The Italian certificate market, In the first quarter of 2025, he recorded a new historical maximum in the volumes located, confirming the growth trend started in 2022 and strengthened during 2023. This is what emerges from the data collected by Acepi – Italian association certificates and investment products. The volumes of placement on the primary market by the associated issuers (which represent the 92% for market share) reached 7,036 million euros, iThe best historical maximum, second only to the fourth quarter 2023 which had touched 7,979 million euros, recording an increase in the +33% RInspecto at the fourth quarter 2024 and +19% compared to the annual average of the same year.
Italian certificate market, historical record
The Emission numberi reached 538 products, growing 13% compared to the previous quarter. QThe data confirms the growth trend observed in the last 5 years, during which the average number of certificates placed in quarter is more than doubled, going from 208 in 2020 to 447 in 2024.
Protected capital certificates they continue to representand 62% of the total placed, A stable figure compared to the last 3 quarters of 2024 In the conditionally protected capital certificates, which date back to 35%, after touching the minimum of 31%in the last quarter of 2024, most of the emissions focused on the Express, Certificates with Autocallability, PAri to 41% of the total, followed by the bonuses with 31% and cash collects with 22%. The Credit Linked Notes remain stable, which confirm their presence on the Italian market with a share equal to 5%, in line with what is observed in 2023 and 2024.
In the first quarter placed over 7 billion
The relationship between protected and conditioned capital products, protected, which represents a significant indicator of the risk propensity by the investors, it stands at 62% vs 35%: despite the tense geopolitical climate, investors, in the quarter prior to the “Liberation Day ”, They slightly increased their media risk propensity.
The growth of the placed is mainly justifiable by the market effect: the liquidity generated by the structures expired in advance at the end of 2024 was reinvested in the first quarter of this year, always in a risk-on climate, in both protected and conditionally protected capital structures, with a constant search for a coupon flow (offered by structures such as digital and express) accompanied by a protection of the capital, unconditional (for the first). or conditioned upon the occurrence of an event (for the latter).
Strong growth
For Giovanna Zanotti, Scientific director of Acepi, commented: “The data of the first quarter confirm thewith a strong growth of the Italian market of certificates, yesa in terms of volumes that of amplitude of the offer of the products. The growing interest of investors in this type of tools testifies to their ability to adapt to complex needs in terms of generation of efficiency and protection of capital. In this context, Acepi will continue to promote informationand qualified and transparent for accompany the development of this segment with responsibility and to further enhance the contribution of the association to a more conscious financial culture “.
