Brazil: XP retains top spot, debuts prop play

XP has retained its position as the most dominant issuer group across the Brazilian market in the third quarter of 2021 with 48 structured products worth an estimated BRL 445.4m (US$85m). However, this figure does represent a 45% decrease from sales volumes in the same period during 2020 where issuance stood at 78 and the estimated sales volume was BRL 820m. Activity reached a peak during the second quarter of 2021 with about BRL 1.2 billion in sales accounting for 107 products. Q3 has been v