Athena and Phoenix autocalls accounted for 34% of total sales in the first quarter of 2026.
The Q1 2026 payoff mix shows a market becoming more concentrated around yield enhancement and autocallable structures. At the same time, the evolution of rates-linked payoffs suggests greater diversification in product design, with issuers increasingly using conditional and path-dependent structures alongside traditional fixed-rate offerings. Europe: product groups – market share by sales volumes Source: SRP The yield enhancement segment increased its share by sales volumes from 66%