USD MTNs: ANZ, IADB, ADB 15y ZCs; SG Formosa

Road Curve
;
ZCs popped up after two weeks devoid of new activity, with ANZ, IADB, ADB also issuing 15y ZC callables. SocGen prints a floating 10y NC4 Formosa.

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  • ANZ, IADB, ADB 15y ZCs; SG Formosa

  • Recent structured note activity

     

     ANZ, IADB, ADB 15y ZCs; SG Formosa

    Some zero-coupon callables (all non-Formosas) popped up in the past week after two weeks of no activity. ANZ Banking came with a self-led $50m 15y NC5, IADB sold a $50m 15y NC6 and Asian Development Bank sold a $15m 15y NC5 – the latter two ZCs both led by JP Morgan. In Formosas, Societe Generale sold a $20m 10y NC4 Formosa that pays 2y SOFR +1.6%.

     

    Elsewhere, in CMS activity, Goldman Sachs announced a 5y NC1 CMS-linked note that pays 7.65% to Dec 2023, and then pays 7.65% as long as CMS10y/30y is greater than zero.

     

     

    Recent structured note activity

     

    Zero-coupon callables and Formosas:

     

    • IADB sold a $50m 15y NC6 zero coupon callable (non-Formosa). The EMTN matures Dec 2037 and is callable annually starting Dec 2028. Lead JPM. Estimated IRR 4.62%. Announced Dec 1.

       

    • ANZ Banking sold a $50m 15y NC5 zero coupon callable (non-Formosa). The EMTN matures Dec 2037 and is callable in 5ys starting Dec 2027. Self-led. Estimated IRR 5.2%. Announced Dec 1.

       

    • Asian Development Bank sold a $15m 15y NC5 zero coupon callable (non-Formosa). The EMTN matures Dec 2037 and is callable annually starting Dec 2027. Lead JPM. Estimated IRR 4.69%. Announced Dec 5.

       

    • Societe Generale sold a $20m 10y NC4 floating callable Formosa. The EMTN matures Dec 2032 and is callable annually starting Dec 2026. Lead N/A. Pays coupon of 2y SOFR +1.6%. Announced Dec 1.

     

    CMS linked:

     

    • Goldman Sachs is working on a self-led $10m CMS linked note maturing Dec 2027 NC1 that pays 7.65% to Dec 2023, and then pays 7.65% as long as CMS10y/30y is greater than zero. EMTN.

     

    Fixed, floating and step-up callables:

     

    • Bank of America is working on a self-led step-up callable maturing Dec 2037 NC3 that pays 5.45% to Dec 2025, 5.75% to Dec 2029, 6% to Dec 2033 and 6.5% thereafter. Domestic MTN.

       

      Bank of America is working on a self-led step-up callable maturing Dec 2029 NC1 that pays 5.4% to Dec 2024, 5.75% to Dec 2026, 6.5% to Dec 2028 and 7% thereafter. Domestic MTN.

       

    • Bank of Montreal is working on a self-led fixed callable maturing Dec 2027 NC6m that pays 5%. GMTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Dec 2024 NC6m that pays 5.4%. Domestic MTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Dec 2027 NC1 that pays 5.8%. Domestic MTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Jun 2024 NC6m that pays 5.25%. Domestic MTN.

       

    • Barclays is working on a self-led $250m floating callable maturing Jun 2023 NC1m that pays O/N SOFR +25bps. GMTN.

       

      Barclays is working on a self-led fixed callable maturing Dec 2025 NC1 that pays 5.5%. Domestic MTN.

       

    • CIBC is working on a self-led fixed callable maturing Jan 2024 NC1 that pays 5.25%. GMTN.

       

      CIBC is working on a self-led fixed callable maturing Dec 2027 NC1 that pays 5.8%. GMTN.

       

    • Citigroup is working on a self-led $50m fixed callable maturing Dec 2024 NC1 that pays 5.5%. Domestic MTN.

       

      Citigroup is working on a self-led $15m fixed callable maturing Dec 2027 NC2 that pays 5.7%. Domestic MTN.

       

    • Credit Agricole is working on a self-led fixed callable maturing Dec 2025 NC1 that pays 5%. EMTN.

       

    • Credit Suisse London is working on a fixed callable via Fifth Third maturing Mar 2024 NC3m that pays 7%. Domestic MTN.

       

    • Deutsche Bank is working on a self-led $20m step-up callable maturing Jan 2026 NC1 that pays 4.5% to Jan 2024, 5% to Jan 2025 and 5.5% thereafter. Eurodollar. 

       

    • Goldman Sachs is working on a self-led floating callable maturing Dec 2027 NC1 that pays 2y SOFR flat. EMTN.

       

      Goldman Sachs is working on a self-led step-up callable maturing Nov 2032 NC2 that pays 5% to Nov 2023 and 5.5% thereafter. Domestic MTN.

