France Structured Products Issuance Reaches EUR 32.2Bn (+2.9% YoY) as May Volumes Slow to EUR 5.7Bn (-35.1% YoY)
Key Highlights
• Issuance Dynamics: Year-to-date volumes reached EUR 32.2Bn (+2.9% YoY); May issuance totalled EUR 5.7Bn (-35.1% YoY) (excluding Crédit Agricole volumes).
• Structure Mix: Single-underlying products dominate at 86.1%, while worst-of (10.6%) and baskets (3.3%) remain secondary.
• Product Mix: Growth products lead (38.2%), followed by Income (31.6%), now ahead of Capital Protected (30%), confirming continued shift toward yield.
• Underlying Trends: Equity indices lead with 37%, followed closely by rates (34.6%) and single stocks (24.7%), indicating balanced allocation.
• Payoff Structures: Complex products dominate (30.6%), followed by barrier digital (26.5%) and barrier phoenix (17.8%), the latter seeing reduced popularity in May.
Market Overview
May data reflects a temporary slowdown in French structured product issuance, with monthly volumes declining to EUR 5.7Bn (-35.1% YoY), while year-to-date issuance remains slightly positive at EUR 32.2Bn (+2.9% YoY). Despite the weaker monthly activity, the market continues to exhibit structural resilience, supported by sustained demand across product categories. The dominance of single-underlying structures (86.1%) remains unchanged, highlighting continued preference for simplified exposures. Product allocation shows a clear shift toward income generation, with income products (31.6%) overtaking capital-protected structures (30%), while growth products (38.2%) maintain leadership. The market retains a balanced cross-asset allocation, with equity indices (37%) and interest rates (34.6%) both playing central roles. Structurally, complex and barrier-based payoffs (~75% combined) continue to dominate, although the decline in barrier phoenix popularity suggests some short-term adjustment in investor preferences. Overall, May reflects a soft patch within an otherwise stable market, with positive YTD growth, evolving product mix, and sustained demand for structured yield solutions.
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.
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