US structured products providers will have $3.6bn of capital to reinvest on the basis of 676 products maturing in August, of which the top 10 best-selling products account for $1.1bn of the total initial sales. The maturing products have a term ranging from three months to eleven years, with the average term for this group of products at 1.82 years.

Morgan Stanley leads the sales volume of maturing products, with $564m across 27 products, followed by JP Morgan ($461m), Bank of America ($410m), Barclays ($358m) and RBC ($350m) – with Goldman Sachs having $274m worth of maturing products.

Five of the products maturing in August sold over $100m apiece, including three fixed to floating rate notes, which sold $200m each. Two of the notes were issued by Morgan Stanley and one by RBC and all were linked to the 3-month Libor. Additionally General Electric Capital issued a senior unsecured fixed rate-floating rate note which sold $125m and Bank of Montreal issued a note linked to a fixed basket of 20 common equity securities which sold $101m.

Equity single index was the highest selling asset class with $1.2bn sold across 167 products, while equity single share was the asset class with most issuance, with 356 products worth a collective $774m.

The Libor led the leaderboard for sales in the list of maturing products with $809m, due to the aforementioned high selling fixed to floating rate notes. The S&P 500 came in a close second with $665m across 69 products, and after that a big jump to third place goes to the MSCI EAFE with $163m across 17 products.

In addition, there are 921 knockout products with early maturity dates in July which could add an extra $2.8bn in potential rollover opportunities in the US across 14 providers, although the volume may be lower due to investors unwinding their investments via the secondary markets.

The average ticket size for all products maturing in July is $5.28m, while the average size of knockout products is $3m.

Related stories:
US fixed rate products get term and coupons haircut
Raymond James index note attracts US$30m via Scotiabank
US capital-at-risk products up 54%, capital-protected down 54%
Americas sales down on interest rate uncertainty and declining oil and commodity prices
FX-linked SP sales down 77% in US from 2008 high