SPI Canada - Market Report - December 2025

Soufiane Ahizoune

soufiane.ahizoune@wsd.com

Updated

RECENT DEVELOPMENTS IN MARKET-LINKED INVESTMENTS

Canadian market closes very strong 2025 as December issuance reached CAD 9.30Bn, delivering +34.1% YoY growth.

• In 2025, total structured products issuance (Notes + GICs) reached CAD 83.53Bn, representing +27.6% YoY growth, confirming a broad-based acceleration versus 2024. Structured Notes remained the key engine of growth, totalling CAD 52.51Bn (+35.6% YoY), while GIC volumes reached CAD 31.02Bn (+16.7% YoY).

• December activity was led by Notes issuance of CAD 5.77Bn (a new high for the year), up +69.7% YoY, while GIC sales increased to CAD 3.54Bn (+19.5% YoY), representing positive YoY growth.

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