Let’s focus on reviewing key market activity this week, with significant volumes recorded.
Turnover for investment certificates sold on the Italian primary market reached €18.4 billion (US$21.2 billion) in the first half of 2026 – their best half-year result ever, according to the latest figures released by the Italian association for certificates and investment products (Acepi).
As of end-June 2026, turnover had already reached 58% of last year’s total. Year-on-year (YoY), they increased by 12% (H1 2025: €16.4 billion). As of end-June 2026, turnover had already reached 58% of last year’s total (2025: €31.8 billion).
According to SRP data, the best-selling product for the semester came in the shape of Intesa Sanpaolo’s Standard Long Digital Certificates on the three-month Euribor, which sold €342.5m in February. The seven-year certificate offers an annual digital coupon if the underlying reference rate has fallen within a range of [0.00..3.25] % on the relevant valuation date.
Over in the US, SRP has recorded US$119.8 billion notional booked during the first six months of the year across 34,897 products. Sales increased by 20.8% year-on-year (H1 25: US$99.2 billion), while issuance rose 14.4% (H1 25: 30,526 products).
The US market saw a significant shift at the top of the underlying league table as interest rate-linked products lost the top spot to the S&P 500 index which retook the top position in the ranking with 3,209 products/US$16.8 billion compared to 3,162 products worth US$13.9 billion recorded during the same period of 2025). Issuance of SPX-linked products was broadly stable, increasing 1.5% year-on-year, while sales rose 20.9%.
Goldman Sachs has climbed to fourth in SRP’s global issuer rankings in 2026, increasing its global market share from 3.18% in 2025 to 5.8% year-to-date. In the US, the bank ranks first, accounting for an 18% share of issuance through 4,300 products worth US$22.3 billion. SRP data shows Goldman remains a major issuer across markets including Switzerland, Hong Kong, France, Taiwan and Italy.
Goldman’s head of Americas Private Investor Product Group, Dolapo Lawal, told SRP that the US structured notes market is on track for another record year, with the bank processing thousands of quotes a day and SEC filing frequency up around 80% year-on-year. Goldman has expanded automated pricing capabilities, allowing advisers to request quotes via APIs and fintech platforms while speeding up ideation, pricing, documentation and lifecycle management.
According to Deutsche Bank, credit-linked products, rate-based structures and cross-asset solutions are gaining momentum as investors prioritise yield, customisation and transparent risk-return profiles.
Equity remains the default - it is familiar, versatile, resilient and deeply ingrained in the structured product ecosystem - Maelle Guerin, Deutsche Bank
Despite the resurgence of fixed income markets and growing investor interest in diversification, equities continue to underpin the majority of structured product issuance globally. For Maelle Guerin, structured products sales at Deutsche Bank, the explanation extends beyond traditional structuring advantages.
However, as interest rates have normalised, fixed income structures have become easier for investors to understand and easier for distributors to position within portfolios. Nevertheless, equities remain the industry's default setting.
"Equity remains the default — it is familiar, versatile, resilient and deeply ingrained in the structured product ecosystem," she says.
Rather than a wholesale shift away from equities, Deutsche Bank expects a more balanced market in which additional asset classes gradually gain relevance alongside traditional equity-linked solutions.
For its part, BBVA has expanded its presence in Asia’s structured products market over the past year, supported by growing demand for equity-linked solutions, investment in technology and deeper relationships with distributors across the region, according to Stephen Sun, head of equity and investment solutions sales Asia at BBVA.
BBVA was a growing force with more than 8,000 structured investment products were issued in the region during 2025, generating an estimated US$4 billion in sales volume. Taiwan alone accounted for over 2,250 product issuances, according to SRP data.
Sun said the bank’s growth has been driven by a combination of product innovation, digital capabilities and a focus on improving the client experience across the structured products lifecycle.
In France, Emprunt Août 2034 Remboursable par anticipation, which was available via the Caisse D’Epargne network, collected €1.92 billion. During its eight-year tenor, the product registers a fixed coupon of 3.95% pa, paid either at maturity or if Natixis (the issuer) exercises its right to call the product on any of the annual call observation dates – beginning 4 August 2031. The product is listed at Euronext Paris.
Image: Aung Myo/Adobe Stock
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