The payoff mix in Europe during Q3 2025 remained concentrated, with a small number of structures accounting for the vast majority of issuance.
Reverse convertibles continued to dominate the market, representing 45.5% of total sales volumes, confirming their role as the core yield enhancement instrument across European retail markets. Europe Q3 2025: payoffs – market share by sales volumes Source: SRP Conditional coupon Phoenix (18.6%) and Athena (13.6%) structures together represent over one-third of volumes, confirming sustained demand for income and early-redemption features. Payoffs offering participation in the underlyin