Danske claimed the number one spot in a quarter which saw Goldman achieving the biggest gain.
Seventy-nine structured products worth an estimated €162m were issued in Finland during the first quarter of 2022.
Sales volumes decreased by 25% while issuance was also slightly down on the previous year quarter (Q1 2021: €217m from 89 products).
Ten issuer groups– a mixture of Nordic providers, European and US investment banks – were active during the quarter (Q1 2021: eight).
Danske Bank was the number one issuer with a 24.9% share of the Finnish market – up 7.4% year-on-year (YoY). It collected an estimated €40m from 22 products that were mainly linked to equities and included 14 autocalls.
In second, Goldman Sachs achieved a market share of 19.9% from 11 products worth €32.4m. The US bank, which only sold one product in Q1 2021, saw its market share increase by 19.6% YoY. Like Danske, Goldman focused on equities, with eight products linked to a basket of shares and three to a single stock. Its products were exclusively distributed via Alexandria.
Finnish cooperative banking group OP was the third most active provider, despite experiencing a significant drop in market share (from 38.3% in Q1 2021 to 17% this quarter).
Six of the group’s products were withdrawn. The remaining six products achieved sales of €27.5m and included OP Europankit Autocall 10/2022, which was linked to the Eurostoxx Banks Index and attracted sales of €8m, making it the best-selling Finnish product of the quarter.
Nordea claimed a 16.6% market share in fourth. Ten of its products were credit-linked notes (CLNs). They were linked to Markit CDX North America High Yield, Markit CDX North American IG Index, and Markit iTraxx Europe Crossover.
BNP Paribas completed the top five, selling 12 products worth an estimated €20m (12.1% market share). Five of its products were linked to the Solactive Europe & US Top Pharmaceuticals 2020 AR 5% Index.