Canadian Structured Products Issuance Reaches CAD 54.98Bn YTD (+5.7% YoY) as PAR Notes Dominance Offsets Falling GIC Volumes
Key Highlights
Product Mix: Structured Notes reached CAD 41.91Bn YTD (+23.0% YoY) and CAD 6.58Bn in July (+20.0% YoY), led by Principal at Risk (PAR) Notes at CAD 35.78Bn YTD (+26.3% YoY), or 65.1% of total YTD volumes and approximately 85.4% of Structured Notes issuance, confirming their dominance in the current rate and volatility environment.
Capital Protected Trends: GIC volumes fell to CAD 13.07Bn YTD (-27.0% YoY), with CAD 1.01Bn issued in July (-39.5% YoY), while Principal Protected Notes rose to CAD 6.14Bn YTD (+6.7% YoY), pointing to a rotation in protected exposure from deposits towards notes.
Asset Allocation: Equity (indices) volumes reached CAD 44.12Bn YTD, or 80.2% of total issuance, ahead of Equity (shares) at CAD 7.00Bn (12.7%) and Interest Rates at CAD 3.15Bn (5.7%), keeping the market firmly equity-driven.
Structure Mix: Single-underlying structures account for 82.0% of YTD issuance against 17.7% for baskets and 0.3% for worst-of, reinforcing investor preference for simplified payoff profiles and targeted exposures.
Payoff Structures: Barrier Phoenix (41.4%) and Barrier Digital Plus (18.9%) together represent approximately 60.3% of issuance, with Capped Protected Participation at 17.4% and Protected Participation at 7.3%, highlighting the dominance of income-oriented and barrier-driven construction.
Market Overview
July 2026 confirms the continued strength of the Canadian structured products market, with total volumes reaching CAD 54.98Bn YTD, up 5.7% YoY from CAD 52.02Bn a year earlier. Growth is led by Structured Notes at CAD 41.91Bn YTD (+23.0% YoY) and CAD 6.58Bn in July (+20.0% YoY), while GIC volumes fell to CAD 13.07Bn YTD (-27.0% YoY). Principal at Risk (PAR) Notes remain the engine of the market at CAD 35.78Bn YTD (+26.3% YoY), or 65.1% of total volumes and approximately 85.4% of Structured Notes issuance, with Principal Protected Notes contributing the remaining 14.6%. By product type, income-oriented structures lead at 43.4% of YTD issuance, ahead of capital-protected products at 35.0% and growth-oriented structures at 21.6%. Construction stays simple, with single-underlying structures at 82.0%, baskets at 17.7% and worst-of at just 0.3%. Payoffs are dominated by Barrier Phoenix (41.4%) and Barrier Digital Plus (18.9%), together approximately 60.3% of issuance, with Capped Protected Participation at 17.4%. Equity (indices) accounts for CAD 44.12Bn, or 80.2% of total issuance, ahead of Equity (shares) at 12.7% and Interest Rates at 5.7%. Overall, July reflects a market rotating towards yield and market-linked exposure, combining accelerating note issuance, simplified payoff construction and sustained equity dominance.
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.
Two notes on the source text. It gives no total market figure for July alone, only the CAD 6.58Bn Structured Notes and CAD 1.01Bn GIC monthly figures, so the headline leads on the YTD total. It also carries no underlying-level detail, so there is no Underlying Trends bullet.
