Local cooperative banking group OP held of the competition from abroad as it remained the number one issuer for the third year in a row.

There were 293 structured products worth an estimated €830m issued in Finland during 2021.

Issuance was on par with the previous year while sales volumes increased by 4.4% (2020: €795m from 295 products).

Thirteen issuer groups were active during the year – a mixture between Nordic providers, and French, Swiss and US investment banks.

Finnish cooperative banking group OP was the number one issuer for the third consecutive year. It collected an estimated €267m from 54 products – the equivalent of a 32.3% share of the market.

The group’s products were mainly protected trackers – often with an autocall feature – linked to a single index or share basket. They were sold via the Pohjola Pankki network.

In second, Danske Bank achieved a market share of 31% from 98 products worth €256m. Like OP, Danske focused on protected trackers/autocalls, predominately on share baskets. More than 40% of its products were distributed via Alexandria Pankkiiriliike, while there were also collaborations with Aktia, Elite Alfred Berg, and Korkia.

Goldman Sachs was the third most active issuer. The US bank accumulated sales of approximately €85m from 21 products that were mainly linked to shares. All bar one of Goldman’s products were available via Alexandria, including Kiinan Sähköautot 3x Booster, a five-year note on a basket comprising the stocks of BYD (H Shares), Geely Auto (H Shares), Li Auto ADR, Nio ADR and XPeng, which was Finlands best-selling product in 2021.

BNP Paribas claimed fourth place with sales of €75m from 44 products (9.1% market share). It’s products were almost exclusively linked to single indices, of which the Solactive Europe & US Top Pharmaceuticals 2020 AR 5% Index was the most frequently used (16 products).

Nordea completed the top five, selling 34 products worth an estimated €67m (8.1% market share). Twenty-five of its products were credit-linked notes (CLNs), of which it was the sole provider in Finland in 2021. They were linked to Markit CDX North America High Yield (19 products) and Markit iTraxx Europe Crossover (13), among others.

Disclaimer: data refers to public distribution products only.