Spain’s retail structured products market has been struggling over the last few years, with issuance and sales volumes reaching the lowest levels ever recorded at the end of 2012 before it started to pick up momentum. Despite a slight pick-up in 2010, sales volumes have declined since 2008 by 73.5% from €22.6bn to €5.7bn in 2013. The domestic market is struggling to recover after it was particularly hit by the crisis that followed the Lehman Brothers bankruptcy and the Icelandic banking crisis