France product types - market share per sales volumes
France - Sales Volumes 40,000
100%
7,000
90% 35,000
6,000
5,000
25,000 4,000 20,000 3,000 15,000 2,000
10,000
9% 10%
80%
Number of products
EUR millions
30,000
7%
9%
23%
70% 18%
60% 50% 40%
86%
89% 77%
30%
55%
20% 1,000
5,000
10%
-
2020
2021
Sales Volumes (EURm) - LHS Number of products - RHS
© Delinian Limited 2023
2022
2023 9M
Full year projection
0% 2020
2021
2022
2023 9M
YieldEnhancement
CapitalProtection - Equity
CapitalProtection - Interest rate
CapitalProtection - Non-equity (other)
Non-protected Participation
Credit-linked
France: Issuers market share by Sales volums - 2023 9M Credit Agricole CIB Barclays Bank 3%
Other 5%
4%
Societe Generale 17%
Underlying type - market share per Sales volume 100%
Credit
90%
Fund Interest Rate
80%
Citigroup 5%
Other
Weighted stocks basket 70%
WOF stocks CIC 5%
60% Amundi 14%
La Banque Postale 8%
Natixis 8%
Single share
50% 40%
Other index (high dividend yield, Risk control) WOF Index (Benchmarks)
30%
Thematic PR index Industry sector index
20%
Decrement index Morgan Stanley 8%
© Delinian Limited 2023
BNP Paribas 14% Goldman Sachs 9%
10% Benchmark 0% 2020
2021
2022
2023 8M
Issuers: asset class breakdown Market share by Sales volume
Issuers: Single index breakdown Market share by Sales volume
Société Générale
Société Générale
Natixis
Natixis
Morgan Stanley
Morgan Stanley
La Banque Postale
La Banque Postale
Goldman Sachs
Goldman Sachs
Crédit Mutuel Arkéa
Crédit Mutuel Arkéa
CIC
Crédit Mutuel - CIC
Credit Agricole CIB
Credit Agricole CIB
Citigroup
Citigroup
BNP Paribas
BNP Paribas
Barclays Bank
Barclays Bank
Amundi
Amundi 0%
10%
20%
30%
40%
50%
60%
Equity (Single Index)
Equity (Single Share)
Equity (Multi-index)
Interest Rate
Fund
Other
© Delinian Limited 2023
70%
80%
90%
Equity (Multi-share)
100%
0%
10%
Benchmark
20%
30%
Decrement
40% Sector
50%
60%
70%
80%
Thematic (no decrement)
90%
100%
16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 -
France: Decrement indexes in Points’ sales growth overtake Decrement in % 160%
140% 2020
2021
2022
2023 YTD
Mono-stock index (decrement in points)
Decrement Index in Pts Decrement in %
Decrement indexes market share - by number of products
Number of products
1,600 1,400 1,200
Growth from 2020 onwards
USD millions
Decrement indexes market share - by sales volumes
137%
2.5 EURbn
135%
120% 100%
102%
10.9 EURbn
80%
80% 60%
67%
4.9 EURbn
48%
48%
40% 21%
14%
20% 0%
-1%
0%
1,000
-19% -20%
800 600
-40%
400
2019
2020
2021
2022
200 2020
2021
2022
Mono-stock index (decrement in points) Decrement Index in Pts Decrement in % © Delinian Limited 2023
139%
2023 YTD
Decrement in %
Decrement Index in Pts
Mono-stock index (decrement in points)
Other underlyings
2023 forecast
37 EURbn
Europe: ESG market share out of Total traded volumes
France : ESG index-linked 30,000
40%
35% 25,000
EUR millions
20,000 25%
15,000
20%
15% 10,000
Market share out of Equity
30%
35% 30% 25% 20% 15% 10% 5% 0%
France
Germany 2020
2021
Italy 2022
Belgium
2023 8M
Europe: ESG index: principal markets (USDm) 12,000
10% 10,000 5,000
5%
8,000 6,000
-
0% 2020
Equity-linked EURm
2021 ESG-linked EURm
2022
2023 full year forecast
4,000
ESG as % of Equity-linked (RHS)
2,000 2020 France
© Delinian Limited 2023
2021 Germany
Italy
2022 Belgium
Other markets
2023
France 2023 9M: Payoffs (EURm) Other CPPI Hybrid (CLN) Protected CLN CLN Steepener Callable FRN FRN Fixed rate + Digit Fixed rate Callable note Digital Protected Twin Win Protected - Inflation-linked Protected Phoenix Protected Participation Protected Autocall+Participation Protected Autocall Barrier RC (Dual) Barrier Phoenix Barrier RC Barrier RC Autocall Barrier Phoenix Autocall Barrier Autocall -
2,000
4,000
6,000
8,000
10,000
12,000
© Delinian Limited 2023
Maturities per underlying type (in years) Maturities per product group (in years) CMS spread steepener Floating rate note
YieldEnhancement
Fixed rate Callable note
Credit
CapitalProtection
Fund WOF stocks
Participation
Single share Industry sector index Credit-linked Decrement index -
1.0
2.0
3.0
2023 8M
4.0
5.0
6.0
2022
2021
2020
7.0
8.0
9.0
10.0
Benchmark -
2.0 2023 8M
4.0 2022
6.0 2021
8.0
10.0
2020
© Delinian Limited 2023
12.0
E: Nikolay.Nikolov@delinian.com
Reproduction and distribution of this report in any form without prior written permission is strictly prohibited. The information contained herein has been obtained from sources believed to be reliable. SRP disclaims all warranties as to the accuracy, completeness or adequacy of such information. Use of this report is at your sole risk and SRP accept no responsibility for any problems or incidents arising from its use.
© Delinian Limited 2023