Deutsche Bank saw its structured products market share in Germany fall in September, when compared to the same month last year, according to the Deutscher Derivate Verband (DDV). On the primary market, the bank has launched 16 capital protected products - all of which have struck - as well as 112 autocallables and 17 reverse convertibles, according to SRP data.

The bank's overall share of the structured products market in Germany dropped from 16% in September 2016, to 13% in the same month this year. Deutsche's outstanding volume of structured products was €11bn in September 2015, falling to €8.6bn, according to the DDV's outstanding volume report.

"There are two reasons for the fall in overall market share," said Nicolai Tietze (pictured), a director in the structured products team at Deutsche Bank in Frankfurt. "On the one hand, our structured notes are still maturing and some cannot be replaced, due to current market conditions. On the other hand, obviously, [there is an effect from] all the talk about our increased credit spreads in September."

Although Deutsche has seen a drop in volumes, it has been successful in deals listed on the stock exchange, according to Lars Brandau (pictured), managing director of the DDV. "Some issuers are focusing more on the self-directed investors who purchase their structured securities without advice," said Brandau.

Deutsche had the largest market share for structured products in Germany until September 2015, when DZ Bank took over the top spot, according to DDV data. Deutsche has remained in second spot ever since. The bank remains the second biggest issuer of leveraged certificates.

In the respective product categories, the reduction in Deutsche's market share has been most profound in structured notes, where its share slipped to 14% in September 2016, from 24% in the same month last year, according to DDV data. The next most affected product type is autocallables, where Deutsche's leading market share of 24% in September 2015 has fallen to 17% in the same month of this year.

According to the DDV, the bank's share of the capital protected note market more than doubled, increasing from 3.5% in September 2015 to 8% this September. Deutsche's market share of bonus and tracker certificates has also risen over the same time period.

The beneficiaries have been the state banks. "The numbers must be interpreted carefully," said Brandau. "The statistics show significant differences over the past 12 months: Dekabank has completed the acquisition of Landesbank Berlin and increased its volume considerably. The cooperative sector and the public sector banks have been very successful, placing large volumes of retail investment products. These banks together accounted for 58.6% of sales, as at the end of September 2016."

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