Market snapshot
Issuance volumes in the US surged by 60% in January, dominated by leveraged returns, review bonds and kickouts. HSBC led the way, while Investec maintained its lead in the UK market in January. Tim Mortimer reviews the numbers
Structured products issuance in the US in January rose by 60% compared to December. Total notional was $1.41 billion across 390 products, averaging roughly $3.6 million per product. The most prolific issuer was HSBC, which sold almost $380 million of notional from more than 40 deals and accounted for a 26.6% share of the market in terms of new issuance. Next was JP Morgan, with $176 million of notional sold, and Royal Bank of Canada, with $150 million.
The most common underlying stock in the US
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