Deutsche Bank continues to lead Germany’s structured certificates rankings and registered a 18.1% market share at the end of the second quarter, according to the latest figures released by the German certificates association Deutscher Derivate Verband (DDV).
The top five certificates providers ranking was completed with Helaba with 15.7% of market share; DZ Bank with 14.8%; Commerzbank with 13.6%; and HVB UniCredit with 10%. The five providers account for a combined market share of 72.2%.
According to the DDV figures, investment certificates represented 98% of the overall market, while leveraged certificates comprised 2% of the issuance in the end of second quarter of 2014.
In the investment certificates category, Deutsche Bank was the most active provider with 18% of overall issuance, followed by Helaba with 16%; DZ Bank with 15%; Commerzbank with 13.3%; and HVB UniCredit with 10.2%.
In the category of fully capital-protected certificates, DZ Bank continued to dominate as the most active player with 58.5% of the market issuance, followed by HVB UniCredit with 8.6% and Helaba with 8.3%. LBBW followed in fourth place with 8% and Commerzbank was fifth with 3.5% of the market.
In the structured bonds category, Helaba led the issuance with 27.9%, followed by Deutsche Bank with 22.1% and Commerzbank with 18.1%. HVB UniCredit and BayernLB were ranked fourth and fifth, with 12% and 5.9%, respectively.
The DDV report also shows that LBBW was the leading provider of credit-linked products with a market share of 64.1%, followed by HVB UniCredit with 14.9%, DZ Bank 12.8%, Société Générale with 3.8% and Commerzbank with 3.7%.
LBBW also led the reverse convertible category with 19.8%, followed by DZ Bank (18.6%), HVB UniCredit (17.5%), Deutsche Bank (8%) and Commerzbank (7.8%).
Product categories
In the discount certificates category, one of the most popular product categories in Germany, Deutsche Bank was the most active provider with 23.1% of issuance, followed by Commerzbank with 20.3% and DZ Bank with 16.7%. HSBC Trinkaus was ranked fourth with 12.4%, while BNP Paribas took the fifth position with 7.6%.
The most popular product category primary market, the express certificates category, was also dominated by Deutsche Bank (37.8%), with WGZ Bank (13%) taking second place and LBBW third place with 12.6%. DZ Bank (12.4%) and Société Générale (4.3%) completed the top five.
Bonus certificates, which make up part of the investment certificates category, were led by Deutsche Bank (18.1%), BNP (16.3%) and Commerzbank (15.7%). DZ Bank came fourth and UBS came fifth with 13.6% and 7.4%, respectively.
In the category of index and participation certificates Deutsche Bank was the leader with 24.6% of the market, followed by UBS (20.5%) and RBS (17.4%). Commerzbank came fourth and DZ Bank came fifth, with 15.8% and 5.9% respectively.
Deutsche Bank was also the number in the category of outperformance and sprint certificates, with 24.6% of issuance, followed by Commerzbank with 20.6% and DZ Bank with 16.2%. HSBC Trinkaus and HVB UniCredit took the fourth and fifth places, with 11.4% and 9.2% respectively.
Commerzbank dominated the factor certificates section with a market share of 59.7%, which was followed by Deutsche Bank (37.3%). The next providers had small shares compared with these two – the third, Vontobel, had 1.7% of the market, followed by DZ Bank (1%) and HVB UniCredit (0.2%).
The report shows that, in the knock out category, Commerzbank was the leader with 26.1% of the market, followed by Deutsche Bank (21.2%) and Citibank (8.5%). RBS was fourth with a market share of 8.4% and HSBC Trinkaus came fifth with 6.9% of the market share.