SRP reviewed some of the best-selling products across European markets in 2025.
Italy: Protection Certificate Memory Coupon – €490m (US$571.4m)
BPER Banca, formerly known as Banca Popolare dell'Emilia Romagna, was the issuing company behind Europe’s highest selling product in 2025, according to SRP data. This five-year capital protection certificate offers access to the Eurostoxx Utilities Index. It pays a conditional memory coupon of 1.80% per semester, providing the index closes at or above its initial level on the semi-annual valuation date. Otherwise, no coupon is paid. This certificate is listed on EuroTLX, the multilateral trading facility managed by Euronext Milan.
Priips Summary Risk Indicator (SRI): three out of seven.
Belgium: BNP Paribas Fortis Funding (LU) Callable 4% Note 2035 – €450m
This product was the best-selling of 19 callable notes (collecting a combined €1.9m) distributed by BNP Paribas Fortis in Belgium during 2025. It pays a fixed coupon of 4.0% per annum. BNP Paribas Fortis Funding – the Luxembourg domiciled issuance vehicle behind the note – has the option to call the product on any annual coupon payment date, beginning 16 October 2026, for a capital return of 100%.
Priips SRI: one out of seven.
Italy: Max Long Cap Certificates – €336m
Another Italian top seller – this time from Intesa Sanpaolo – is a seven-year structure on the Euro iStoxx 50 Global AI Infrastructure Tilted NR Decrement 5% Index. Each year, providing the index remains above 50% of its initial level, the product will pay a coupon with a minimum of 2.91% and maximum linked to the index performance multiplied by two. At maturity, the product offers 100% capital return. This product is available for trading on Borsa Italiana’s multilateral trading facility SeDeX.
Priips SRI: three out of seven.
Belgium: Belfius Financing Company (LU) Callable 3.50% 10/2034 – €288m
Fixed income products were all the rage in Belgium this year, with banks reporting huge demand in interest-linked notes as investors were searching for structures with higher returns than traditional investment products such as term deposits or savings bonds. This offer from Belfius pays a fixed coupon of 3.50% pa while Belfius Financing Company (the issuer) has the option to redeem the product annually, from October 2027 onwards.
Priips SRI: one out of seven.
Ireland: EUR Call Certificate – €48m
Distributed via Davy, this BNP Paribas green bond offers access to the Euro Stoxx 50 ESG Index over a three-year investment term. At maturity, the investor participates 200% in the potential rise of the index, capped at 20.32% and subject to three months backend averaging. This product is Irelands first green bond ESG-linked structured note. It is listed on the Luxembourg Stock Exchange.
Priips SRI: two out of seven.
Finland: D793 Luottotodistus USA High Yield 10-20 Kertyvä USD – €35m
Nordea is the issuer behind this 5.3-year credit-linked note (CLN) that offers access to the Markit CDX North America High Yield Series 44, which tracks the credit risk of 100 sub-investment grade companies through credit default swaps (CDS). At maturity, it returns 195% of capital, providing no more than 10 reference entities have encountered a credit event.
Priips SRI: four out of seven.
Poland: Quanto USD Worse of Digital Coupon Certificates – PLN109m (US$30.3m)
Bank Pekao’s digital certificates offer access to two shares from the pharmaceuticals & biotechnology sector: AbbVie and Sanofi. The product returns 104% of capital, regardless of the performance of the underlying shares. However, if both shares close at or above their respective starting levels on 14 June 2027, an additional coupon of 10% is paid, taking the total return to 114%. This product is issued via Goldman Sachs International and listed in Luxembourg.
Priips SRI: two out of seven.
Spain: Quarterly Coupon Notes - €22.5m
Deutsche Bank distributed these five-year fixed to floating rate notes via its local branches in Spain. It pays fixed quarterly coupons of 0.75% (3.0% pa) during the first year of investment. The following years, the quarterly coupon is equal to the three-month Euribor, subject to a minimum of 1.75% pa and a maximum of 3.0% pa. This product is listed on the Luxembourg Stock Exchange.
Priips SRI: one out of seven.
Czech Republic: Transatlantic Step-down Autocall 2032 – CZK525m (US$24.9m)
ČSOB’s seven-year certificate is linked to Allegro Transatlantic, an open-ended fund actively managed by SG IS France (Groupe Société Générale), which aims to outperform the Solactive GBS CW DM US & Eurozone EUR Index NTR over a long-term horizon. The product expires early if the underlying fund closes at or above the step-down redemption barrier on any annual valuation date. In that case, it generates income of eight percent per year elapsed.
Priips SRI: five out of seven.
The Netherlands: 115% Capped Index Guarantee Note Eurozone 25-32 – €20m
Van Lanschot Kempen’s capital protection notes on the Eurostoxx 50 return at least 115% of the nominal value after seven-years. Additionally, the investor participates 100% in any positive index performance, capped at an overall maximum capital return of 157%. This product is not listed on an exchange.
Priips SRI: three out of seven.
Sweden: Aktieindexobligation Norden NOK nr 5317 – SEK88.5m (US$9.1m)
Garantum’s 3.1-year medium-term note (MTN) tracks the performance of an equally weighted basket comprising OMX Helsinki 25 Index, OBX Price Index, OMX Stockholm 30 and OMX Copenhagen 25. Manufactured via Morgan Stanley, it offers 190% uncapped participation in the potential rise of the basket, subject to six months backend averaging. The product is issued at 110% and can be traded at Nasdaq OMX Stockholm.
Priips SRI: three out of seven.
UK: Annual Step Down to 85 Kick Out Plan (MS9506) – £12.3m (US$16.4m)
This six-year Athena autocall is linked to preference shares issued by Sienna Finance UK, which in turn are linked to the performance of the FTSE 100 and Eurostoxx 50. The product’s knockout feature is triggered if the index closes at or above the step-down autocall barrier for a capital return of 100%, plus 9.25% per year elapsed. At maturity, capital is preserved if the index closes at or above 60%. Otherwise, the investor participates 1:1 in the worst performing index. This product was available via Meteor and issued via Morgan Stanley & Co International. It is listed on the Luxembourg Stock Exchange.
Priips SRI: five out of seven.
Norway: PP37 Nordea Aksjebooster Europa IX – NOK60.3m (US$5.9m)
Nordea’s five-year MTN offers access to the Stoxx Europe 600. It offers 100% capital return, plus 175% uncapped participation in the potential rise of the index. However, if the index performance is negative, the investor participates 1:1 in the fall. This product is not listed.
Priips SRI: four out of seven.
Disclaimer: this article only includes products for which SRP has actual sales volumes.
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