EUR MTNs: KfW, EBRD callables; MS CMS; Citi inflation

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Euro structures printing over the past 7-10 days included a handful of SSA callables, a Morgan Stanley CMS-linked note and a Citi inflation deal.

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Callables

EBRD sold a €50m 10y NC2 Green callable due Feb 2033. Coupon pays 3.441% with single call in Feb 2025. Lead is JPM (ADDS).
KfW issued a €45m 5y NC1 callable due Feb 2028. Coupon pays 3.26% with annual calls from Feb 2024. Led by BNP Paribas.
KfW last week issued a €50m 3y NC1 callable due Jan 2026. Coupon pays 2.925% with calls in Jan 2024 and Jan 2025. Led by Citi.
Rentenbank issued a €25m 7y NC3 callable due Jan 2030. Coupon pays 3.02% with single call in Jan 2026. Led by DZ Bank.
NBC issued a €10m 15y NC7 callable due Feb 2038 at par. Coupon pays 4.10% with single call in Feb 2030. Puttable in Aug 2023. Led by Citi.
Bank of Montreal issued a €10m 16y NC8 callable due Jan 2039 at par. Coupon pays 4.12% with single call in Jan 2031. Puttable in Jul 2023. Led by UBS.
Bank of Montreal tapped for €40m a 19y NC12 callable 3.72% due Sep 2042. Calls in Sep 2030 and Sep 2038. Puttable in Mar 2023. Pricing unconfirmed. Led by BMO.
Credit Suisse sold a €15m 15y NC14 callable due Feb 2038. Coupon pays 4.52% with single call in Feb 2037. Self-led.
NRW.Bank sold a €10m 5y NC1 callable due Feb 2028. Coupon pays 3.25% with single call in Feb 2024. Led by BofA.

CMS

Morgan Stanley sold a €50m CMS-linked note due Jun 2038. Coupon pays EUR 20y CMS floored at 0% and capped at 6% until Jun 2023. It then pays EUR 20y +0.735% floored at 1.5% and capped at 6%. Self-led.
Barclays sold a €11m CMS-linked callable due Feb 2038. Coupon pays 3.5% fixed until Feb 2025. It then pays EUR 20y capped at 10% and floored at 2%. Single call in Feb 2035. Self-led.
Citigroup sold a €42.2m CMS-linked EMTN due Jan 2029. Coupon pays 4% fixed until Jan 2026. It then pays 2.25 * (EUR 2s/30s CMS) floored at 2%. Self-led.
Citigroup sold a €16.9m CMS-linked EMTN due Jan 2029. Coupon pays EUR 10y CMS capped at 5% and floored at 2.85%. Self-led.

Inflation

Citigroup launched a €50m (max) 5y inflation-linked note due 2 Mar 2028. The EMTN pays 5% for the first year, then pays euro HICPx inflation flat, floored at 0%. Self-led.

Repacks

SPIRE last week sold a NOK500m repack 3.28% due 15 Feb 2041. The repack is unconfirmed. Lead is JPM.
Palladium launched a €35.4m credit-linked repack due 15 Jan 2026. Credit-linked to the iTraxx Europe Series 38 Index. Lead is DB.

Credit-linked

JP Morgan launched a €3.5m (max) credit-linked note due Jan 2027 paying 5.8%. Credit-linked to Goldman Sachs. Self-led.
JP Morgan launched a €10m (max) credit-linked note due Jan 2033 paying 4.78%. Credit-linked to Airbus. Self-led.
BNP Paribas launched a €50m (max) credit-linked note due Jan 2028 paying 4.5%. Credit-linked to the iTraxx Europe index. Self-led.
DZ Bank launched a €25m (max) credit-linked note 3.85% due Dec 2027. Credit-linked to VW. Self-led.
DZ Bank launched a €25m (max) credit-linked note 4.4% due Dec 2027. Credit-linked to Stellantis. Self-led.
DZ Bank launched a €25m (max) credit-linked note 3.1% due Dec 2027. Credit-linked to Siemens. Self-led.
DZ Bank launched a €25m (max) credit-linked note 3.4% due Dec 2028. Credit-linked to Procter & Gamble. Self-led.

Equity-linked

BNP Paribas launched a €30m (max) equity-linked Snowball Digital Coupon Phoenix Reverse Convertible Standard note linked to the Euro Stoxx Banks Index. Self-led.
BNP Paribas launched a €30m (max) equity-linked Snowball Digital Coupon Phoenix Reverse Convertible Standard note linked to the Euro Stoxx Index. Self-led.
BNP Paribas launched a €30m (max) equity-linked Autocall Standard note due Apr 2033 linked to the Bloomberg Transatlantic Titans 40 Decrement 50 Points Index. Self-led.
SocGen launched a €30m (max) equity-linked note due Mar 2033 linked to SBF Top 50 ESG EW Decrement 50 Points Index. Self-led.
Natixis launched a €30m (max) equity-linked Autocall note due Mar 2031 linked to a basket of BNPP, Kering and Bouygues. Self-led.
Morgan Stanley launched a €30m (max) equity-linked note due Mar 2028 linked to a basket of Credit Agricole and Stellantis. Self-led.

Long vanilla

Brussels Cap Region sold a €94m EMTN 3.45% due Jan 2053. Lead is DB.
Brussels Cap Region sold a €10m EMTN 3.537% due Feb 2047. Lead is NatWest.
Raiffeisen-Landesbank-Steiermark sold a €15m Pfandbrief 2.875% due Feb 2043. Lead is Helaba.