Canadian Structured Products Issuance Reaches CAD 47.35Bn YTD (+5.6% YoY) as Notes Growth Offsets Continued GIC Decline.
Key Highlights
* Segment Mix: Structured Notes reached CAD 35.33Bn YTD (+23.6% YoY) while GIC volumes fell to CAD 12.02Bn (-25.8% YoY), confirming sustained rotation out of capital-protected deposits.
* Principal at Risk Dominance: PAR Notes account for 63.8% of total YTD volumes and approximately 85.5% of Structured Notes issuance at CAD 30.22Bn YTD (+27.1% YoY), with Principal Protected Notes contributing CAD 5.11Bn (+5.9% YoY).
* Product Mix: Income-oriented structures lead with 42.5% of YTD issuance, followed by capital protected (36.2%) and growth (21.3%), reflecting demand for yield alongside sustained interest in downside protection.
* Structure Mix: Single-underlying structures dominate at 80.3% YTD, with baskets at 19.3% and worst-of structures marginal at 0.3%, indicating continued preference for simplified payoff profiles and targeted exposures.
* Payoff Structures: Barrier Phoenix (46.2%) and Barrier Digital Plus (21.2%) together represent approximately 67.4% of issuance, with Capped Protected Participation (11.8%) and Protected Participation (6.5%) secondary.
Market Overview
June 2026 confirms the continued reshaping of the Canadian structured products market, with year-to-date volumes reaching CAD 47.35Bn (+5.6% YoY, from CAD 44.84Bn in 2025). Headline growth understates the divergence beneath it: Structured Notes reached CAD 35.33Bn YTD (+23.6% YoY) with CAD 6.44Bn issued in June alone (+32.7% YoY), while GIC volumes declined to CAD 12.02Bn YTD (-25.8% YoY), reflecting continued pressure on capital-protected deposits as Notes issuance accelerated. Within Notes, Principal at Risk formats account for approximately 85.5% of issuance at CAD 30.22Bn YTD (+27.1% YoY), confirming their dominance in the current rate and volatility environment. The product mix remains yield-led, with income structures at 42.5% ahead of capital protected at 36.2% and growth at 21.3%. Structurally the market stays anchored in single-underlying formats (80.3%), with baskets at 19.3% and worst-of exposure marginal at 0.3%, a construction profile that continues to distinguish Canada from the U.S. Payoff activity concentrated further into conditional income, with Barrier Phoenix at 46.2% and Barrier Digital Plus at 21.2% together close to 67.4% of issuance. Across asset classes, equity index volumes of CAD 7.76Bn were broadly flat YoY but up sharply from May, while equity share-linked issuance rose 52.5% YoY to CAD 1.02Bn and interest rate exposure eased to CAD 0.37Bn. Overall, June reflects a yield-driven market, combining accelerating Notes issuance, contracting deposit volumes, and deepening concentration in barrier-based income structures.
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.
