The US structured notes market took a breather in February after starting this year with record monthly sales built on a banner year of 2025. 

A total of US$18.4 billion was booked in traded notional from approximately 5,500 issuances in February, down 3.5% from January, but up 41.5% year-on-year (YoY), SRP data shows. By payoff, approximately US$9.4 billion of the monthly flow, or 51%, came from autocallable structures, some of which are additionally employed with a digital, reverse convertible or twin win payoff. Some US$15.9 billion out of the total sales, or 86.4%, was generated from notes offering zero capital protection while t