The number of non-equity products with capital protection has decreased with non-protected participation gaining ground year on year.
In Q1 2025, the European structured products market (ex-Switzerland) showed a moderate rebound, with total sales reaching US$36.8 billion, marking a 4.2% increase quarter-on-quarter (QoQ) from Q4 2024. However, this still represents a 23% decline year-on-year (YoY) compared to the exceptionally high issuance volumes of Q1 2024 (US$48.1 billion), which were boosted by capital protected products linked to interest rates. The most significant development in Q1 2025 was the decline i