Structured Notes: New deals update

Dove alone 1 Jun 2021
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Recent structured note activity in USD, CAD and EUR.

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USD:

 

  • Rabobank sold a $50m 20y NC3 zero-coupon callable (non-Formosa). The EMTN matures Jun 2042, is callable annually from Jun 2025. Lead UBS. Estimated IRR 5.02%. Announced Jun 13.

     

  • Goldman Sachs is working on a self-led step-up callable maturing Jun 2024 NC1 that pays 3.16% to Jun 2023 and then pays 3.26% thereafter. EMTN.

     

  • Goldman Sachs is working on a self-led step-up callable maturing Jun 2025 NC1 that pays 3.5% to Jun 2023, 3.75% to Jun 2024 and 4% thereafter. EMTN.

     

  • JP Morgan is working on a self-led fixed callable maturing Jun 2028 NC2 that pays 4%. Domestic MTN.

     

  • JP Morgan is working on a self-led $50m fixed callable maturing Dec 2023 NC1 that pays 3.16%. EMTN.

     

  • Credit Suisse is working on a self-led fixed callable maturing Jun 2025 NC1 that pays 3.1%. EMTN.  

     

  • Credit Suisse is working on a self-led fixed callable maturing Dec 2025 NC6m that pays 4.5%. Domestic MTN.

     

  • Credit Suisse is working on a self-led fixed callable maturing Dec 2024 NC18m that pays 4.25%. Domestic MTN.

     

  • CIBC is working on a self-led fixed callable maturing Dec 2023 NC1 that pays 3.25%. GMTN.

     

  • UBS is working on a self-led CMS-linked note maturing Jun 2024 NC1 that pays 5.4% as long as CMS2y/30y is greater than -75bps. EMTN.

     

  • UBS is working on a self-led fixed callable maturing Jun 2027 NC1 that pays 3.5%. Domestic MTN.

     

  • UBS is working on a self-led fixed callable maturing Mar 2023 NC3m that pays 2.5%. Domestic MTN.

     

  • UBS is working on a self-led fixed callable maturing Mar 2024 NC6m that pays 3.4%. Domestic MTN.

     

  • UBS is working on a self-led fixed callable maturing Jun 2024 NC1 that pays 3.4%. EMTN.

     

  • UBS is working on a self-led fixed callable maturing Jun 2024 NC1 that pays 3.4% to Jun 2023 and then pays 3.6% thereafter. EMTN.

     

  • UBS is working on a self-led step-up callable maturing Jun 2024 NC1 that pays 3.4% to Jun 2023 and then pays 3.6% thereafter. EMTN.

     

  • UBS is working on a self-led step-up callable maturing Jun 2024 NC1 that pays 3.05% to Jun 2023 and then pays 3.25% thereafter. EMTN.

     

  • UBS is working on a self-led fixed callable maturing Jun 2024 NC1 that pays 3.4% to Jun 2023 and then pays 3.6% thereafter. EMTN.

     

  • Toronto Dominion is working on a self-led fixed callable maturing Jun 2027 NC1 that pays 4.6%. GMTN.

     

  • Toronto Dominion is working on a self-led fixed callable maturing Jul 2023 NC3m that pays 3.25%. GMTN.

     

  • Societe Generale is working on a self-led fixed callable maturing Dec 2024 NC6m that pays 4%. Domestic MTN.

     

  • Wells Fargo is working on a self-led fixed callable maturing Jun 2025 NC18m that pays 4.35%. Domestic MTN.

     

  • Wells Fargo is working on a self-led fixed callable maturing Dec 2025 NC18m that pays 4.5%. Domestic MTN.

     

  • Verizon Communications is working on a fixed callable via Insperx maturing Jun 2029 NC6m that pays 4.3%. Domestic MTN.

     

  • Dow Chemical is working on a fixed callable via Insperx maturing Jun 2027 NC6m that pays 4.4%. Domestic MTN.

     

  • Dow Chemical is working on a fixed callable via Insperx maturing Jun 2032 NC6m that pays 4.5%. Domestic MTN.

     

  • Dow Chemical is working on a fixed callable via Insperx maturing Jun 2052 NC6m that pays 4.95%. Domestic MTN.

     

  • Ally Financial is working on a fixed callable via Insperx maturing Jun 2025 NC6m that pays 4.1%. Domestic MTN.

     

  • Ally Financial is working on a fixed callable via Insperx maturing Jun 2029 NC6m that pays 4.85%. Domestic MTN.

 

CAD:

 

  • Royal Bank of Canada is working on a self-led CAD7m extendible with initial maturity Jun 2043 and then extendible to Jun 2051 that pays 5.5%. Canadian.

 

EUR:

 

  • Societe Generale issued €8m 20y NC1 callable due Jun 2042. Coupon pays 4.37% with annual calls from Jun 2023. Self-led.

     

  • NRW.Bank issued €20m 5y NC2 callable due Jun 2027. Coupon pays 2.03% with single call in Jun 2024. Led by Morgan Stanley.

     

  • UBS last week issued €25m 20y NC7 callable due Jun 2042. Coupon pays 3.63% with single call in Jun 2029. Self-led.

     

  • Credit Mutuel Arkea issued €50m CMS-linked note due Jun 2034. Coupon pays EUR 20y +62bps. Led by Santander.