Structured Notes: New deals update

Steep mountain goats 21 Jun 2021
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Recent structured note activity in USD and EUR.

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USD:

 

  • Bank of America is working on a self-led step-up callable maturing Jan 2035 NC2 that pays 5% to Jan 2025, 6% to Jan 2029, 7% to Jan 2033 and 8% thereafter. Domestic MTN.

     

  • IBRD sold a $15m 10y NC3m fixed callable. The GMTN matures Feb 2033 and is callable May 2024 and pays a coupon of 5.25%. Lead WFS. Announced Jan 20.

     

  • Citigroup is working on a self-led $10m step-up callable maturing Jan 2030 NC2 that pays 5% to Jan 2025, 5.25% to Jan 2027, 5.625% to Jan 2029 and 6% thereafter. Domestic MTN.

     

  • Citigroup is working on a self-led fixed callable maturing Jan 2028 NC1 that pays 5%. Domestic MTN.

     

  • Goldman Sachs is working on a self-led floating callable maturing Feb 2024 NC1 that pays O/N SOFR flat. EMTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Jan 2031 NC7 that pays 4.6%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Jan 2031 NC3 that pays 4.35%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Jan 2028 NC3 that pays 4.25%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Jan 2027 NC2 that pays 4.05%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Jan 2026 NC2 that pays 4%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Jan 2038 NC2 that pays 4.75%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Jan 2033 NC3 that pays 4.7%. Domestic MTN.

     

  • Bank of America is working on a self-led fixed callable maturing Feb 2028 NC6m that pays 5.1%. Domestic MTN.

     

  • Barclays is working on a self-led fixed callable maturing Jan 2026 NC1 that pays 3.76%. EMTN.

     

  • Santander is working on a self-led fixed callable maturing Jan 2025 NC1 that pays 4%. EMTN.

     

  • Deutsche is working on a self-led fixed callable maturing Feb 2024 NC1m that pays 5.65%. Eurodollar.

     

  • CIBC is working on a self-led fixed callable maturing Jan 2029 NC1 that pays 5%. GMTN.

     

  • CIBC is working on a self-led fixed callable maturing Jan 2025 NC1 that pays 4.5%. GMTN.

     

  • CIBC is working on a self-led fixed callable maturing Jan 2025 NC1 that pays 5%. GMTN.

     

  • UBS is working on a self-led fixed callable maturing Oct 2023 NC3m that pays 4.75%. Domestic MTN.  

     

  • Toronto Dominion is working on a self-led fixed callable maturing Jan 2025 NC6m that pays 5.1%. GMTN.

     

  • Societe Generale is working on a self-led CMS steepener maturing Jan 2038 NC1 that pays 12% for the first three years, then pays 50*(CMS2y/30y), capped at 12% and floored at zero. Conditional on the S&P 500, Euro Stoxx Bank Index and Nasdaq remaining at or above 55% of an initial index level throughout the life of the note. Domestic MTN.

     

  • Wells Fargo is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 5%. Domestic MTN.

 

EUR:

 

  • KfW issued €45m 5y NC1 callable due Feb 2028. Coupon pays 3.26% with annual calls from Feb 2024. Led by BNP Paribas.


  • Bank of Montreal tapped €40m 19y NC12 callable 3.72% due Sep 2042. Calls in Sep 2030 and Sep 2038.  Puttable in Mar 2023. Pricing unconfirmed. Led by BMO.