A difficult nine months in the Dutch market as retail sales volumes suffered from a lack of rollover opportunities from autocalls.
An estimated €40m (US$41.4m) was collected from 15 publicly offered structured products during the first nine months of 2022 – down 77% by sales volumes year-on-year (YoY).
Average volumes, at €2.7m, were significantly down compared to 9M 2021 when products sold on average €11.7m.
Four different issuers were active in 9M 2022, down from six in the prior year period.
BNP Paribas was the main issuer group with a 33.1% share of the market – an increase of almost 20% YoY. The French bank accumulated estimated sales of €13m from five products. Of these, four were equity-linked autocalls that were distributed via asset manager Wilgenhaege. The remaining product, BNP USD CMS Spread Note 22-27, a five-year steepener linked to the 10-year USD CMS rate and the two-year USD CMS rate, was sold via Van Lanschot Kempen (VLK).
The latter also issued products on its own paper, claiming a 31.1% market share from six products sold in the period. VLK’s offering included two 100% capital protected notes offering capped participation in the Eurostoxx 50, and four autocalls.
Société Générale, in third, captured 29% of the market from just two products sold. The Double Dutch 21%, a five-year Athena autocall on a worst-of basket comprising the shares of ASML and NN Group, was distributed via Wilgenhaege while the Positive Impact Finance Capped Index Garantie Note ESG Eurozone 22-29 was available via VLK.
The only other active issuer was UBS, which held 7.2% of the Dutch market (9M 2021: 8.3%). Its sole offering was Trigger Plus Note Global Dividend 22-27, another autocall that was distributed via VLK. The five-year structure is linked to the Stoxx Global Select Dividend 100 Index and offers a potential coupon of 6.50% pa.
ING and Leonteq, which were active during 9M 2021, did not issue any public offers this time around.