Structured
BRIEF Notes
volumes
U.s. structured notes volumes*
Sold Last Week (Aug. 2-6) $405 million
Quarter-to-Date $4.44 billion
Second Quarter $11.44 billion
First Quarter 10.66 billion
Year-to-Date $25.85 billion
global interest-linked notes volumes**
Sold Last Week $1.06 billion
Quarter-to-Date $7.92 billion
Second Quarter $24.82 billion
First Quarter $16.38 billion
Year-to-Date $60.77 billion
* According to data compiled by Bloomberg from SEC filings.
** Based on data submitted to Bloomberg by banks. Excludes
variable-principal redemption, reverse and synthetic convertibles.
Global includes Euromarket issues from all nations and domestic
European notes. Excludes SEC registered issues.
sold this week
■■Citigroup Inc. sold $80 million of 10-
year callable step-up notes, according to
a prospectus filed with the U.S. Securi-
ties and Exchange Commission on Aug.
9. The securities initially pay 4 percent
interest. The rate rises to 5 percent after
four years, then to 6 percent in 2016, 7
percent in 2018 and 8 percent in 2019,
according to the prospectus. Citigroup
has periodic options to redeem, or call,
the notes for face value starting in 2014.
Citigroup, based in New York, distributed
the notes itself for a 2.3 percent fee.
BBGID: BBG000ZV5B93
■■Eksportfinans ASA has issued $41.5
million of autocallable notes linked to the
S&P 500 Index, according to an Aug. 11
SEC filing. The notes will be called at six
months, nine months or at the 12-month
maturity if the index level is at or above
1,127.79, its level when the notes were
priced. Investors will receive a 9.21 per-
cent annual interest rate if the notes are
called. Investors will lose principal equal
to the decline in the index at maturity if
the notes are not called. Merrill Lynch
continued on next page
08.13.10
Wheat-Linked Note Sales Jump on Futures Rally
By Sarfraz Thind
Sales of notes linked to wheat jumped this month after Russia’s worst drought in 50
years spurred a surge in the price of futures contracts on the grain.
Banks including DZ Bank AG and Royal Bank of Scotland Group Plc, issued 82
wheat-linked warrants this month, compared with a total of 159 in the first seven months
of the year, according to data compiled by Scoach, the structured products trading plat-
form run by Deutsche Boerse AG and Switzerland’s SWX Group.
The listed notes, called knock-out warrants, offer investors a leveraged way to bet on
the price of wheat.
RBS Bank issued an exchange traded note on Aug. 4 that pays an initial leverage of
5.25 times the gains or losses in the December 2010 Chicago Board of Exchange wheat
futures contract. The security will be automatically called if the price of the underlying
futures falls below $5.93, called the knock-out level. The leverage increases as the con-
tracts approach the knock out level. Investors will lose a portion of their principal if the
knock-out level is breached.
DZ Bank sold nine similar securities this week. Most of the 82 structured notes listed on
Scoach are linked to the CBOT wheat futures contracts. The December futures rose to a
23-month high of $8.68 a bushel on Aug. 6. A drought in Russia, the world’s third-largest
wheat exporter, prompted the government to ban exports last week. The futures price has
since fallen, closing at $7.25 on August 11.
The U.S. Department of Agriculture reduced its estimate of world wheat stockpiles be-
fore next year’s Northern Hemisphere harvests by 6.6 percent in its Aug. 12 report.
Barclays Sells First ETNs Linked to U.S. Treasuries
By Zeke Faux
Barclays Plc offered what it says are the first exchange-traded notes designed for betting
on changes in yields between different-maturity Treasury bonds, as the Federal Reserve
announced this week it would buy longer-term U.S. debt.
Barclays issued on Aug. 10 a “steepener” ETN, designed to rise in value when spread
continued on next page
Ten- and Two-Year Yield Spread Narrows
300 Over the past week yields on the 10-
290 year bond fell, pushing the difference,
280 or spread, between the 2- and 10-year
270 bonds down to 217 basis points.
Basis Points
260 Barclays introduced a variety of
250
exchange traded notes based on the
240
spread. Some allow investors to profit
230
from a further tightening of the 2- to
220
10-year spread, while others allow
210
Aug-09 Dec-09 Apr-10 Aug-10 investors to gain if the spread widens.
source: Bloomberg
 08.13.10 Bloomberg Brief | structured notes 2
sold this week
continued from page 1
& Co. distributed the notes for a 1.25
percent fee.
