BNP Paribas, UBS and Goldman all significantly increased their market share in the first quarter of 2022.
Some 681 structured products worth an estimated €145m were available on the Austrian primary market in the first quarter of 2022. Sales volumes decreased by 36% year-on-year while issuance was down 51% (Q1 2021: €224m from 1,400 products).
Seven different issuer groups were active compared to 13 in the prior year quarter.
All issued products could also be traded on the exchanges of Frankfurt and/or Stuttgart in Germany.
BNP Paribas (BNPP) was the most active issuer group in the quarter. The French bank claimed a 30.2% share of the Austrian market – an increase of 24.5% YoY.
BNPP sold 134 structured products in Q1, all of which were reverse convertibles. Single shares (97 products) and indices (30 products) were the favoured underlyings while it also issued three products on commodities.
Unicredit, in second, captured 21.6% of the market (Q1 2021: 38.4%). The bank issued 362 certificates, 76% of which were reverse convertibles. However, its (partially) capital protected structures, including HVB Anleihe mit 96% Mindestrückzahlung on the proprietary Ethik Evolution Strategy Index and HVB 100% Garant Certificate 03/2032 on the Eurostoxx 50, with sales of €13.2m and €12.6m, respectively, were among the best-selling products of the quarter.
Like BNP, third placed UBS’ market share, at 17.7%, also significantly increased (up from 0.6% in Q1 2021). The Swiss structured product provider issued 82 reverse convertibles, predominately on equities.
Goldman Sachs (16.7% market share) launched 63 products in the quarter, including 60 with a knockout feature, while Erste Group Bank (7.8% market share) completed the top five. The latter issued 25 products in the quarter – 19 of which were tied to a single stock.
Raiffeisen Centrobank (RCB), another local issuer, achieved a 5.8% market share from manufacturing 14 products that included a 100% capital protected certificate on the S&P Global Water Index.