Market share for callable products fell to almost zero in the quarter under review.
Q1 2026 opened with a clear recovery in activity after the usual Q4 slowdown. Sales increased 18.7% to €4.99 billion from €4.20 billion, while issuance rose sharply to a record 9,564 products. Average sales per product fell to €0.52m. The quarter therefore reflects a market that remains highly active and is marked by a record growth in product numbers and a shift in product composition rather than a change in overall demand. Following a series of rate cuts through 2025, the Euro