Canada Structured Products Issuance Reaches CAD 27.5Bn YTD (+17.8% YoY) as Seasonal Trends Persist with Stronger Volumes
Key Highlights
• Product Split: Structured Notes totaled CAD 3.1Bn (-0.6% YoY), while GICs reached CAD 1.43Bn (+10.0% YoY), reflecting continued divergence in growth dynamics.
• YTD Momentum: Volumes reached CAD 27.5Bn (+17.8% YoY), driven by Structured Notes growth of +27.7%, with GICs also contributing (+9.5%).
• Structure Mix: Single-underlying products dominate at 76.4%, vs. 23.5% for baskets, indicating stable structuring preferences.
• Product Mix: Capital-protected products lead with 49.1%, followed by Income (~33%) and Growth (17%), maintaining a protection-heavy allocation.
Market Overview
May data confirms that the Canadian structured products market is following familiar seasonal patterns, but with consistently higher volumes than 2024, bringing year-to-date issuance to CAD 27.5Bn (+17.8% YoY). While monthly volumes have normalized post-Q1, underlying momentum remains strong, primarily driven by robust Structured Notes issuance (+27.7% YTD). The market continues to exhibit a strong equity bias, with equity index-linked products accounting for 75.6% of issuance, alongside a stable but smaller allocation to single stocks and rates. Structurally, single-underlying products (76.4%) remain dominant, reflecting persistent preference for simplified exposures. Product allocation remains heavily skewed toward capital protection (49.1%), but the strong presence of income and participation-based strategies highlights ongoing demand for enhanced return profiles. This is further evidenced by the dominance of Capped Protected Participation (32%) and Barrier Phoenix (30.5%), as well as the broader shift toward participation-driven payoff structures. Overall, May reflects a stable and resilient market, characterized by strong YTD growth, consistent structuring trends, and increasing sophistication in payoff design.
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.
