The sales rally has extended, logging a historical monthly high for the US structured notes market. Meanwhile, the best-seller bets on interest rate.

There were 4,868 structured notes issued at US$15.3 billion in the US in September 2025, surpassing last landmark month at US$13.7 billion seen in August 2024. The sales volume was 16.2% higher compared to August, the then strongest month year-to-date , or a nearly 30% climb year-on-year. US: structured notes sales by month (US$m) Source: SRP The S&P 500 unevenly continued its upward trend, as the index posted eight new closing highs for the month. Earnings, tariffs and the growing beli