Sales of structured notes in the US market in July were dominated by Credit Suisse which sold over US$800m across 104 products, followed by JP Morgan (US$600m/175 products), Bank of America (US$486.2m/13 products), Goldman Sachs (US$437m/84 products) and HSBC (US$327m/95 products).

Year to date, however, JP Morgan remains slightly ahead of the Swiss bank in terms of sales volumes with US$5.7bn sold and 16% market share compared with Credit Suisse which has sold US$5.3bn and holds 15% market share.

Bank of America however was behind the highest-selling structure in the US market in July after racking up over US$168m with an S&P 500-linked tranche of its Accelerated Return Notes. The one-year capital-at-risk growth product features a capped call/enhanced tracker payoff and will pay a 300% participation on the rise in the index over the investment period, subject to a maximum overall return of 110.41%. Bank of America was also behind the second highest-selling tranche in July, Accelerated Return Notes - Eurostoxx50, which replicates the payoff structure of the S&P 500-linked play but it is pegged to the performance of the Eurostoxx 50 index and the overall maximum return is capped at 116.2%.

The top five ranking of highest selling products in July was completed with three Credit Suisse products including the Autocallable Market-Linked Step Up Notes linked to the Eurostoxx50 index which sold US$84.2m, Accelerated Return Notes linked to the S&P Regional Banks Select Industry Index which sold US$54.9m, and Capped Leveraged Index Return Notes linked to the S&P 500 index which sold US$51.8m.

The Eurostoxx 50 and the S&P 500 indices continued their head-to-head competition as the underlying of choice in the US market with the European benchmark (181 products) falling short of the 184 products featuring the US underlying in July.

Year to date, the Eurostoxx 50 index has been deployed in over 950 products, with Credit Suisse (197) the main supplier of these products followed by JP Morgan (146), Barclays (120), HSBC (119) and Goldman Sachs. In the meantime, the S&P 500 index has been featured in 1,043 products.

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