Structured Notes: New deals update

Christmas hike 18 Oct 2021
;
Recent structured note activity in USD and EUR.

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USD:

 

  • ING Bank sold a $150m 15y NC7 zero coupon callable (non-Formosa). The EMTN matures Feb 2038, is callable annually from Feb 2030 and has an estimated IRR of 5.47%. Lead unconfirmed and announced Feb 10.

     

  • ING Bank also sold a $30m 15y NC7 zero coupon callable (non-Formosa). The EMTN matures Feb 2038, is callable annually from Feb 2030 and has an estimated IRR of 5.47%. Lead unconfirmed and announced Feb 10.

     

  • Credit Agricole sold a $10m 10y NC2 zero coupon callable (non-Formosa). The EMTN matures Feb 2033, is callable annually from Feb 2025 and has an estimated IRR of 6.14%. Self-led and announced Feb 13.

     

  • Credit Agricole sold a $100m 5y NC3 zero coupon callable (non-Formosa). The EMTN matures Feb 2028, is callable annually from Feb 2026 and has an estimated IRR of 5.05%. Self-led and announced Feb 10.

  • ING Bank is working on a $25m fixed callable maturing Feb 2033 NC3 that pays 5.65%. Lead N/A. EMTN.  

     

  • IBRD sold a $100m 10y NC2 fixed callable. The EMTN matures Feb 2033 and is callable annually starting Feb 2025 and pays a coupon of 5.16%. Lead WFS. Announced Feb 9.

     

  • IBRD sold a $60m 10y NC2 fixed callable. The EMTN matures Feb 2033 and is callable annually starting Feb 2025 and pays a coupon of 5.15%. Lead WFS. Announced Feb 8.

     

  • Standard Chartered Bank sold an $20m 5y NC2 fixed callable. The EMTN matures Feb 2028, is callable annually from Feb 2025 and pays a 5.42% coupon. Self-led and announced Feb 10.

     

  • African Development Bank sold an $50m 5y NC2 fixed callable. The EMTN matures Feb 2028, is callable annually from Feb 2025 and pays a 4.9% coupon. Lead JPM. Announced Feb 10.

     

  • IADB is working on a $50m fixed callable via WFS maturing Feb 2028 NC3 that pays 4.375%. GMTN.

     

  • Asian Development Bank is working on a $100m fixed callable via BNPP maturing Feb 2028 NC1 that pays 5.225%. EMTN. Announced Feb 10.  

     

  • Asian Development Bank is working on a $50m fixed callable via Nomura maturing Feb 2028 NC2 that pays 4.9%. EMTN. Announced Feb 10.  

     

  • Morgan Stanley is working on a self-led fixed callable maturing Feb 2028 NC3 that pays 4.5%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Feb 2036 NC3 that pays 5%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Aug 2030 NC3 that pays 4.75%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Aug 2026 NC2 that pays 4.25%. Domestic MTN.

     

  • Morgan Stanley is working on a self-led fixed callable maturing Feb 2027 NC2 that pays 4.4%. Domestic MTN.

     

  • Goldman Sachs is working on a self-led fixed callable maturing Feb 2028 NC1 that pays 5.5%. Domestic MTN.

     

  • Goldman Sachs is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 5.3%. Domestic MTN.

     

  • Goldman Sachs is working on a self-led fixed callable maturing Feb 2025 NC1 that pays 5.25%. Domestic MTN.

     

  • Goldman Sachs is working on a self-led step-up callable maturing Feb 2030 NC1 that pays 5.25% to Feb 2026, 5.75% to Feb 2028, 6.25% to Feb 2029 and 7% thereafter. Domestic MTN.

     

  • JP Morgan is working on a self-led fixed callable maturing Feb 2033 NC3 that pays 5.15%. Domestic MTN.

     

  • Merrill Lynch is working on a self-led $10m fixed callable maturing Feb 2028 NC1 that pays 5.25%. EMTN.

     

  • Merrill Lynch is working on a self-led $10m fixed callable maturing Feb 2028 NC2 that pays 5.17%. EMTN.   

     

  • Barclays is working on a self-led $60m fixed callable maturing Feb 2028 NC2 that pays 5.4%. EMTN.   

     

  • Barclays is working on a self-led $20m fixed callable maturing Feb 2028 NC3 that pays 5.3%. EMTN.   

     

  • Citigroup is working on a self-led fixed callable maturing Feb 2025 NC1 that pays 5%. Domestic MTN.

     

  • Santander is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 4.3%. EMTN.  

     

  • ING Bank is working on a $100m fixed callable maturing Feb 2028 NC3 that pays 5.26%. Lead N/A. EMTN. Announced Feb 10.

     

  • ING Bank is working on a $100m fixed callable maturing Feb 2028 NC3 that pays 5.21%. Lead N/A. EMTN. Announced Feb 9.

     

  • HSBC is working on a self-led fixed callable Feb 2025 NC1 that pays 4.95%. Eurodollar.

     

  • Credit Suisse is working on a self-led fixed callable maturing Feb 2024 NC6m that pays 6.1%. Domestic MTN.   

     

  • Credit Suisse is working on a self-led fixed callable maturing Feb 2028 NC2 that pays 5.7%. Domestic MTN.   

     

  • Credit Suisse is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 6.05%. Domestic MTN.   

     

  • Credit Suisse is working on a self-led fixed callable maturing Feb 2027 NC1 that pays 5.8%. Domestic MTN.   

     

  • Credit Suisse is working on a self-led fixed callable maturing Feb 2025 NC18m that pays 6.1%. Domestic MTN.   

     

  • Credit Suisse is working on a self-led fixed callable maturing Feb 2024 NC6m that pays 6.1%. Domestic MTN.   

     

  • UBS is working on a self-led CMS linked note maturing Aug 2024 NC6m that pays 6% to Aug 2023 than pays CMS2y +5bps, floored at zero. Domestic MTN.

     

  • Toronto Dominion is working on a fixed callable via WFS and TD maturing Feb 2026 NC1 that pays 5.35%. GMTN.  

     

  • Toronto Dominion is working on a fixed callable via WFS and TD maturing Feb 2028 NC1 that pays 5.6%. GMTN.  

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Feb 2025 NC1 that pays 5.2%. GMTN.

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Feb 2024 NC1 that pays 5.1%. GMTN.

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Aug 2024 NC1 that pays 5.15%. GMTN.

     

  • Bank of Montreal is working on a self-led fixed callable maturing Feb 2028 NC1 that pays 5.6%. Domestic MTN.

     

  • Bank of Montreal is working on a self-led USD extendible with initial maturity Aug 2023 and then extendible to Feb 2025 that pays 5.2%. Domestic MTN.

     

  • Bank of Montreal is working on a self-led USD extendible with initial maturity Aug 2023 and then extendible to Feb 2025 that pays 5.35%. Domestic MTN.

     

  • Bank of Montreal is working on a self-led fixed callable maturing Feb 2025 NC6m that pays 5.1%. Domestic MTN.

     

  • Bank of Montreal is working on a self-led fixed callable maturing Feb 2026 NC6m that pays 5.25%. Domestic MTN.

 

EUR:

 

  • KfW issued €100m 10y NC2 callable due Feb 2033. Coupon pays 3.656% with single call Lin Feb 2025. Led by Societe Generale.


  • World Bank issued €25m 20y NC3 Sustainable-linked callable due Feb 2043. Coupon pays 3% with single call in Feb 2026. Led by Jefferies.

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