Canadian Structured Products Issuance Reaches CAD 7.15Bn in March as YTD Volumes Rise to CAD 21.4Bn (+19.8% YoY)
Key Highlights
• Product Mix: Income products dominate with a 46.6% YTD share, followed by Growth (24.3%), while Capital Protected structures decline to 29.1%, confirming a continued rotation toward yield-enhancing and market-linked solutions.
• Structure Mix: Single-underlying products remain dominant at 88.7% YTD, while basket structures account for only 10.8%, reinforcing investor preference for simplified payoff profiles and targeted exposures.
• Payoff Structures: Barrier Phoenix (44.0%) leads issuance, followed by Barrier Digital Plus (21.3%), with Capped Protected Participation (13.6%) and Protected Participation (7.2%) remaining secondary.
• Underlying Trends: Proprietary indices continue to dominate, led by SOLCD265 Index (5.3%), SOLBEW30 (3.3%), and SOCAEN75 (3.2%), while traditional benchmarks such as the S&P 500 remain limited at 1.6%.
Market Overview
March 2026 confirms the continued momentum of the Canadian structured products market, with monthly issuance reaching CAD 7.15Bn and total year-to-date volumes rising to CAD 21.4Bn (+19.8% YoY). Market growth remains uneven across investment formats, as GIC volumes declined by 35.0% YoY to CAD 884.7M, while Note issuance expanded strongly to CAD 6.27Bn (+49.4% YoY). Activity continues to be driven primarily by Principal at Risk (PAR) Notes, which account for 66.9% of YTD volumes, confirming their central role in the current rate and volatility environment.
From a product perspective, the market continues to rotate toward yield-enhancing solutions. Income products represent 46.6% of YTD issuance, followed by Growth products at 24.3%, while Capital Protected structures account for 29.1%, highlighting the relative decline of fully protected formats. Structurally, issuance remains highly concentrated in single-underlying products, which represent 88.7% of YTD volumes, compared with only 10.8% for baskets, indicating a continued preference for simplified structures and targeted exposures.
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.
