EUR MTNs: Bank and SSA callables

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Euro structured note issuance over the past week was led by bank and SSA callables.

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Callables

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

     

  • Deutsche Bank sold a €25m 15y NC3 zero-coupon callable due Feb 2038. Annual calls from Feb 2026 and estimated IRR of 5.00%. Self-led.

     

  • NIB sold a €25m 15y NC5 callable due Feb 2038. Coupon pays 3.581% with single call in Feb 2028. Led by BNPP.

     

  • BNG Bank issued a €25m 5y NC2 callable due Feb 2028. Coupon pays 3.20% with single call in Feb 2024. Led by Bred Banque Populaire.

     

  • EBRD issued a €5m 5y NC1 callable due Feb 2028. Coupon pays 3.12% with single call in Feb 2025. Led by DZ.

     

  • KfW issued €50m 5y NC1 callable due Feb 2028. Coupon pays 3.38% with single call in Feb 2024. Led by Natixis.

     

  • KfW issued €30m 10y NC1 callable due Feb 2033. Coupon pays 3.55% with single call in Feb 2024. Led by Bred Banque Populaire.

     

  • Rentenbank sold a €25m 11y NC1 callable due Feb 2034. Coupon pays 4% with single call in Feb 2024. Lead is NordLB.

     

  • Kuntarahoitus issued €30m 5y NC2 callable due Feb 2028. Coupon pays 3.25% with single call in Feb 2025. Led by DZ Bank.

     

  • Bank of America issued a €10m 10y NC5 callable due Feb 2033. Coupon pays 4.25% with annual calls from Feb 2028. Self-led.

     

  • Bank of America issued a €10m 10y NC3 callable due Feb 2033. Coupon pays 4.40% with annual calls from Feb 2026. Self-led.

     

  • Bank of America issued a €10m 6y NC1 callable due Feb 2029. Coupon pays 4.00% with annual calls from Feb 2024. Self-led.

     

  • Credit Suisse issued a €30m 5y NC1 callable due Apr 2028. Coupon pays 4.1% with annual calls from Apr 2024. Self-led.

     

  • Citigroup issued a €10m 17y NC9 callable due Feb 2040. Coupon pays 4% with single call in Feb 2032. Self-led.

     

  • Bank of Montreal issued a €50m 8y NC2 callable due Feb 2031. Coupon pays 4.45% with single call in Feb 2025. Led by UBS.

 

CMS

  • Barclays sold a €15m CMS-linked callable due Feb 2038. Coupon pays 9.6% fixed until Feb 2026. It then pays 6.0 * EUR 2s/30s floored at 0%. Callable annually from Feb 2029. Self-led.

     

  • Land NRW issued a €250m CMS-linked note due Feb 2053. Coupon pays 4.68% until Feb 2024. It then pays EUR 2y CMS -0.2% floored at 0.8%. Led by LBBW.

 

Repacks

  • Palladium launched a €22m credit-linked zero coupon repack due 22 Dec 2027. Credit-linked to a basket of CDS indices. Lead is DB.  
     

 

Credit-linked

  • Barclays launched a €5.25m (max) credit-linked note due Dec 2027 paying 3mE +448bps. Credit-linked to CDX and iTraxx indices. Self-led.

     

  • Nomura launched a €2m (max) credit-linked note due Jan 2028 paying 5%. Credit-linked to the iTraxx Europe Crossover Series 38 index. Self-led.

     

  • Nordea launched a €40m (max) credit-linked note due Jan 2028 paying 6%. Credit-linked to the iTraxx Europe Crossover Series 38 index. Self-led.

     

  • Credit Suisse launched a €10m (max) credit-linked note due Dec 2023 paying 4.95%. Credit-linked to US Treasuries. Self-led.

     

  • Barclays launched a €5.7m (max) credit-linked note due Dec 2024 paying 4.19%. Credit-linked to US Treasuries. Self-led.

     

  • Goldman Sachs launched a €5m (max) credit-linked note due Dec 2027 paying 8%. Credit-linked to the iTraxx Europe Crossover Series Tranche 3.2%-6.4% index. Self-led.

 

Equity-linked

  • Goldman Sachs launched a €30m (max) equity-linked Barrier Reverse Convertible note due Apr 2029 linked to the Euro Stoxx 50 Index. Self-led. 

     

  • Goldman Sachs launched a €30m (max) equity-linked Phoenix Autocallable note due Mar 2028 linked to the Euro Stoxx Banks Index. Self-led. 

     

  • BNP Paribas launched a €30m (max) equity-linked Athena Autocall Standard note due Mar 2033 linked to the Bloomberg Transatlantic Top Banks Decrement 50 Point Index. Self-led. 

     

  • Morgan Stanley launched a €30m (max) equity-linked note 1.9375% due Apr 2028 linked to the Euro Stoxx Banks Index. Self-led. 

     

  • Morgan Stanley launched a €30m (max) equity-linked note 4% due Mar 2028 linked to the Euro Stoxx 50 Index. Self-led.

 

Long vanilla

  • Land NRW sold a €100m note 2.806% due Feb 2063. Puttable in Feb 2038. Lead is JPM.

     

  • Brussels Cap Region sold a €10m EMTN 3.564% due Feb 2044. Lead is LBBW.

     

  • RBC sold an €18m tap of its note 1.034% due Jan 2034. Self-led.

     

  • Kreissparkasse Ludwigsburg sold a €50m Pfandbrief 3.125% due Feb 2033. Lead is Helaba.

     

  • Akita Bank sold a €10m EMTN 4.62% due Feb 2033. Lead is ABN Amro.

 

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