The French bank captured 13% market share in 2025.

Globally, BNP Paribas was the number one issuer for credit-linked products in 2025, capturing 13% market share that was achieved from around 215 products worth just under US$1 billion that were mostly sold in France (119 products) and Italy (71).

In its home market, BNPP’s credit-linked products were distributed, among others, via Finaval Conseil and Irbis Finance while the iTraxx Europe indices were the favoured underlyings, with series 43 the most used (38 products), ahead of series 44 (25) and series 42 (eight). Other underlyings were mainly reference entities such as Electricite de France, Crédit Agricole and Société Générale.

Issuers (global) 2025: market share by sales volume

Source: SRP

In Italy, 19 of BNPPs credit-linked products were tied to Intesa Sanpaolo with a further 16 linked to Unicredit with most products distributed via the bank’s own channels while Strivo, Consensus Asset Management and Garantum were its main distribution partners in Sweden.

Unicredit Bank, in second with nine percent market share, raised US$730m from 33 products sold in its domestic market Italy. Financials were the preferred reference entities with Santander, Société Générale, Mediobanca, and BNP Paribas frequently used. A five-year certificate on the latter gathered €105m (US$119.5m) in sales, making it the best-selling credit-linked product globally during 2025. It pays a fixed coupon of 3.90% pa and returns full capital providing BNPP remains solvent.

Third placed Samsung Securities collected US$640m from 165 products sold in South Korea (8.5% market share). Some US$127m was invested in 30 products for which SK Holdings acted as reference entity with a further US$101m linked to Seoul Guarantee Insurance. Other reference entities included Hanwha (17), Hyundai Capital Services (12) and HDC Hyundai Development Company (11).

However, the highest selling product in Korea came from Hana Securities, which achieved KRW100 billion (US$68m) in sales with Hana DLS 3807, which was linked to Hyundai Engineering & Construction.

Intesa Sanpaolo and Nordea completed the top five, with a market share of 5.9% and 4.9%, respectively.  Other active issuers in credit-linked products included Citi, Deutsche Bank, Mediobanca, Morgan Stanley and Nuvama Wealth Management, with the latter focusing on its home market India via 19 debentures linked to the Nifty 50 (15 products) and gold (four).

This is an abstract of the SRP Asset Class Report 2026 which is available for download here. 

Image: YuDwi Studio/Adobe Stock

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