EUR MTNs: Sprinkling of callables and inflation

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Another light week for euro structured MTNs saw a handful of callables and inflation-linked notes emerge.

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Callables

KfW sold a €100m 10y NC1 callable due Jan 2033. Coupon pays 3.7% with annual calls from Jan 2024. Led by BNPP.
NRW.Bank issued €20m 10y NC2 callable due Jan 2033. Coupon pays 3.66% with single call in Jan 2025. Led by Commerzbank.
CDC sold a €10m 15y NC3 callable due Jan 2038. Coupon pays 3.62% with single call in Jan 2026. Led by Commerzbank.
IBRD issued a €10m 15y NC2 callable Sustainability bond due Jan 2038. Coupon pays 3.6% with single call in Jan 2025. Led by Bred Banque Populaire.
Berlin Hyp issued a €15m 15y NC6 Green covered callable due Jan 2038. Coupon pays 3.475% with single call in Jan 2029. Led by NordLB.
UBS issued a €42m 20y NC10 callable due Jan 2043. Coupon pays 4.85% with single call in Jan 2033. Self-led.
Deutsche Bank issued a €3.5m 21y NC10 SNP callable due Jan 2044. Coupon pays 5.41% with calls in Jan 2033 and Jan 2043. Self-led.
DZ Bank launched a EUR 5y NC2 callable due Feb 2028. Coupon pays 3% with single call in Feb 2025. Self-led.
Helaba launched a EUR 4y NC2 callable due Aug 2027. Coupon pays 2.65% with single call in Aug 2025. Self-led.

CMS

Natixis sold a €5m CMS-linked note due Feb 2037 which pays EUR 2s/20s CMS -0.15%. 20y capped at 4.5%, 2y floored at -0.25% and coupon capped at 10%. Self-led.
DZ Bank sold a €30m CMS-linked note due Jan 2030 which pays 1.03 * EUR 10y CMS, floored at 0%. Self-led.

Inflation

RBI launched a €100m (max) Green inflation-linked note due Jan 2028. The EMTN pays 7% in the first year and then pays euro HICPx YOY inflation +0.125%, floored at 0.125%. Self-led.
Credit Agricole launched a €1m inflation-linked EMTN due 24 Jan 2028. Linked to euro HICPx and self-led.

Repacks

SPIRE sold a €10m inflation-linked repack due 16 Jan 2035. The EMTN pays euro HICPx YOY inflation floored at 0%. Lead is Barclays.
Vault Investments launched a EUR repack due 25 Jan 2033. Lead is CS.
Vault Investments launched a EUR pass-through repack due 25 Jan 2033. Lead is CS.

Credit-linked

Deutsche Bank launched a €15m (max) callable credit-linked note due Dec 2024 paying 3.7%. Credit-linked to Intesa Sanpaolo. Self-led.
SocGen launched a €20m (max) credit-linked note due Jan 2026 paying 5%. Credit-linked to UniCredit. Self-led.
Nomura launched a €3m (max) credit-linked note 5% due Jan 2024. Credit-linked to Thyssenkrupp. Self-led.
DZ Bank launched a €25m (max) credit-linked note 3.68% due Dec 2026. Credit-linked to Mercedes-Benz. Self-led.
DZ Bank launched a €25m (max) credit-linked note 4% due Dec 2027. Credit-linked to VW. Self-led.
LBBW launched a €20m (max) credit-linked note 3.55% due Jan 2031. Credit-linked to LVMH. Self-led.

Equity-linked

Morgan Stanley launched a €30m (max) equity-linked note due Dec 2028 linked to the Euro Stoxx 50 Index. Self-led.
BNP Paribas launched a €30m (max) equity-linked Athena Autocall Standard note due Apr 2033 linked to the Bloomberg Transatlantic Titans 40 Decrement 50 Points Index (EUR). Self-led.
Natixis launched a €12m (max) equity-linked note due Jan 2033 linked to the NXS Verite40 Index. Self-led.
Credit Suisse launched a €30m (max) equity-linked note due Apr 2033 linked to Credit Agricole. Self-led.

Long vanilla

Brussels Cap Region sold a €100m EMTN 3.75% due Jan 2045. Lead is DB.
IBRD sold a €30m EMTN 3.51% due Jan 2038. Lead is Jefferies.
CDC sold a €10m EMTN 3.095% due Jan 2038. Lead is Commerzbank.
Helaba launched a €100m (max) SNP 4.07% due Jan 2035. Self-led.
Kreissparkasse Ludwigsburg sold a €50m Pfandbrief 3.1% due Jan 2033. Lead is LBBW.