EUR MTNs: EBRD and KfW callables; Puttables

Manufacturing robots 14 Jun 2022
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Euro structured issuance this week includes EBRD and KfW callables via Goldman Sachs.

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Callables

  • EBRD issued €100m 10y NC2 callable due Jan 2033. Coupon pays 3.45% with annual calls from Jan 2025 to Jan 2028. Led by Goldman Sachs.

     

  • KfW issued €100m 10y NC1 due Jan 2033. Coupon pays 3.7% with calls in Jan 2024 and Jan 2026. Led by Goldman Sachs.


  • KfW issued €50m 3y NC1 callable due Jan 2026. Coupon pays 3.074% with single call in Jan 2024. Led by Societe Generale.


  • World Bank issued €30m 15y NC2 callable due Jan 2038. Coupon pays 3.51% with single call in Jan 2025. Led by Jefferies.

     

  • CAFFIL sold a €10m 20y NC10 3.451% due Jan 2043. The EMTN is callable once in Jan 2033. Lead is Commerzbank. 


  • CDC issued €29m 10y NC3 callable due Feb 2033. Coupon pays 3.23% with single call in Feb 2026. Led by Credit Agricole.


  • CDC issued €15m 10y NC3 callable due Jan 2033. Coupon pays 3.22% with single call in Jan 2026. Led by Natixis.


  • Nomura issued €30m 10y NC3 callable due Feb 2033. Coupon pays 4.5% with single call in Feb 2026. Self-led.


  • Bank of America issued €10m 18y NC8 callable due Jan 2041. Coupon pays 4.3% with single call in Jan 2031. Self-led.


  • Kuntarahoitus issued €10m 10y NC1 callable due Jan 2033. Coupon pays 3.38% with single call in Jan 2024. Led by Bred Banque Populaire.


  • Helaba issued EUR 8y NC1 callable due Feb 2031. Coupon pays 3.25% with annual calls from Feb 2024. Self-led.


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

     

    SPIRE  

  • SPIRE issued €30m CMS-linked MTN due Dec 2037. Coupon pays EUR 10y +5bps. Led by JP Morgan.


  • SPIRE last week issued €20m 19y NC3 callable due Feb 2044. Coupon pays 4.07% with annual calls from Feb 2026. Puttable call in Jan 2023. Led by BofA.

     

    CMS

  • Credit Agricole last week issued €35m Green CMS steepener due Jan 2033. Coupon pays Multiplier * EUR 10s/20s+174.5bps, capped at 8%. Further details unavailable. Self-led.


  • Deutsche Bank issued €10m CMS steepener due Jan 2028. Coupon pays 3 * EUR 2s/30s, floored at 2.75%. Further details unavailable. Self-led.

     

  • BNP Paribas launched a €30m (max) CMS-linked TARN due Jan 2033 which pays 8% to 2024 then pays 2.0 * EUR 2s/30s CMS floored at 0%. Self-led.

     

    Floating rate

  • Asian Development Bank issued a €75m capped FRN Social bond. Coupon pays 3mE flat with a variable cap in the range 5.55% to 6.69%. Floored at 0%. Led by BNP Paribas.

     

    Credit-linked 

  • LBBW launched a €20m (max) credit-linked note 2.75% due Jan 2027. Credit-linked to BMW and self-led. 

     

  • LBBW launched a €20m (max) credit-linked note 3.2% due Jan 2027. Credit-linked to HeidelbergCement and self-led. 

     

  • LBBW launched a €20m (max) credit-linked note 3.75% due Jan 2027. Credit-linked to Fresenius and self-led. 

     

  • LBBW launched a €20m (max) credit-linked note 3.75% due Jan 2029. Credit-linked to Lanxess and self-led. 

     

  • LBBW launched a €20m (max) credit-linked note 3.2% due Jan 2028. Credit-linked to Telefonica and self-led. 

     

  • DZ Bank launched a €25m (max) credit-linked note 4.87% due Dec 2027. Credit-linked to Fresenius and self-led. 

     

  • DZ Bank launched a €20m (max) credit-linked note 3.58% due Dec 2027. Credit-linked to BMW and self-led. 

     

    Equity linked 

  • Natixis launched a €100m (max) equity-linked note due Apr 2033 linked to the iEdge ESG Trans EW 50 Decr 50 Pts GTR Index . Self-led. 

     

  • Natixis launched a €30m (max) equity-linked note due Apr 2033 linked a basket of Stellantis, ArcelorMittal, BASF, BNPP and AXA. Self-led. 

     

  • SocGen launched a €30m (max) equity-linked note due Mar 2033 linked to the Solactive Europe and United States Technology 30/70 Index AR. Self-led. 

     

  • Barclays launched a €30m (max) equity-linked European Barrier Autocall note due Jan 2028 linked to the Euro Stoxx 50 Index. Self-led. 

     

  • Credit Suisse launched a €30m (max) equity-linked Trigger Return note due Mar 2033 linked to the S&P Eurozone Equal Sector Weight 50 50-Point Decrement Index. Self-led.

     

    Long vanilla

  • Land NRW sold a €100m puttable 2.719% due Jan 2063 puttable in Jan 2043. Lead is Citi. 

     

  • Land NRW sold a €50m puttable 2.69% due Jan 2053 puttable in Jan 2033. Lead is Citi. 

     

  • Land NRW sold a €100m puttable 2.58% due Jan 2063 puttable in Jan 2033. Lead is Jefferies. 

     

  • Region Nouvelle-Aquitaine sold a €50m EMTN 3.41% due Jan 2043. Lead is GFI.

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