A change of the guard in Thailand where Kiatnakin Phatra Securities became the top provider after last year’s number one Krung Thai Bank lost more than 60% of its market share.

Some THB31.3 billion (US$946m) was collected from 8,092 structured products in the first quarter of 2022.

Sales volumes were down 14% compared to the prior year quarter, despite a 2.4-fold increase in issuance (Q1 2021: THB36.2 billion from 2,397 products).

Average volumes stood at THB3.9m per product, a significant decrease from Q1 2021 when products sold on average THB15.1m.

Fifteen different issuer groups were active in the quarter – the same number as in Q1 2021. They were a mixture of mainly local and regional banks and securities houses.

Kiatnakin Phatra Securities was the number one issuer with a market share of 32.4%, up from 9.7% in Q1 2021. The company achieved sales of THB10.1 billion from 1,626 reverse convertibles that were predominately linked to a basket of shares.

In second, Siam Commercial Bank claimed 28.6% of the Thai market – an increase of almost 20% year-on-year (YoY). It sold THB8.9 billion from 3,571 products, the vast majority of which were sold via its SCB Securities subsidiary. Again, share baskets were the dominant asset class.

China Galaxy Financial Holding Company captured 10.4% market share from 2,272 products sold via CGS-CIMB Securities. Its focus lied with structures linked to a single share, of which Banpu (200 products), R&B Food Supply (144) and Charoen Pokphand Foods (134) were the most frequently used.

Malaysian universal bank CIMB was another issuer that increased its market share (+2.8% YoY). It collected THB2.5 billion from just 18 products, including four that were tied to the Citi FlexiBeta ESG USD VT5 Index.

Krung Thai Bank completed the top five. The state-owned bank, which was the dominant issuer last year, saw its market share decrease from 66.8% in Q1 2021 to just 6.5% this quarter. It sold THB2 billion from 20 products.

More than halve of its volumes (THB1.3 billion) were tied in a structured note linked to the Solactive Global Artificial Intelligence ESG EUR 5% AR Index, which was the best-selling Thai product of the quarter.