Athena and Phoenix structures accounted for more than half of the sales volumes in 2025.
The European structured products market delivered a solid performance in 2025, with total sales volumes reaching US$342 billion from just under 490k products . Sales volumes increased by 27% year-on-year (YoY), while the number of products grew by 42%. The latter points to a market driven by issuance rather than ticket size, with sales collected largely supported by a higher number of products. This dynamic also reflects a broader shift in investor demand. Rather than relying on standardised u