Structured Notes: New deals update

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Recent structured note activity in USD and EUR.

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USD:

 

  • Barclays Bank sold a $100m floating rate Formosa due Feb 2028 paying SOFR +145bps. Leads on the GMTN are CTBC, E.Sun, Mega International Commercial Bank and Taishin. Announced Feb 1.

     

  • IBRD sold a $50m 15y NC5 fixed rate callable that pays 4.35% due Feb 2038. Single call in Feb 2028. Lead is CIBC and announced Jan 31.

     

  • ING Bank sold a S10m 15y NC3 fixed rate callable that pays 5.45% due Feb 2038. Annual calls from Feb 2026. Lead unconfirmed and announced Feb 1.

     

  • Standard Chartered sold a $10m 10y NC1 zero coupon callable (non-Formosa). The EMTN matures Feb 2033 and is callable annually starting Feb 2024. Self-led. Estimated IRR 6.15%. Announced Jan 31.

     

  • ING Bank is working on a self-led $20m fixed callable maturing Feb 2028 NC3 that pays 5.05%. EMTN.

     

  • ING Bank is working on a self-led $60m fixed callable maturing Feb 2028 NC2 that pays 5.25%. EMTN.

     

  • Bank of America is working on a self-led $25m fixed callable maturing Feb 2028 NC6m that pays 5.1%. Domestic MTN.

     

  • Standard Chartered is working on a self-led $40m fixed callable maturing Feb 2028 NC2 that pays 5.55%. EMTN.

     

  • Societe Generale sold a $335m 5y NC3 zero coupon callable (non-Formosa). The EMTN matures Feb 2038 and is callable annually starting Feb 2026. Self-led. Estimated IRR 5%. Announced Jan 31.     

     

  • Barclays is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 5.1%. GMTN.  

     

  • Credit Agricole is working on a self-led fixed callable maturing Mar 2024 NC6m that pays 5%. Domestic MTN.

     

  • UBS is working on a self-led $25m fixed callable maturing Jan 2024 NC2m that pays 5.55%. Credit linked. EMTN.

     

  • Toronto Dominion is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 5.05%. GMTN.   

     

  • Toronto Dominion is working on a self-led fixed callable maturing Aug 2024 NC3m that pays 5%. GMTN.   

     

  • Toronto Dominion is working on a self-led fixed callable maturing Mar 2024 NC6m that pays 5.1%. GMTN.   

     

  • Toronto Dominion is working on a self-led fixed callable maturing Mar 2024 NC6m that pays 5%. GMTN.   

     

  • Toronto Dominion is working on a self-led fixed callable maturing Feb 2028 NC1 that pays 5.3%. GMTN.   

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Feb 2024 NC6m that pays 4.5%. GMTN.   

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 5.1%. GMTN.   

     

  • Societe Generale is working on a self-led CMS steepener maturing Feb 2038 NC1 that pays 12% for the first two 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 60% of an initial index level throughout the life of the note. Domestic MTN.

 

EUR:

 

  • RBC issued €36m 15y NC3 zero-coupon callable due Feb 2038. Annual calls from Feb 2026 and estimated IRR of 4.64%. Self-led.

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