EUR MTNs: Callables mainly, plus a few repacks and CMS

Computer lines code 30 Jan 2023
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Callables continued to make up the bulk of euro structured MTN issuance this week but a few repacks did emerge, along with CMS range accruals.

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Callables

  • EIB sold a €25m 20y NC5 callable due Feb 2043. Coupon pays 2.955% with single call in Feb 2028. Led by Jefferies.

     

  • KfW issued a €50m 5y NC1 callable due Feb 2028. Coupon pays 3.35% with single call in Feb 2024. Led by DZ Bank.

     

  • IBRD issued a €5m 10y NC2 callable due Feb 2033. Coupon pays 3.37% with single call in Feb 2025. Led by Commerzbank.

     

  • Citigroup sold a €3.3m 10y NC2 callable due Feb 2033. Coupon pays 4.0% with annual calls from Feb 2025. Self-led.

     

  • UBS issued a €90m 15y NC10 callable due Feb 2038. Coupon pays 4.5% with single call in Feb 2038. Led by UBS.

     

  • UBS issued a €75.53m 20y NC10 zero-coupon sinkable callable due Feb 2043. Estimated IRR at 4.725% with single call in Feb 2033. Self-led.

     

  • Credit Agricole sold a €30m 10y NC3 callable due Feb 2033. Pays coupon with annual calls from Feb 2026. Further details unavailable. Self-led.

     

  • Bank of Nova Scotia sold a €10m 15y NC7 callable due Feb 2038. Coupon pays 4% with single call in Feb 2030. Puttable in Aug 2023. Self-led.

     

  • Aareal Bank issued a €5.1m 20y NC10 callable due Feb 2043. Coupon pays 4.603% with single call in Feb 2033. Self-led.

     

  • UniCredit sold a €57m 16y NC7 callable due Feb 2039. Coupon pays 4.705% with single call in Feb 2030. Led by UniCredit.

     

  • Barclays sold a €20m 15y NC5 callable due Feb 2038. Coupon pays 4.37% with single call in Feb 2028. Led by Barclays.

     

  • CDC issued a €13m 12y NC3 callable due Feb 2035. Coupon pays 3.53% with single call in Feb 2026. Led by Credit Agricole.

     

  • Nomura Bank issued a €45m 15y NC5 callable due Feb 2038. Coupon pays 4.37% with single call in Feb 2028. Self-led.

     

  • Helaba launched a EUR 7y NC1 callable due Mar 2030. Coupon pays 3.35% with annual calls from Mar 2024. Self-led.

 

CMS

  • Credit Agricole issued a €30m CMS-linked callable due Feb 2033. Coupon pays a multiple of EUR 30s CMS capped at 5.5% and floored at 0% until Feb 2025. It then pays 7.6% until maturity. Annual calls from Feb 2026. Self-led.

     

  • Societe Generale issued €30m 10y NC3 callable CMS range accrual due Feb 2033. Coupon pays 7.73% fixed until Feb 2025. It then pays 7.73% contingent on EUR 5s/30s CMS over zero and 10y CMS under 5.5% for more than half the days in the period. Further details unavailable. Self-led.

     

  • Societe Generale issued €30m 10y NC3 callable CMS range accrual due Feb 2033. Coupon pays 7.63% fixed until Feb 2025. It then pays 7.63% contingent on EUR 5s/30s CMS over zero and 10y CMS under 5.5% for more than half the days in the period. Further details unavailable. Self-led.

     

  • Barclays Bank Ireland sold a €1m CMS-linked note due Feb 2029 which pays 1.25 * EUR 10y CMS. Self-led.

 

Repacks

  • SPIRE sold a €10m repack 4.92% due 26 Jun 2028. Repack unconfirmed and lead is BofA.  

     

  • SPIRE sold a €15m repack 5.215% due 15 Sep 2041. Repack unconfirmed and lead is CA.  

     

  • SPIRE sold a €100m CMS-linked repack due 15 Jan 2033, which pays EUR 30y CMS flat capped at 6% and floored at 2.1%. Repack unconfirmed and lead is GS.  

     

  • SPIRE last month sold a €10m repack 4.502% due 19 Sep 2030. Repack unconfirmed and lead is BNPP.  

     

  • SPIRE sold a NOK1000m repack 3.1725% due 15 Feb 2041. Repack unconfirmed and lead is JPM.  

     

  • Novus Capital sold a €50m credit-linked repack due 25 Mar 2024 paying €STR+80bps. Credit-linked to a US Treasury. Lead is Nomura.  
     

 

Inflation

  • Italy has announced plans for a new 5y BTP Italia due 14 March 2028 in the week beginning March 6. The note will be linked to Italian FOIx inflation with a retail buy and hold bonus of 0.8%, as usual. Dealers are Intesa Sanpaolo and UniCredit.

     

  • Raiffeisen Bank launched a €100m (max) inflation-linked note due 22 Feb 2028 paying 7% in the first year and then euro HICPx inflation +0.125%, floored at 0.125%. Self-led.

     

  • Credit Suisse launched a EUR inflation-linked note due 10 Feb 2025 paying 1.25% plus euro HICPx inflation. Self-led.

 

 

Credit-linked

  • Nomura launched a €1.1m (max) credit-linked note due Jan 2028 paying 10%. Credit-linked to the iTraxx Europe Series 38 index. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Dec 2029 paying 3mE +100bps. Credit-linked to Airbus. Self-led.

     

  • Deutsche Bank launched a €30m (max) credit-linked note due Dec 2025 paying 4.2%. Credit-linked to General Motors. Self-led.

     

  • Deutsche Bank launched a €30m (max) credit-linked note due Dec 2024 paying 4.3%. Credit-linked to ThyssenKrupp. Self-led.

     

  • BNP Paribas launched a €2m (max) credit-linked note due Dec 2025 paying 4.1%. Credit-linked to UniCredit. Self-led.

     

  • BNP Paribas launched a €2m (max) credit-linked note due Dec 2024 paying 3.5%. Credit-linked to UniCredit. Self-led.

     

  • BNP Paribas launched a €30m (max) credit-linked note due Oct 2027 paying 4.15%. Credit-linked to Renault. Self-led.

     

  • SocGen launched a €15m (max) credit-linked note due Jul 2026 paying 5.11%. Credit-linked to Intesa Sanpaolo. Self-led.

 

Equity-linked

  • CIC launched a €40m (max) equity-linked Autocall 3.1% due Feb 2033 linked to Mercedes-Benz. Self-led. 

     

  • Barclays launched a €30m (max) equity-linked note due Feb 2028 linked to the Euro Stoxx 50 Index. Self-led. 

     

  • Morgan Stanley launched a €30m (max) equity-linked note due Jan 2028 linked to SocGen. Self-led. 

     

  • SocGen launched a €30m (max) equity-linked note due Jun 2033 linked to the iStoxx Europe 600 Automobiles & Parts GR Decrement 50 EUR Price Index. Self-led.

 

Long vanilla

  • Erste Group sold a €50m Pfandbriefe 3.18% due Feb 2038. Self-led.

     

  • Region Auvergne-Rhone-Alpes sold a €20m EMTN 3.245% due Feb 2033. Lead is CA.

     

  • Commerzbank sold a €10m SNP 4.73% due Feb 2033. Self-led.

     

  • Aareal Bank sold a €10m SNP 5.00% due Feb 2032. Lead is Deka.

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