Structured Notes: New deals update

USD:

• Royal Bank of Canada sold a $40m 15y NC6 zero coupon callable (non-Formosa). The EMTN has an estimated IRR of 5.6%, matures Jan 2038 and is callable annually from Jan 2029. Self-led.  Announced Jan 10.

   

• Societe Generale is working on a self-led CMS steepener maturing Jan 2038 NC1 that pays 4% for the first two years, then pays 50*(CMS2y/30y), capped at 14% and floored at zero. Conditional on the S&P 500, DJIA and Euro Stoxx Bank Index remaining at or above 60% of an initial index level throughout the life of the note. EMTN.

   

• Bank of Nova Scotia sold a $30m 10y NC4 floating callable Formosa. The EMTN matures Jan 2033 and is callable annually starting Jan 2027 and pays 2y ICE SOFR +162bps. Self-led. EMTN. Announced Jan 5. 

   

• Goldman Sachs is working on a self-led currency and equity linked note maturing Jan 2028 callable Oct 2023 that pays 7.5%*days S&P is greater than or equal to 2900 and USD/CHF is greater than or equal to 0.85. EMTN.

   

• Bank of America is working on a self-led fixed callable maturing Jan 2030 NC1 that pays 5.25%. Domestic MTN.

   

• UBS is working on a self-led CMS and currency linked note maturing Jan 2025 NC6m that pays 7%*days SGD/USD is greater than 1.3 and SOFR CMS2y/10y is greater than -1.25.   Domestic MTN.

   

• Royal Bank of Canada is working on a self-led step-up callable maturing Nov 2032 NC6m that pays 4.46% to Jul 2023 and 4.56% thereafter. EMTN.

EUR:

• DZ Bank issued EUR 5y NC2 callable due Feb 2028. Coupon pays 3% with single call in Feb 2025. Self-led.

  
  

• Helaba issued EUR 4y NC2 callable due Aug 2027. Coupon pays 2.65% with single call in Aug 2025. Self-led.