French Structured Products Issuance Reaches EUR 27.3Bn YTD (+13.7% YoY) as Interest Rates Become the Leading Asset Class
Key Highlights
• Product Mix: Growth strategies lead issuance at 34.6%, followed closely by Capital Protected products at 33.2% and Income products at 32.1%, reflecting a broadly balanced allocation across product categories.
• Asset Class Mix: Interest Rate-linked products now dominate issuance at 35.7%, up from 31.6% in 2025 YTD, overtaking Equity Index-linked products, which declined to 30.1% from 40.5%.
• Structure Mix: Single-underlying products remain dominant at 88.4% of issuance, while Worst-of structures account for 9.2% and Basket structures remain marginal at 2.4%.
• Payoff Structures: Barrier Digital structures lead at 24.2%, followed by Barrier Phoenix at 19.3%, Complex structures at 19.1%, and Fixed Income / Rate-linked payoffs at 17.8%.
Market Overview
April 2026 confirms continued growth in the French structured products market, with monthly issuance reaching EUR 6.6Bn and YTD volumes rising to EUR 27.3Bn (+13.7% YoY). Product mix remains broadly balanced, with Growth strategies leading at 34.6%, followed by Capital Protected products at 33.2% and Income products at 32.1%, reflecting continued demand for participation strategies alongside downside protection.
Investor appetite has shifted toward Interest Rates, now the leading asset class at 35.7% of issuance, ahead of Equity Index-linked products at 30.1% and Equity Share-linked products at 21.2%. QIS Index-linked structures also gained relevance, accounting for 8.6% of volumes. Structurally, Single Underlying products continue to dominate at 88.4%, while Worst-of structures remain limited at 9.2% and Basket products at 2.4%.
Payoff demand remains concentrated in Barrier Digital, Barrier Phoenix, Complex, and Fixed Income / Rate-linked structures, which together represent over 80% of issuance. Overall, April reflects a French market in transition, with Interest Rates overtaking Equity Indices as the leading asset class, while investors continue to favour transparent single-underlying formats and maintain appetite for equity participation through Growth-oriented structures.
Methodology & Notes
This report is based on SPi’s proprietary database of structured products distributed in France. 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.