BBGID: BBG0000KR0S4
■■Deutsche Bank AG issued $33.6 mil-
lion in notes linked to the S&P 500 Index,
according to an Aug. 10 SEC filing. The
one-year notes will yield twice any gain in
the index, up to a maximum yield of 14.4
percent. Investors will not see a decline
in principal due to the performance of
the index unless the index drops by more
than 10 percent, with any additional loss
multiplied by 1.1111. J.P. Morgan Securi-
ties placed the notes for a 1 percent fee.
BBGID: BBG0014F8S27
■■Citigroup Funding issued $32.9 mil-
lion in 10-year, non-callable notes that
switch from a fixed to a floating rate after
the first year. The first year the notes
will yield 6 percent, according to an
Aug. 9 SEC filing. After the first year the
notes will yield an annual interest rate of
three-month U.S. dollar Libor plus 1.45
percent, capped at 7 percent per year.
The notes will pay interest on a quarterly
basis. Citigroup Global Markets distrib-
uted the notes for a 0.5 percent fee.
BBGID: BBG0000JBM79
continued on next page
Bloomberg Brief Structured Notes
Bloomberg LP
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New York, NY 10022
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Executive Editor tmerz@bloomberg.net
212-617-2309
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212-617-2945
Structured Notes Deirdre Fretz serman from Goldman Sachs Group Inc.
Newsletter Editor dfretz@bloomberg.net
212-617-5166
Reporters Zeke Faux, New York
zfaux@bloomberg.net
212-617-2267
Safraz Thind, London
sthind3@bloomberg.net
+44-20-7330-7916 Wasserman was a managing director in
To subscribe please
email: STNBrief@bloomberg.net
© copyright 2010 Bloomberg LP. All rights
reserved.
continued from page 1
Barclays Sells First ETNs…
between the 2- and 10-year Treasury yields
grows. The London-based bank also is-
sued a “flattener” ETN that rises when the
curve flattens.
“The big question is what will happen to
interest rates, given they’re at record lows,”
said Ian Merrill, director of U.S. investor so-
lutions at Barclays. “It’s a common thing for
investors to have a view.”
The flattener ETN climbed 2 percent on
Aug. 11 as the difference between 10- and
2-year yields narrowed to 2.17 percentage
points, the flattest yield curve on a clos-
ing basis since April 2009. On Aug. 10, the
Fed said it will reinvest principal payments
on mortgage assets into long-term Trea-
suries, exerting downward pressure on the
yield curve.
“Generally, I see people calling for sta-
ble rates or more flattening,” said Suvrat
Prakash, an interest-rate strategist at BNP
Paribas SA in New York, in a telephone
interview on Aug. 11. He expects the differ-
ence between 10- and 2-year yields to nar-
row. “Very few people are calling for a steep-
ening in the near term.”
Barclays sells six of the 10 biggest ETNs
by size, according to data compiled by
Bloomberg. The bank issued the first ETNs
for betting on stock-market volatility last year.
Those products now have a combined mar-
ket capitalization of $2.5 billion.
Barclays also started trading six other
ETNs on Aug. 10, all listed on the NYSE
Arca exchange, that bet on the yields of vari-
ous maturity Treasuries. The bank charges
an annual management fee of 75 basis
points, or 0.75 percent, on the notes. That
On The Move
■■Deutsche Bank AG hired Ted Was-
as a managing director and head of equity
derivatives flow sales for North America.
He will be based in New York and report
to Derek Capanna, head of institutional
equity sales for North America, according
to Renee Calabro, a spokeswoman.
equity derivatives sales and co-head of
hedge fund derivatives sales at Goldman
Sachs, Calabro said.
compares with a 0.15 percent management
fee for the iShares Barclays 1-3 Year Treasury
Bond exchange-traded fund, according to the
iShares website.
ETNs are backed only by their issuer’s
credit, unlike exchange-traded funds, which
hold assets.
Barclays Sells Notes Linked
to Crude Oil Futures
By Zeke Faux
Barclays Plc sold $56 million of one-year
callable structured notes linked to the Stan-
dard & Poor’s GSCI Crude Oil Excess Re-
turn Index as concerns that slowing growth
have put downward pressure on crude oil
futures.
