Barclays captured almost 25% of the UK retail market which encountered its best year since 2017.
2022 was a good year for the UK retail market. Just under 900 publicly offered structured products worth an estimated £1.5 billion ($1.8 billion) had strike dates during the year – up 53% by sales volume compared to 2021 (£970 from 528 products).
In fact, retail sales reached their highest levels since 2017, when £1.6 billion was collected from 480 products, according to SRP data.
Twelve issuer groups – a mixture of mainly UK, French and US investment banks – were active during the year.
Barclays was the main issuer group with a 24% share of the UK retail market. It collected approximately £350m from 182 products, significantly up from the previous year (2021: £177m from 100 products).
The bank’s offering was predominately FTSE 100-linked, with 90% of its products tied to the UK benchmark, including UK Step Down Kick Out Plan August 2022 (5197), which, with sales of £15m was the best-selling retail product of the year.
Barclays is also an active issuer of private placements. Almost 600 such products were issued in the UK during 2022, however, these are not included in the above chart.
Citi, which issues its UK retail products on the paper of its Citigroup Global Markets Funding Luxembourg vehicle, increased its market share by 12%: from five percent in 2021 to 17% this year.
Citi achieved sales of £250m from 126 products of which 120 had a knockout feature.
Morgan Stanley was another bank that increased its market share, claiming 11% of the UK market – up four percent year-on-year (YoY). The bank gathered an estimated £160m from 113 products that were exclusively linked to equity indices.
HSBC captured 10% of the market while Société Générale (eight percent) completed the top five.
Other issuers active in 2022 included Goldman, Crédit Agricole, Santander, Royal Bank of Canada, BNP Paribas and Natixis.
Disclaimer: data refers to public distribution products only.
Main image: Kings Church International/Unsplash.