Siam Commercial Bank replaced Krung Thai Bank to become the top issuer in 2022 after increasing its sales by 107% YoY.

Some 27,022 structured products collected THB149.7 billion (US$4.6 billion) in 2022 – up 62% in sales volume year-on-year (YoY).

Average volumes, at THB5.5m per product, remained stable compared to 2021 when products sold on average THB5.6m.

Seventeen different issuer groups were active during the year – up two from 2021. They were a mixture of local/regional banks and securities houses.

Siam Commercial Bank was the number one issuer with a market share of 27.1%, up from 21.2% in 2021. The bank gathered THB40.6 billion from 10,777 reverse convertibles and 12 dual currency notes – up 107% YoY (FY2021: THB19.6 billion from 5,759 products). Most of its products were sold via its InnovestX Securities subsidiary.

In second, Kiatnakin Phatra Bank claimed 24.5% of the Thai market – an increase of 7.5 percentage points YoY. It achieved sales of THB36.7 billion from 7,125 reverse convertibles that were exclusively linked to equities – baskets of shares in particular.

State-owned Krung Thai Bank, which was the dominant issuer last year, saw its market share decrease from 30.7% in 2021 to 21.1% in 2022. It collected THB31.2 billion, however, at 161 products for the year, its issuance was only a fraction of that of its competitors. Krung Thai’s capital protected note on the J.P. Morgan 4% VT Mozaic XRP 1% Decrement Index was one of the best-selling products of the year, with sales of THB2.4 billion.

Malaysian universal bank Commerce International Merchant Bankers (CIMB) market share remained fairly stable (-1.7% YoY). It collected THB11.6 billion from just 109 products. Almost half of its volumes was tied in 52 products linked to FX rates.

China Galaxy Financial Holding Company completed the top five. It captured 5.5% market share from 5,790 products sold via CGS-CIMB Securities. Structures were linked to equities – mostly single shares, of which Banpu (787 products), KCE Electronics (592) and Kasikornbank (418) were the most frequently used.

Other active issuers included, among others, Bangkok Bank, Kiatnakin Bank, Kasikorn Bank, Standard Chartered and DBS.