US YTD Issuance Reaches USD 158.6Bn (+6.5% YoY) as September Volumes Accelerate (+20.6% YoY)
Key Highlights
• Product Mix: Growth products lead with 41.0% share, followed by Income (36%) and Capital Protected (23%), reflecting balanced allocation across risk profiles.
• Payoff Preferences: Barrier phoenix (28.7%) and fixed rate (17.1%) remain dominant; Barrier Participation leads within Growth at 5.4% YTD.
• Underlying Mix: Equity indices dominate (56.2%), followed by single stocks (21.8%) and rates (17.8%), confirming equity-driven issuance.
• Risk & Structuring: Knock-in products represent 45.8% YTD, with average barrier at 65.6%; single underlyings stable at 64.2%.
• Structure Trends: Worst-of structures increased to 31.2%, while baskets remain marginal at 4.6%, indicating renewed appetite for correlation exposure.
Market Overview
September data highlights a strong acceleration in US structured product issuance, with +20.6% YoY growth, bringing year-to-date volumes to USD 158.6Bn (+6.5% YoY). The market continues to exhibit a well-balanced product mix, with Growth (41%), Income (36%), and Capital Protected (23%) segments all maintaining meaningful shares, reflecting diversified investor preferences. The sustained dominance of barrier phoenix structures (28.7%) and increasing knock-in penetration (45.8%) - alongside stable barrier levels (65.6%) - indicate continued demand for yield-enhancing strategies. At the same time, the rise in worst-of structures (31.2%) suggests a renewed willingness to engage in correlation risk, reinforcing the constructive tone observed in issuance. Underlying exposure remains heavily skewed toward equity indices (56.2%), with complementary allocations to single stocks and rates, supporting cross-asset diversification. Overall, the market reflects a re-acceleration phase, combining strong issuance momentum, stable structuring trends, and sustained appetite for yield and equity-linked exposure.
Methodology & Notes
This report is based on SPi’s proprietary database of structured products distributed in the US. 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.
