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US Dynamic shifts and Upward 2024 Projections

November, a pivotal month in the financial calendar, often unfolds with heightened activity as Issuers make their final push to meet annual budgets. This month’s dynamics are particularly interesting, reflecting the strategic efforts of financial institutions and consequent shifts in the Issuers league table.

UBS, a notable player, executed a substantial push to reclaim its position. With 293 products issued, the institution accumulated over $565 million, showcasing an impressive 147% growth compared to the same period last year. Bank of America also demonstrated robust growth, with $759 million in issuance and a remarkable 112% increase compared to the corresponding period last year. Barclays contributed to the positive trend, experiencing a commendable uptick with a growth of 94%.

In contrast, Citigroup encountered challenges, issuing 80% less compared to the same period last year. RBC and Morgan Stanley also observed a downturn. Despite these challenges, both Citigroup and RBC have had a positive overall year, signaling a strategic decision to forego a significant year-end push.

A mere month after our initial estimate for 2024, we find ourselves revising the numbers upward. The S&P 500’s impressive rally of almost 300 points from its lowest point in October has contributed to this adjustment. Notably, the increase in early redemptions, especially anticipated in Q1 2024, is a key factor shaping our revised outlook. As of today, we project that the US structured products market might reach $126.7 billion, reflecting a 4.31% increase from our year-end estimate.

Looking ahead to 2024, the structured products market is poised to benefit from favorable conditions. Total sales are projected to fall within the range of $117 billion to $135 billion, presenting ample opportunities for growth and innovation in the coming year.

November’s market dynamics provide a snapshot of both challenges and triumphs within the structured products landscape. As we approach the year-end, the evolving trends and strategic decisions made by key players set the stage for an exciting start to 2024. Stay tuned for further insights as we navigate the complexities of the financial markets.

November Issuers League Table

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