Issuance remained concentrated among a handful of issuers, while secondary market activity expanded, driven by demand for yield enhancement and Euribor-linked capital protection structures.
Structured product issuance on Euronext Milan reached 7,817 new listings in May, representing a decline of 11.3% month-on-month (MoM). Despite the pullback, activity remained 5.6% above the 12-month average, indicating a moderation in supply rather than a structural slowdown. BNP Paribas led primary market activity, issuing 4,147 products in May The average daily value traded stood at €157m (US$182m), up 4.3% MoM and 5.8% above the 12-month average. Meanwhile, the daily average number o