisenlandesbank oberoes. ⬆ 10 15 3.5% 64.52

Mediobanca SpA ⬆ 11 30 3.5% 64.33

ABN AMRo Group Nv ⬆ 12 45 2.9% 52.99

BNP Paribas SA ⬆ 13 36 2.8% 51.22

uk Financial investments ltd ⬇ 14 4 2.4% 43.54

Nordea Bank AB ⬆ 15 20 2.3% 41.26

Sparkassen- und Giroverband ⬇ 16 7 1.8% 32.56

kBC Groep Nv ⬆ 17 25 1.7% 31.49

iNG Groep Nv ⬆ 18 19 1.5% 26.84

Barclays PlC ⬇ 19 6 1.3% 24.62

Banco Santander SA ⬆ 20 23 1.3% 23.9

TOTal (JaN. 1 TO DEC. 31, 2012) 32 45 100% 1,828.59

1 2 3 4 5 6 7 8 9 10 11


Economy & Finance

Structured Notes 2012 Review