Canadian Structured Products Issuance Reaches CAD 5.9Bn (+14.1% YoY) as Income Structures Lead with 45.9% Share
Key Highlights
• Product Mix: Income (45.9%) leads, followed by Capital Protected (31.7%) and Growth (22.3%), confirming a yield-driven market configuration.
• Structure Mix: Single-underlying products dominate at 66.7%, while baskets (33.0%) and worst-of (0.4%) remain secondary.
• Payoff Structures: Barrier Phoenix (34.1%) leads, followed by Capped Protected Participation (31.6%) and Barrier Digital Plus (14.8%), highlighting dominance of conditional and participation-based structures.
• Underlying Trends: Equity indices (70.1%) dominate, followed by equity shares (15.0%) and interest rates (13.9%), confirming strong equity-centric allocation.
Market Overview
January 2026 marks a solid start for the Canadian structured products market, with issuance reaching CAD 5.9Bn (+14.1% YoY), driven primarily by strong activity in structured notes. The market remains heavily skewed toward income generation, with income products (45.9%) leading issuance, supported by robust demand for conditional coupon strategies, while capital-protected (31.7%) and growth products (22.3%) provide a balanced allocation across risk profiles. Structurally, the market is characterized by a dominance of single-underlying formats (66.7%), though basket structures (33.0%) maintain a meaningful presence, reflecting diversification demand, while worst-of remains marginal (0.4%), contrasting with U.S. trends. Payoff construction continues to be anchored by Barrier Phoenix (34.1%) and Capped Protected Participation (31.6%), reinforcing the importance of yield-enhancing and defined participation structures in the Canadian market. On the asset side, equity indices (70.1%) dominate issuance, with additional exposure to equity shares (15.0%) and interest rates (13.9%), highlighting a primarily equity-driven but diversified allocation framework. Overall, January reflects a yield-focused, equity-centric market, supported by strong note issuance and continued demand for structured income solutions.
Methodology & Notes
This report is based on SPi’s proprietary database of structured products distributed in Canada. Figures reflect best-effort estimates based on available market data at the time of publication.
Disclaimers
Data Disclaimer (Best Effort / Completeness)
The information presented in this report is based on data collected from a variety of public and proprietary sources. While reasonable care has been taken to ensure accuracy, the data may be incomplete, subject to revisions, or may not capture the entirety of the market. SPi makes no representation or warranty, express or implied, as to the accuracy, completeness, or timeliness of the information.
General Disclaimer
This document is provided for informational purposes only and does not constitute investment advice, an offer, or a recommendation to buy or sell any financial instrument or to adopt any investment strategy. The views expressed are those of SPi at the date of publication and are subject to change without notice. Past performance is not indicative of future results.
SPi accepts no liability for any loss arising from the use of this report or its contents.
