The global market's capital protection profile has changed significantly since 2021, reflecting the shift in the interest rate environment.
While capital-at-risk products dominated sales in 2021, accounting for 61% of global volumes, their share fell sharply to 30% in 2022. The rise in interest rates from 2022 improved the economics of capital protected structuring, reducing the cost of securing capital repayment at maturity. This supported the reappearance of fully capitalprotected products, which maintained a dominant share of global issuance throughout 2023 and 2024, at 62% and 64%. Capital protection (minimum return of investe