Royal Bank of Canada (RBC) has transitioned to third position in terms of the most active structured product providers on the US market in 2012.
The Canadian bank held in fourth position last year, falling behind Barclays by just five products. This year however, the bank has launched 19 more products than the UK bank, which has fallen into fifth place as a result of HSBC pushing its issuance levels compared to 2011.
The 554 products that RBC has issued so far this year have created sales totalling $1.79bn. It holds eighth place according to market share, the same position as it occupied last year, when it sold $2.95bn.
JPMorgan and UBS captured the top two positions in terms of issuance levels both this year and last, with JPMorgan dominating last year and UBS taking centre stage so far this year.
Reverse convertibles dominated the Canadian bank's structured product issuance in 2011. However, this year a greater variety of structures including capped calls and autocallables have been seen from RBC.
Single shares were a priority for the bank with regard to underlyings chosen for investments last year.
In the past eight months, single indices have crept in on a more frequent basis. The provider also tends to operate using much shorter-termed offerings in comparison with other issuers in the US market.