The notes, sold Aug. 6, are automatically re-
deemed, or called, if the gauge of oil-futures
prices rises from its initial level in three months,
six months, nine months or at maturity, accord-
ing to a prospectus filed with the SEC.
Investors are paid any gains in the index
if the notes are called, subject to a cap and
floor that depends on how long the securi-
ties have been outstanding. They lose mon-
ey if the index declines more than 15 per-
cent from its initial level of 509.7, according
to the prospectus.
JPMorgan Chase & Co. distributed the
notes for a 1 percent commission. The bank
also issued and distributed $42 million of sim-
ilar securities linked to the oil index on July 30.
In addition, J.P. Morgan Securities is currently
marketing similar crude oil-linked notes to be
issued by Morgan Stanley.
■■Morgan Stanley hired Cecile Houlot
from JPMorgan Chase & Co. to lead its
European securitization effort. Houlot will
join the firm as head of the European Struc-
tured Solutions Group in London, Morgan
Stanley said in an e-mailed statement.
Houlot will report to David Moffitt, hired
by the New York-firm in November to lead
its securitized-debt effort. Houlot will ad-
vise institutional clients on asset-backed
financings and related hedges, according
to the statement.
 08.13.10 Bloomberg Brief | structured notes 3
sold this week
continued from page 2
■■Deutsche Bank AG issued $29 million
in autocallable notes linked to JPMorgan
Chase & Co. stock. The one-year notes
yield 17.4 percent annualized interest if
called, according to a prospectus filed
with the SEC on Aug. 9. The notes are
called if the stock has risen from its initial
level of $41.27 at the end of any month.
Investors lose money if the notes aren’t
called and JPMorgan drops by more than
30 percent at maturity, according to the
prospectus. UBS AG distributed the secu-
rities for a 1.25 percent fee.
BBGID: BBG0000MXX83
■■Morgan Stanley has issued $22.5
million in 10-year callable notes with
interest payments linked to the S&P 500
Index, according to an Aug 6 SEC filing.
The notes pay a fixed rate of 6 percent
for the first year. From the beginning of
the second year interest is only earned
for quarters in which the index is above
789.068 on the quarterly valuation date.
The interest paid increases over time
from 6 percent for the first two years to
9 percent in the last three years. Morgan
Stanley distributed the notes for a 2.2
percent fee.
BBGID: BBG0000MLHJ9
■■Barclays Plc has issued $13.3 million
in three-year notes linked to the S&P 500
Index, according to an Aug. 10 SEC filing.
The notes will yield 1.5 times any gains
in the index, subject to the 61.8 percent
maximum return. Investors’ yields will be
zero if the index declines as much as 30
percent, while a 31 percent or greater
decline in the index would result in an
equal percent loss in investors’ principal.
Barclays Capital distributed the notes for
a 0.5 percent commission.
BBGID: BBG0014KXKX1
■■Royal Bank of Canada issued $6.5
million in 20-year callable notes tied to
Constant Maturity Swap rates, accord-
ing to an Aug. 10 SEC filing. The notes
will yield 8 percent in the first year. The
notes are callable each year in August be-
ginning at the end of the first year. From
the second year to maturity the notes will
yield four times the difference between
continued on next page
Raiffeisen Sells Bet on
Hungarian Currency
By Sarfraz Thind
Raiffeisen Bank has sold HUF 3 billion
($13.7 million) of range accrual notes tied to
the performance of the Hungarian forint on
Aug. 11.
The two-year notes pay 8.5 percent per
year for every day that the Hungarian Forint
stays in a range of HUF 250 to HUF 308.5
per euro. The Hungarian forint-euro ex-
change rate was at 280.4 on Aug. 12.
The note was sold to Hungarian retail in-
vestors and private bank clients, according to
Laszlo Kiss-Biro, a spokesman for the bank.
This is the seventh such bond issued by
the bank in Hungary.
Hong Kong Investors Can
Sue Lehman, HSBC in U.S.
By Bob Van Voris and Debra Mao
Lehman Brothers Holdings Inc. and
HSBC Holdings Plc may be sued over $1.6
billion in worthless securities sold to retail in-
vestors in Hong Kong, a judge in New York
ruled Aug. 9.
U.S. District Judge William H. Pauley III
reversed part of a decision by Lehman’s
bankruptcy judge, who threw out a suit by
seven holders of structured notes called
minibonds.
