Rate increase: older generations of structured products penalized

Investor interest in structured products has remained strong, with investments exceeding €70 billion in 2025. The first quarter of 2026 saw a 35% year-on-year increase in collections. These products, linked to underlying assets, promise attractive returns with partial or total capital protection. Since 2017, average returns at maturity have ranged from 4.9% to 8.5%. The appeal has grown with guaranteed capital products, but some have become temporarily unprofitable due to market conditions. Despite market value declines, guaranteed capital products may not lead to actual losses unless sold. The future of interest rates remains uncertain, making it a cost of opportunity for investors.