Structured Notes: New deals update

NZ Lighthouse
Recent structured note activity in USD and CAD.

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  • Societe Generale sold a $10m 10y NC1 zero coupon callable (non-Formosa). The EMTN matures Feb 2033 and is callable annually starting Jan 2024. Lead N/A. Estimated IRR 6.26%. Announced Jan 27.


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


  • IBRD is working on a $50m fixed callable via Barclays maturing Feb 2028 NC3 that pays 4.075%. GMTN.


  • Royal Bank of Canada is working on a self-led fixed callable maturing Feb 2033 NC3 that pays 5.25%. GMTN.




  • Bank of Montreal is working on a self-led CAD extendible with initial maturity Feb 2024 and then extendible to Feb 2028 that pays 4.9% to Feb 2024, then pays 5%, 5.1%, 5.2% and 5.3%, stepping up annually. Canadian.