The past week saw bustling activities in product launch with a focus on funds.
BNY Investments, part of The Bank of New York Mellon Corp, has introduced The BNY Adaptive Risk Overlay Fund aimed at delivering returns during periods of elevated market volatility. Available in several European jurisdictions, the product act as a portfolio overlay, targeting protection against tail risks.
In the Netherlands, Van Lanschot Kempen (VLK) has issued Trigger Plus Note Global Dividend 25-30 in an attempt to capitalise on high dividend stocks. The five-year Phoenix autocall offers a potential memory coupon of 5.95% pa, providing the underlying Stoxx Global Select Dividend 100 index closes at or above 80% of its starting price on any annual valuation date.
In a follow-up interview, Nick Piguard, chief options strategist at Hamilton ETFs, shined a light on a novel approach for asset allocation of its recently launched MaxDay exchange-traded fund (ETFs), which are the first ETFs using zero day to expire (0DTE) options in Canada.
London-based investment manager Investcorp-Tages has launched an actively managed certificate (AMC) on the paper of UBS. The certificate is linked to a reference portfolio managed by the hedge fund and is designed to provide investors with protection during periods of market stress through a dedicated tail risk strategy.
In Southeast Asia, CGS International Securities Malaysia, an indirect subsidiary of China Galaxy Securities, has rolled out two structured notes offering exposure to Shariah-compliant equities - the Islamic equity linked investment notes (ELIN-i) and Islamic autocallable equity structured investment notes (AESIN-i).
We’re also continuing to bring exclusive interviews with some of the winners of SRP Asia Pacific Awards 2025 following the announcement in June.
The Hong Kong listed structured products market is moving upwards and forwards this year so far.
One standout highlighted by Martin Wong, head of structured product development at HKEX, is the dozens of derivative warrants linked to Contemporary Amperex Technology (CATL) listed on the exchange on the same day as the Chinese electric vehicle battery maker's high-profile initial public offering (IPO) in the city on 20 May after raising around US$4.6 billion, the world’s largest IPO of the year so far.
For the Asian market, Société Générale in 2024 recorded a volume increase on its fixed income and equity structured products of around 40% and 15% year-on-year (YoY), respectively, according to Jung-Jin Yoon, Apac head of global markets sales.
The French bank’s traded volumes on structured products across the board rose around 25% on a full-year basis. “With the current environment around interest rates, we continue to see a bigger repositioning into fixed income [in 2024],” said Yoon.
Staying in Asia, Leonteq is in the process of selling its onshore business in Japan as part of its new roadmap for the next 12 to 24 months after the Swiss issuer tumbled in 2024 with profit down 71% from the previous year.
The plan is built around three pillars including the resizing of underperforming areas, optimising established activities and expanding high potential areas. It was announced in Leonteq’ s earnings report for Q2 2025 where the underlying profit before taxes came to CHF 17.1m (US$21.5 m) for H1 2025, a 33% increase YoY, putting the company ‘on track to deliver profitable underlying results’ for 2025.
South Korea logged a rebound of equity-linked structured products for the first half of the year, according to a report released by Korea Securities Depository (KSD). The sales of equity-linked securities (ELS) jumped by over 27% YoY to KRW10.1 trillion while that of equity-linked bonds (ELBs) increased over 11% to KRW11.6 trillion.
Their combined outstanding balance went up over five percent to KRW53.6 trillion (US$38.6 billion) as of 30 June from a year ago, according to the Korea Securities Depository's (KSD) half-year report released on 21 July.
Furthermore, our Taiwan Market Review, Q2 2025 highlighted a mutual fund and futures contracts with ESG elements while Natixis started to lead the issuer league table.
BNP Paribas is the issuer of an eight-year note linked to the M&G (Lux) Global Sustain Paris Aligned USD A Acc Fund, an actively-managed mutual fund accredited with ESG labels and first seen in the global structured product according to SRP data. Additionally, there were 11 short-dated products issued by DBS Bank in the quarter tracking Europe ECX EUA Future.
Natixis also stood out for its foray in Polish public offerings, according to Poland Market Review, Q2 2025. An estimated PLN1.3 billion (US$353m) was collected from 50 publicly offered products in the country in the second quarter of 2025.
Germany maintained its momentum in Q2 2025 following a strong start of the year. Sales volumes remained steady at €4.55 billion (down just 0.4% QoQ), while issuance stayed near record levels with 7,128 products launched, according to Germany Market Review Q2 2025.
In the UK, an estimated £100m (US$134m) was gathered from 68 publicly offered structured products in June. Demand for capital protection spiked while Barclays stayed at the top of issuer table.
Last but not least, our weekly Spotlight takes a look at global market trends by sales activities, contending that the market is in good shape with sales more than doubled since 2020 and reaching an all-time high in 2024.
Image: Martin/Adobe Stock
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