JP Morgan was once again the most productive issuer in the US by sales volume, a position it has held for each of the past 12 months. The bank collected sales of US$943m from 291 products - predominately autocallables and enhanced trackers - averaging $3.2m per product. Goldman Sachs, with combined sales of $748m from 250 products ($2.99m per product), came second, with Morgan Stanley ($459m from 107 products) completing the top three.

The best-selling product came in the shape of the S&P 500-linked accelerated return notes, a joint effort between Canadian Imperial Bank of Commerce (CIBC) and Merrill Lynch, which sold $117.25m. The 14-month investment, which has an enhanced tracker payoff structure, struck on June 28, when the level of the S&P 500 was 2,716.31. The initial estimated value of the notes is $9.747 per unit (or 97.47%) and an underwriting discount of $0.20 applies.

Another product collecting healthy sales were JP Morgan's partial principal at risk securities linked to the MSCI Europe Index with a sales volume of $106.6m. The two-year notes, which are distributed via Morgan Stanley Smith Barney (also known as Morgan Stanley Wealth Management), protect a minimum 95% of the nominal invested and participate 120% in the rise of an index that struck at 128.08 points on June 29. The estimated value of the securities on the pricing date was $9.711 (97.11%) per $10 stated principal amount.

Equities were responsible for almost 89.9% of total sales, with products linked to a single index selling $2.27 billion. Products tied to the S&P 500 sold more than $1 billion, followed by the Eurostoxx 50 ($556m), JP Morgan Efficiente Plus DS 5 ($174m), Russell 2000 ($142m) and the GS Momentum Builder Multi-Asset 5S ER ($108m).

Products linked to index baskets amounted to $1.44 billion, while products linked to single stocks and share baskets collected $604m and $204m, respectively. The other asset classes were led by hybrids ($432m), followed by commodities ($37.6m), interest rates ($23.4m), real estate ($10.7m), funds ($1.2m) and FX rates ($1m).

The 161 products linked to exchange-traded funds (ETFs) reached combined sales of $363m in June and included 43 products ($85.7m) linked to the iShares MSCI Emerging Markets ETF. Other ETFs frequently used as underlying were: the SPDR S&P Oil & Gas Exploration & Production (35 products/$75.9m); the iShares MSCI EAFE (31 products/$55.6m); SPDR S&P Biotech (10 products/$41.62m) and Financial Select Sector SPDR (eight/$21.57m).

A total of 1,662 structured products from 29 different providers and worth $5.2 billion were added to the SRP US database in June. The products consisted of 179 certificates of deposit (CD), 1,430 unlisted registered notes, 57 registered notes and one warrant. Seven-hundred and sixty-seven products matured during the month, releasing $3.6 billion back onto the market.

Click the link to view the full US market review for June 2018.

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