SRP Digest: French issuance dips in H2 after strong start to 2024
Welcome to the SRP Digest
In this edition: French structured product sales hit US$70.4bn in 2024, driven by a 60% YoY surge in Q1—but momentum slowed sharply in H2, with Q4 issuance down 22%. We also feature insights from MSCI’s Stéphane Mattatia, who cites innovation and client engagement as core to their structured product strategy—plus key market data, listings, and people moves.
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This Week's Intel
The latest interviews, market reviews, people moves and product information from SRP’s news desk.
In an exclusive interview with SRP, MSCI’s global head of thematic indexes and derivatives licensing Stéphane Mattatia, points at product innovation and client relationships as two of the pillars supporting their activity in the structured products market.
Our focus is on creating quality indexes that tell a compelling story and address client needs - Stéphane Mattatia, MSCI
“Our focus is on creating quality indexes that tell a compelling story and address client needs,” Mattatia said.
BNP Paribas’ global markets business posted revenues of €2.9 billion for the first quarter of 2025 – up 17.3% year-on-year (YoY) with growth particularly strong in Europe.
Within the global markets business, equity & prime services revenues increased by 42.1% YoY – a record first quarter – driven by growth across all regions and business lines, in particular prime services, as well as equity derivatives in structured products and flow activities thanks to increased volatility.
Another French bank, Société Générale, achieved triple-digit growth in rates last year, accompanied by strong momentum in equity, according to Frédéric Despagne, the bank’s co-head of global market sales continental Europe and head of cross asset investments solutions Emea.
“Our robust franchise within private banks, retail distributors, and PFI is further strengthened by our rapid expansion into hedge funds, discretionary portfolio managers, and family offices,” Despagne told SRP.
During 2024, the French structured products market was dominated by yield enhancement products, which captured 61% market share during the year. At-risk yield enhancement products have been supported by a strong performance track record which has enabled significant rollover opportunities on the back of a very good performance of autocallables with numerous successful early redemptions, according to SRP data.
FVC’s Maggie Tsang analysed the performance of structured products linked to the share of Stellantis, which due to its diverse portfolio of brands – including Peugeot, Citroen and Alfa Romeo – continues to attract interest from investors.
There were market reviews for the UK, Finland, China, Taiwan and the US. In the former, structured products with an autocall payoff captured almost 80% of the market in March. Seventy products were newly issued, including Meteor’s FTSE/STOXX Annual Step Down to 85 Kick Out Plan (MS9506), which was manufactured via Morgan Stanley & Co International and listed on the Luxembourg Stock Exchange for an issued amount of £12.25m.
In Finland, an estimated €340m was collected from 125 products that struck on the primary market in Q1 2025 while in Taiwan structured products issuance increased to 11,672 in the first quarter – up 18% YoY.
CLSA Securities Malaysia listed its first batch of structured warrants on Bursa Malaysia on 25 April. The six call warrants all have a tenor of seven months and track local household names such as MY E.G. Services Berhad, Petronas Chemicals Group Bhd, YTL Power International Berhad, Gamuda Berhad and Inari Amertron Berhad.
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Meanwhile, in South Korea, capital-at-risk products recorded a 61% drop in outstanding balance compared to the prior year period.
Marex filed an F-3 registration statement to issue senior debt, subordinated debt and contingent capital securities to the US public. Mayer Brown acts as the legal counsel while Citibank, a long-standing partner with the British non-banking issuer, will be the trustee as well as paying agent, according to the filing.
Also in the US, Morgan Stanley launched a strategic initiative ‘Integrated Morgan Stanley for Registered Investment Advisors (RIAs) and Family Offices’ to deliver product ideas and a full breath of portfolio solutions featuring structured products and alternative investments.
The initiative aims to connect advisors with multiple touch points at the bank, including advisor solutions, investment management as well as banking & financing within the institutional securities group.
In the annuities space, AuguStar Life Insurance, a member company of Constellation, revamped its Orbiter fixed indexed annuity (FIA) with the inclusion of five volatility control indices co-developed with MerQube while GBU Financial Life introduced the Defined Benefit Annuity Retirement Security Solution in collaboration with Wealth2k.
Finally, in people news, Shanil Stephan Bentotage, Julius Baer’s head of structured products sales for external asset managers (EAMs) and banks has parted ways with the bank after nearly two decades of service.
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This Week's Data Insight
After a strong start to the year, the French structured products market saw a slowdown in the second half of 2024, following a 30% increase in sales during H1.
SRP data shows issuance and sales volumes began to decline from Q2 onwards, despite a standout Q1, which recorded a 60% year-on-year increase in sales compared to the same period in 2023. Q2 and Q4 remained in positive territory, up 6% and 34% respectively year on year. However, Q4 also saw a sharp 22% drop in issuance compared to the final quarter of 2023.
In total, around 7,720 non-flow structured products launched in the French market last year, raising an estimated US$70.4 billion.
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