EUR MTNs: Inflation; CMS

Balloons 9 Jul 2020
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A short list of euro structured deals includes a brace of green inflation-linked notes and a CMS deal.

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Callables

  • NRW.Bank sold a €20m 10y NC1 callable due Nov 2032. Coupon pays 3.60% with single call in Nov 2023. Led by ABN Amro.

     

  • NIB sold a €10m 5y NC3 callable due Nov 2027. Coupon pays 2.74% with single call in Nov 2025. Led by DZ Bank.

     

  • NordLB sold a €10m 6y NC3 callable due Dec 2028. Coupon pays 3.2% with single call in Dec 2025. Self-led

     

  • Citigroup launched a €15m (max) 4y NC2 callable due Jan 2026. Coupon pays 3.05% with single call in Jan 2024. Self-led.

 

CMS

  • Barclays sold a €25m CMS-linked EMTN due Nov 2034. The note pays EUR 20y CMS +126bps capped at 7% and floored at 2.75%. Self-led.

     

  • Credit Suisse launched a €2m CMS-linked EMTN due Feb 2033. The note pays 8.5% to 2025 then pays 2.0 * EUR 5s/30s CMS floored at 0%. Self-led.

 

Inflation

  • ERBD sold a €10m inflation-linked Green GMTN 0.1% due 1 Dec 2029. Coupon and redemption linked to euro HICPx. Lead is MS.

     

  • ERBD sold a €25m inflation-linked Green GMTN 0.1% due 1 Dec 2027. Coupon and redemption linked to euro HICPx. Lead is MS. 

     

  • Italy sold a €12bn BTP Italia 1.6% with a 6y maturity. Dealers for the issue on MOT are Intesa Sanpaolo and UniCredit.

 

Repacks

  • SPIRE sold a €15m CMS-linked repack due 24 Nov 2034. Coupon pays EUR 20y CMS +138.5bps and backed by an unspecified repack. Led by UBS.

     

  • SPIRE sold a €10m fixed repack due 19 Oct 2032. Coupon pays 5.62% and backed by an unspecified repack. Led by MS.

     

  • Novus Capital sold a €219m floating rate repack due 28 Dec 2023. Callable in Nov 2023. Coupon pays €STR +90bps floored at 0% and backed by an unspecified repack. Led by Nomura.

 

Credit-linked

  • SocGen launched a €20m (max) credit-linked note 4.20% due Jan 2025. Credit-linked to UniCredit and self-led.

     

  • SocGen launched a €20m (max) credit-linked note 3.40% due Jan 2024. Credit-linked to Intesa Sanpaolo and self-led.

     

  • SocGen launched a €10m (max) credit-linked note 4.15% due Jan 2026. Credit-linked to iTraxx Main Series 38 index and self-led.

     

  • Goldman Sachs launched a €5m (max) credit-linked note 3.5% due Dec 2024. Credit-linked to Airbus and self-led.

     

  • DZ Bank launched a €10m (max) credit-linked note 3.00% due Jun 2026. Credit-linked to Siemens and self-led.

     

  • DZ Bank launched a €10m (max) credit-linked note 4% due Dec 2025. Credit-linked to VW and self-led.

     

  • LBBW launched a €20m (max) credit-linked note 4% due Jan 2027. Credit-linked to Continental and self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.6% due Jan 2028. Credit-linked to Airbus and self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.65% due Jan 2026. Credit-linked to Hochtief and self-led.

 

Equity-linked

  • Morgan Stanley launched a €30m (max) equity-linked note due Nov 2027 linked to the Euro Stoxx Banks Index. Self-led. 

     

  • Goldman Sachs launched a €30m (max) equity-linked EUR Autocallable note due Feb 2033 linked to the Morningstar Eurozone 30 Basic Resources, Banks and Energy Decrement 50 Point Index. Self-led. 

     

  • SocGen launched a €30m (max) equity-linked note due Dec 2032 linked to the SBF Top 50 ESG EW Decrement 50 Points Index. Self-led. 

     

  • Natixis launched a €75m (max) equity-linked note due Feb 2033 linked to a basket of BMW, Engie, Orange, BNPP and AXA. Self-led. 

 

Long vanilla

  • LCFB sold a €50m Social puttable EMTN 3.30% due Jun 2072. Puttable in Jun 2045. Lead is Jefferies

     

  • Assistance Publique Hopitaux de Paris sold a €10m floating rate note paying 3mE +40bps  due Nov 2037. Lead is Jefferies.

     

  • Manitoba sold a €35m note 2.92% due Jul 2037. Lead is BMO.

     

  • Ville de Paris sold a €25m EMTN 3.29% due Nov 2035. Lead is Bred Banque Populaire.

     

  • CDC sold a €15m floating rate note paying 6mE flat due Nov 2032. Lead is Barclays.

     

  • AFD sold a €50m tap of its note 1.375% due Jul 2032. Lead is Barclays.

     

  • Erste Group Bank sold a €100m EMTN 3.95% due Nov 2031. Self-led.