The plaintiffs seek to represent a class of
investors in the notes from June 16, 2003, to
Sept. 15, 2008, Pauley said in his decision.
An estimated $1.8 billion of minibonds
were sold to about 43,000 investors in Hong
Kong, according to local regulators.
Lehman’s bankruptcy in 2008 wiped out
the value of the investments, resulting in
protests outside bank branches that have
continued even after last year’s government-
brokered settlement between sellers and
buyers of minibonds.
“This shows that the courts around the
world have investor protection at heart,”
said Lewis Man, a partner at Hong Kong
law firm Gall.
Hong Kong doesn’t have a mechanism for
filing class action lawsuits.
David Hall, a Hong Kong-based spokes-
man for HSBC, didn’t have a response to the
ruling. Kimberly Macleod, a Lehman spokes-
woman, didn’t return a voice-mail message
left yesterday seeking comment.
In two orders, issued in November and De-
cember, U.S. Bankruptcy Judge James Peck
ruled that the plaintiffs lacked standing to sue
and that any attempt to revise their complaint
would be futile. Monday Pauley reversed the
dismissal of one count against HSBC and Le-
hman and permitted the plaintiffs to amend
two dismissed counts.
Pacific International Finance Ltd. issued
the minibonds and marketed them as linked
to the credit of financially sound companies
and backed by AAA-rated collateral, Pauley
said. A Hong Kong regulatory investigation
disclosed that Lehman designed the mini-
bonds program, the judge said. HSBC Bank
USA was selected as trustee of the collateral
securing the notes, Pauley said, citing testi-
mony in the Hong Kong proceeding.
Hong Kong banks offered to pay at least 60
cents on the dollar to investors in July last year
as part of a buyback agreement brokered by
the Securities and Futures Commission. By
the end of March, about 30,000 investors had
accepted the agreement, according to the
regulator’s 2009-2010 annual report. HSBC
didn’t sell any minibonds and wasn’t among
banks involved in the repurchase agreement.
Bank of America Sells $44
Million of Steepeners
By Zeke Faux
Bank of America Corp. sold $44 million of
structured notes that pay more interest when
long-term interest rates exceed short-term.
The 20-year notes, sold Aug. 10, pay an ini-
tial interest rate of 14 percent, according to a
prospectus filed with the SEC on Aug 12. The
rate changes after a year to four times the dif-
ference between the 30-year constant-matu-
rity swap rate and the two-year rate, bench-
marks that measure the cost of exchanging
floating and fixed interest rates through the
swap market, minus 0.25 percentage point.
U.S. sales of such securities, known as
steepeners, fell 27 percent in the second
quarter to $330 million, down from $451 mil-
lion in the first quarter, according to data com-
piled by Bloomberg. Bank of America’s offer-
ing is the largest since April 16, when Morgan
Stanley sold $52 million of steepeners.
Bank of America has periodic options to call
the notes for face value after a year.
 08.13.10 Bloomberg Brief | structured notes 4
sold this week
continued from page 3
the 30-year CMS rate and the two-year
CMS rate minus 0.25 percent, subject to
a maximum rate of 8 percent per year and
a minimum interest rate of 0 percent per
year. For any day the 30-year CMS rate is
not more than 0.25 percent higher than the
2-year CMS rate investors will not earn a
coupon. Interest payments will be calcu-
lated semi-annually.
BBGID: BBG0000GW2X7
■■HSBC Holdings Plc sold $5 million of
notes linked to the FTSE 100 index of U.K.
stocks. The two-year notes yield five times
any gains in the benchmark at maturity,
subject to a 40 percent cap, according to a
prospectus filed with the SEC on Aug 9. If
the index declines, investors lose an equal
proportion of their initial outlay. HSBC
distributed the notes, which do not pay
interest or dividends, for a 0.5 percent fee.
BBGID: BBG0014JSZJ3
■■Bank of America Corp. issued $4.5
million in notes linked to a basket of global
stock indexes, according to an Aug. 12
SEC filing. The five-year notes will match
any gains in the basket of indexes up to a
maximum yield of 80 percent. The basket
has a 50 percent weighting in the S&P
500 Index and a 30 percent weighting in
the MSCI EAFE Index with the remaining
20 percent split evenly between the MSCI
Emerging Markets Index and the S&P
BRIC 40 Index. Investors can lose up to
10 percent of their investment if the basket
of indexes declines. As in any structured
note, the repayment of principal is also
dependent on the credit worthiness of the
issuer. Merrill Lynch & Co. distributed the
notes for a 2.5 percent commission.
