A surge in issuance propelled BNP Paribas into second place among issuers, with only Goldman Sachs ahead as monthly volumes reached a new high.
May saw the US structured notes market reach a new record high with US$19.4 billion in notional traded from nearly 6,0000 issuances, led by Goldman Sachs, BNP Paribas and J.P. Morgan. Year-on-year the monthly volume surged 81%. It was also a strong rebound from a weak April when US$15.1 billion was collected, SRP data shows. These issues are specific to structured notes and do not include non-directional (callable) fixed rate notes. US: structured notes sales by month (US$m) Source: SRP In