2026 YTD issuance reached USD 118.0Bn, representing a 29.8% increase YoY. May Volumes Surge 65.5% YoY.
Key Highlights
• Product Mix: Growth and Income strategies continued to dominate issuance activity, accounting for approximately 81% of total flow, split almost evenly between Income (40.8%) and Growth (39.9%) while Capital Protected solutions represented close to 19% of volumes (19.3%).
• Structure Mix: From an underlying structure perspective, Single Underlying structures represented the majority of issuance at 58.7%, while Worst-of structures accounted for 36.7%, reflecting continued investor demand for enhanced yield and autocallable-style structures.
• Payoff Structures: Barrier-based structures continued to lead product demand.
• Underlying Trends: Activity remained concentrated in multi-index U.S. equity baskets, led by the Nasdaq 100 / Russell 2000 / S&P 500 worst-of, with Russell 2000 exposure present across nearly all leading structures.
Methodology & Notes
This report is based on SPi’s proprietary database of structured products distributed in the United States. 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.