CUSIP: 06052K612
■■The Goldman Sachs Group, Inc. is-
sued $4.3 million of two-year notes linked
to the S&P 500 Index, according to an
Aug. 10 SEC filing. The notes will yield
twice any gain in the index, up to a maxi-
mum yield of 11 percent. Investors lose
principal due to the performance of the
index if the index drops by more than 20
percent, with any additional decline multi-
plied by 1.25. Goldman Sachs distributed
the notes for a 0.175 percent commission.
CUSIP: 38145X665
VOICES
Reverse Convertibles Favored by OPM’s Yousefian
By Sarfraz Thind
Tony Yousefian, chief investment officer at OPM
Fund Management, talks about safety, returns and
how structured products augment his portfolios.
Yousefian has bought the securities for his
funds since he founded the business in 2003.
OPM currently has about 108 million pounds
($170 million) in assets under management, of
which around 5 percent is invested in structured
products. He spoke in a telephone interview from
his office in Norwich, England on Aug. 4.
On OPM’s investment philosophy:
“We have two funds and invest in struc-
tured products for both. One is aimed for
high capital growth, the other to pro-
vide monthly income. The extent of our
structured product investment depends
on market conditions. For one fund we try
and aim for the highest coupon possible
whilst for the other we have slightly more
capital protection.”
“Both funds generally go for products with
soft protection. Soft protection is absolutely
crucial. We have to be prepared to give up
some coupon in exchange.”
On capital protection:
“We never go for a full guaranteed return on
capital, it’s more expensive than soft protec-
tion. Until the credit crunch, specifically
the second quarter of 2008, whenever we
struck a reverse convertible, we went for a
U.S. style barrier — this gives you protec-
tion but the protection can be kicked-out at
any point of the life of the product.”
“After Lehman we switched to a Europe-
an protection barrier, where the barrier is
only observed at the end of the product’s
life. It’s safer, but we’ve given up some of
the upside.”
On counterparty risk:
“We have tried to spread counterparty risk
by ensuring we don’t have too much expo-
sure with one bank. We went with RBS in
December 2009 because we viewed them
as safer than others, with their govern-
ment backing, and we were happy to
take on the counterparty risk. At the time,
RBS’s product coupons were head-and-
shoulders above others because of their
funding rates.”
On structured product providers he favors:
“In the past we were big supporters of
Societe Generale SA, Barclays Capital
and Deutsche Bank AG and have also
used Gilliat. Lately we have used agents,
and currently have TFS Securities acting
as our broker.”
On successful structured product investment:
“We primarily deal with reverse convert-
ibles. All the products we have invested in
have performed as expected. We have not
yet been in any structured products where
we have not got our money back.”
“This is a vindication of us doing our
homework on the underlying. You have
to make sure you get the right levels of
protection and coupon. It involves a bit of
give and take.”
On specific investments:
“In 2006 we were able to get very attrac-
tive coupons with upside protection. For
example, we had a 12-month product
linked to mining company BHP Billiton. It
paid a fixed six percent coupon and had 30
percent of the upside participation, while on
the downside, we were protected against a
20 percent fall. We got a 36 percent return.”
“We invested in a banking product with an
underlying basket linked to the share price
of Lloyds, RBS and Barclays. It returned us
21 percent with a 35 percent protection over
12 months.”
On autocalls:
“Autocalls don’t play a part in what we do.”
On the structuring relationship:
“We give our counterparties the sector or
stock ideas and get them to do the structur-
ing. You need a lot of volatility because the
coupon is derived from the put options be-
ing sold on the underlying. If you can write
an option when there is high volatility, the
premium you receive will be high.”
“We saw coupons increase dramatically
in the fourth quarter of 2008 and the first
quarter of 2009. Also this year you have had
a good coupon.”
 08.13.10 Bloomberg Brief | structured notes 5
asset Class breakdown
SEC-Registered Notes*
Commodity-linked notes increased to 14
percent of the dollar value of notes sold last
week, up from 10 percent the week before.
Reverse convertibles fell to 4 percent from
11 percent. Hybrids made up 9 percent of
the total due to offerings that linked interest
accrual to stock index performance.
