SRP takes a look at the most active issuers and distributors for non-leveraged products with a strike date as of today in 2021 in the major Apac markets, according to SRP data.
Japan - Uridashi, structured funds
Among the 39 issuers of Uridashi notes, Mitsubishi UFJ Securities International retained the largest market share (8.46%) on the back of 32 products worth JPY207.4 billion (US$1.82 billion). This was followed by Municipality Finance with 78 products sold at JPY181.4 billion, and Svensk Exportkredit with 108 products at148.5 billion.
MUFG Securities EMEA, which was in third place in the first half of 2021, retreated to seventh place as it saw a total issuance amount of JPY109.6 billion from 24 Uridashi year-to-date.
By distributor, Mitsubishi UFJ Morgan Stanley Securities (MUMSS) remained in the spotlight by accounting for 22.7% of the Uridashi issuance amount, or JPY555.3 billion (84 products), though this marked a decrease from the 26.5% seen in the first half of 2021. Trailing behind at a distance were Mizuho Bank and Shinsei Bank with respective market shares of 5.52% and 5.07%.
There were three distributors added during the past five months compared with the first half of 2021 - Société Générale Securities, Hirota Securities and Okachi Securities. They each marketed one Uridashi with issuance amounts of JPY900m, JPY500m and JPY580m, respectively.
In addition, MUMSS was also the most active derivative manufacturer having hedged 32 Uridashi notes at JPY218.6 billion. BNP Paribas kept its second place through 102 products with an issuance amount of JPY191.5 billion, followed by MUFG Securities EMEA which generated JPY141.5 billion from only 33 products.
In the structured fund segment, Daiwa Asset Management caught up in the past five months after it gave away the crown to Sumitomo Mitsui Asset Management in the first half of 2021. The two dominant players both have collected approximately JPY113.2 billion through 49 and nine structured funds, respectively.
Next in line was Mitsubishi UFJ Asset Management, which launched eight structured funds at JPY41.6 billion.
South Korea - ELS, ELB, DLS, DLB, ELD
Samsung Securities continued to lead the issuer ranking in the entire structured product space with 2,185 products sold at KRW8.1 trillion despite a slower pace from July to November. It made up 11.8% of the market share.
Trailing behind were KB Securities and Shinhan Investment with respective shares of 10.6% and 10% of the market. Mirae Asset Securities (MAS) slid from the second place to the fifth with a 8.4% market share year-to-date, just after Korea Investment & Securities (KIS).
For equity-linked securities (ELS), KIS became the largest issuer with 1,387 products at KRW5.45 trillion among a total of 22 players, translating to a 11.4% market share. It was closely followed by KB Securities and Samsung Securities.
Meanwhile, the equity-linked bond (ELB) space was still led by MAS driven by several jumbo private placements in the first half of 2021. The securities house rolled out a total of 119 ELBs worth KRW1.14 trillion, forming 13.1% of the market.
The ranking of top three ELB issuers was completed by Samsung Securities and KIS Securities with respective volumes of KRW987.3 billion and KRW977.7 billion.
In terms of derivative-linked securities (DLS), Samsung Securities stood out with a volume of KRW1.38 trillion among a total of 15 issuers, which translated to a 27.1% market share. Next in line were Hanwha Securities and Hana Daetoo Securities with an issuance amount of KRW1.02 trillion and KRW786.9 billion, respectively.
Additionally, Kyobo Securities retained its crown in the derivative-linked bond (DLB) market after launching 65 products at KRW1.2 trillion among a total of 23 issuers, followed by Hana Daetoo Securities and Shinhan Investment. The top three players shared a 35.4% slice of the ELB market.
BNK Securities, a sister company of Busan Bank entered the market in August, as SRP reported.
Hong Kong - ELI, structured deposits
Hong Kong SAR’s equity-linked investments were driven by HSBC, which issued and distributed 5,644 products year-to-date, more than doubling its issuance from the prior year period. Meanwhile, Hang Seng Bank issued 3,830 ELIs as the second most active player.
For structured deposits, SRP registers 3,493 new products from Hang Seng Bank, 1,317 from Bank of China (Hong Kong) and 1,314 from HSBC.
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