       

    • JP Morgan is working on a self-led fixed callable maturing Dec 2027 NC2 that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Dec 2025 NC6m that pays 5.35%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Dec 2026 NC1 that pays 5.4%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Dec 2027 NC2 that pays 5.45%. Domestic MTN.

       

    • Merrill Lynch is working on a self-led fixed callable maturing Jan 2036 NC5 that pays 4.6%. EMTN.

       

      Merrill Lynch is working on a self-led fixed callable maturing Jan 2028 NC2 that pays 4.2%. EMTN.

       

    • Morgan Stanley is working on a self-led fixed callable maturing Dec 2026 NC2 that pays 4.75%. Domestic MTN.

       

      Morgan Stanley is working on a self-led fixed callable maturing Dec 2030 NC2 that pays 5.25%. Domestic MTN.

       

      Morgan Stanley is working on a self-led fixed callable maturing Dec 2027 NC2 that pays 5%. Domestic MTN.

       

      Morgan Stanley is working on a self-led fixed callable maturing Dec 2032 NC2 that pays 5.4%. Domestic MTN.

       

      Morgan Stanley is working on a self-led fixed callable maturing Dec 2025 NC2 that pays 4.5%. Domestic MTN.

       

      Morgan Stanley is working on a self-led fixed callable maturing Dec 2027 NC2 that pays 5.5%. Domestic MTN.

       

    • Nomura is working on a self-led floating callable maturing Dec 2027 NC1 that pays 1y ICE SOFR +2.05%. EMTN. Credit linked to Barclays. 

       

      Nomura is working on a self-led floating callable maturing Dec 2027 NC1 that pays 1y ICE SOFR +1.87%. EMTN. Credit linked to HSBC. 

       

      Nomura is working on a self-led floating callable maturing Dec 2027 NC1 that pays 1y ICE SOFR +1.93%. EMTN. Credit linked to Goldman Sachs. 

       

      Nomura is working on a self-led floating callable maturing Dec 2027 NC1 that pays 1y ICE SOFR +2.0%. EMTN. Credit linked to Standard Chartered. 

       

      Nomura is working on a self-led floating callable maturing Dec 2027 NC1 that pays 1y ICE SOFR +4.57%. EMTN. Credit linked to Credit Suisse. 

       

      Nomura is working on a self-led floating callable maturing Dec 2027 NC1 that pays 1y ICE SOFR +1.88%. EMTN. Credit linked to Citigroup. 

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Dec 2027 NC2 that pays 5.65%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Dec 2032 NC2 that pays 6%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Dec 2025 NC1 that pays 5.5%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Jan 2024 NC6m that pays 5.35%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Dec 2025 NC1 that pays 5.5%. GMTN.

       

    • Toronto Dominion is working on a self-led fixed callable maturing Jan 2024 NC9m that pays 5.35%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Dec 2027 NC1 that pays 5.85%. GMTN.

       

    • UBS is working on a self-led step-up callable maturing Jan 2025 NC1 that pays 3.8% to 4.1% Jan 2024 and 4.3% to 4.6% thereafter. Eurodollar  

       

    • Ford Motor Credit is working on a fixed callable via Incap maturing Dec 2026 NC1 that pays 6.3%. Domestic MTN.

       

      Ford Motor Credit is working on a fixed callable via Incap maturing Dec 2032 NC1 that pays 6.7%. Domestic MTN.

       

    • Verizon Communications is working on a fixed callable via Insperx maturing Dec 2029 NC1 that pays 4.7%. Domestic MTN.

       

    • Dow Chemical is working on a fixed callable via Insperx maturing Dec 2032 NC6m that pays 5.45%. Domestic MTN. 

       

      Dow Chemical is working on a fixed callable via Insperx maturing Dec 2027 NC6m that pays 4.95%. Domestic MTN. 

       

      Dow Chemical is working on a fixed callable via Insperx maturing Dec 2052 NC6m that pays 5.85%. Domestic MTN. 

       

      Dow Chemical is working on a fixed callable via Insperx maturing Dec 2027 NC6m that pays 5.25%. Domestic MTN. 

       

      Dow Chemical is working on a fixed callable via Insperx maturing Dec 2027 NC6m that pays 5.25%. Domestic MTN. 

       

      Dow Chemical is working on a fixed callable via Insperx maturing Dec 2052 NC6m that pays 5.9%. Domestic MTN. 

       

    • Ally Financial is working on a fixed callable via Insperx maturing Dec 2025 NC6m that pays 6.05%. Domestic MTN. 

       

      Ally Financial is working on a fixed callable via Insperx maturing Dec 2032 NC6m that pays 6.45%. Domestic MTN. 

       

      Ally Financial is working on a fixed callable via Insperx maturing Dec 2029 NC6m that pays 6.35%. Domestic MTN. 

     

    Putables:

     

    • Bank of Nova Scotia is working on a self-led fixed to floating putable note maturing Dec 2029 putable May 2023 that pays 7% to Dec 2024 and then pays SOFR +1%, capped at 7% and floored at zero. GMTN.

     

     

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