Structured products maturing in March will bring £856.5m of rollover money to providers in the UK market, with the top 10 highest selling products accounting for £563m, more than half of the rollover money coming back to the market.
According to SRP data, the £856m of initial sales across 67 structures reaching the end of their investment term this month will allow 23 UK provider groups to try to keep investor's monies with the launch of rollover products.
Barclays - with 16 products maturing in March from its five distribution outlets including Barclays Bank (5), Barclays Capital (4), Barclays International (3), Barclays Stockbrokers (2), and Barclays Wealth (2) - will see the largest number of products maturing this month. The combined estimated volume for Barclays' maturing products is over £200m. RBS, with nine products and over £75m of estimated sales comes second in the top three maturities ranking which is completed by Lloyds Banking (four products and over £200m maturing); HSBC (four products and over £50m in maturities); and Old Mutual (also with four products and £3m returning to the market). Among the issuers with three products maturing in March - which include Jubilee Financial Products, L&G, Newcastle BS and Santander - Santander will see the highest amount of money returning to the market with almost £165m returning.
The highest selling maturity in March is Lloyds Banking's Guaranteed Investment Plan, a five-year growth portfolio insurance structure linked to the FTSE10, index which sold over £190m and matured last week. The second top-selling maturity in March is Santander's Guaranteed Growth Plan 16, a three-and-a-half-year 100% protected growth capped call product linked to the FTSE100 which sold an estimated £78m and will return a minimum 105% of initial capital. The third top selling maturity in March is Barclays' Defined Returns Plan - Capital Protected Options - February Edition, which also sold an estimated £78m back in February 2009. This three-year digital structure is linked to the performance of the FTSE100 index. Investors in this product are on track to receive the maximum payout of 112% of initial capital as the underlying struck at a level of 3625.83, and is currently trading at 5890.97.
In addition, the 26 knockout products with early maturity dates in March could add an extra £200m in rollover opportunities in the UK across 13 providers. The average ticket size for all the products maturing in January is £12.7m.
These products are available in the UK database.