Proprietary
Index
Reverse Commodities
2%
Convertibles
4%
Interest Rates
38%
Hybrid 9%
U.S. Certificates of Deposits***
All six of the market-inked certificates of
deposits sold in the U.S. during the week
of Aug. 2 were linked to interest rates. Of
those, all but one were callable step-ups.
Interest rates on these CDs increase on
specifc dates if they are not called by the
issuer. Last week the instruments sold
included a 4-year JPMorgan Chase &
Co. CD with an initial rate of 1.5 percent
that increases to 2.5 percent by maturity,
and a 10-year Bank of America Corp. CD
which steps up from 2 to 10 percent. The
exception was Bank of America’s $3 million
fixed range accrual CD. It pays a 5 percent
annual rate for every day the 6-month U.S.
dollar Libor is between 0 and 3.95 percent.
The range increases to 0-4.95 percent after
the seventh year of the 12-year CD.
* According to data compiled by Bloomberg from SEC filings.
** Based on data submitted to Bloomberg by banks. Excludes, variable-principal redemption, reverse- and synthetic-convertibles. Global includes Euromarket issues from all nations and domestic European notes.
Excludes SEC registered issues.
*** Based on data submitted to Bloomberg by banks.
Top SIX
Top six agency Notes this week*
The Federal National Mortgage Association (Fannie Mae) issued $250 million in 15-year callable
step-up notes. The notes yield an initial 3.03 percent per year and step up every five years to 5.25.
The notes are callable quarterly after the first six months. FTN Financial was lead underwriter.
BBG0014LX0V5
The Federal Home Loan Bank issued $100 million in three-year callable step-up notes that yield 0.625
percent in the first year. The rates increase every six months to a final 2.5 percent. Jeffries & Co.
underwrote the notes. The notes are callable quarterly after the first six months. BBG0014PKWK2.
The Federal Home Loan Bank issued $100 million in callable multi-step-up notes underwritten by
UBS. The 5-year notes yield 1 percent in the first year and step up to 4 percent in the last six months.
The notes are callable quarterly after the first six months. BBG0014JY7V4
14%
The Federal Home Loan Bank issued $100 million in callable multi-step-up notes underwritten by
UBS. The 5-year notes yield 1 percent in the first year and step up to 4 percent in the last year. The
notes are callable once a year at the beginning of the second year. BBG0014LXX07
Equity The Federal Home Loan Bank issued $100 million in callable multi-step-up notes underwritten by
32% UBS. The 3-year notes yield 0.625 percent in the first year and step up each year to 2 percent in the
last year. The notes are callable quarterly after the first quarter. BBG0014PD8H7
The Federal Home Loan Bank issued $100 million in callable multi-step-up notes underwritten by
UBS. The 3-year notes yield 0.5 percent in the first six months and step up to 2 percent in the last
year. The notes are callable quarterly after the first quarter. BBG0014N7TQ3
Year-to-Date
First Half 2010Global
GlobalStructured
StructuredNotes
NotesUnderwriters**
Underwriters**
underwriters rank % market USD (Mln) No. of ISSUES
DZ Bank AG 1 11.8 7,178.80 154
Barclays Capital 2 10.4 6,297.79 562
Deutsche Bank AG 3 10.3 6,268.37 226
JP Morgan 4 6.7 4,051.67 106
RBS 5 5.9 3,576.70 131
UBS 6 5.7 3,448.75 234
Landesbank Baden-Wuerttemberg 7 5.5 3,348.41 32
Bank of America Merrill Lynch 8 4.3 2,629.79 95
Credit Suisse 9 3.4 2,095.09 43
Goldman Sachs & Co 10 3.1 1,862.81 30
Citi 11 3 1,815.36 148
Societe Generale 12 2.4 1,438.01 58
RBC Capital Markets 13 2.1 1,253.22 29
HSBC Bank PLC 14 2 1,201.05 79
Credit Agricole CIB 15 1.8 1,065.03 89
HSH Nordbank AG 16 1.6 983.72 34
Morgan Stanley 17 1.6 957.01 80
BNP Paribas Group 18 1.5 939.81 46
Natixis 19 1.3 798.71 15
Standard Bank 20 1.1 647.71 28
TOTAL (Jan. 1 to Aug. 6) 60,824.00 2,870