EUR MTNs: KfW, IBRD and bank callables

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A handful of SSA and bank callables were probably the standout feature of the past week's issuance, along with a couple of CMS deals.

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Callables

  • KfW issued €40m 10y NC1 callable due Feb 2033. Coupon pays 3.85% with single call in Feb 2024. Led by Deka.

     

  • KfW issued €50m 10y NC1 callable due Feb 2033. Coupon pays 4.0% with single call in Feb 2024. Led by Morgan Stanley.

     

  • KfW issued €100m 10y NC2 callable due Feb 2033. Coupon pays 3.791% with single call in Feb 2025. Led by Morgan Stanley.

     

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

     

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

     

  • IBRD issued €10m 6y NC1 Sustainable-linked callable due Mar 2029. Coupon pays 3.31% with single call in Mar 2023. Led by DZ Bank.

     

  • L-Bank issued €10m 5y NC1 callable due Mar 2028. Coupon pays 3.54% with single call in Mar 2028. Led by DZ Bank.

     

  • RLB Oberoesterreich issued €50m 15y NC7 callable due Feb 2038. Coupon pays 3.41% with single call in Feb 2030. Self-led.

     

  • BayernLB issued €3m 8y NC3 callable due Feb 2031. Coupon pays 4.095% with single call in Feb 2026. Self-led.

     

  • Citigroup issued €5.19m 3y NC2 callable due Feb 2026. Coupon pays 2.75% with single call in Feb 2025. Self-led.

     

  • Morgan Stanley issued €10m 15y NC10 callable due Feb 2038. Coupon pays 4.02% with single call in Feb 2033. Self-led.

     

  • Barclays issued €10m 15y NC10 callable due Feb 2038. Coupon pays 4.14% with single call in Feb 2033. Self-led.

     

  • DZ Bank issued €15m 12y NC6 callable due Feb 2035. Coupon pays 3.59% with single call in Feb 2029. Self-led.

 

CMS

  • RBC issued a €25m CMS-linked note due Mar 2035. Linked to EUR 20y CMS. Further details unavailable. Self-led.

     

  • LBBW issued €50m CMS-linked note due Feb 2035. Coupon pays EUR 20y CMS +122bps floored at zero. Self-led.

 

Repacks

  • SPIRE issued €35.4m repack due 1 Oct 2038. Pass-through and equity-linked but further details unavailable. Led by Morgan Stanley.

     

  • SPIRE sold a NOK82m repack 4.03% due 17 Jun 2036. Repack unconfirmed and lead is DB.
     

 

Inflation

  • Citigroup launched a €5m inflation-linked note due 1 Mar 2026 paying euro HICPx YOY inflation capped at 8% and floored at 1.55%. Self-led.

 

Credit-linked

  • Goldman Sachs launched a €5m (max) credit-linked note due Dec 2027 paying 7.6%. Credit-linked to the iTraxx Main Series 30 Tranche 3.2-6.4%. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Jun 2028 paying 3mE +97bps. Credit-linked to 50 reference entities. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Jun 2027 paying 3.93%. Credit-linked to Airbus. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Jun 2027 paying 4.86%. Credit-linked to Hochtief. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note due Jan 2028 paying 3.6%. Credit-linked to Telefonica. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note due Jan 2028 paying 4.25%. Credit-linked to Hochtief. Self-led.

 

Equity-linked

  • Barclays launched a €30m (max) equity-linked note 4.05% due Feb 2025 linked to the Euro Stoxx 50. Self-led. 

     

  • Goldman Sachs launched a €30m (max) equity-linked Autocallable due May 2033 linked to the Morningstar Luxury Goods Static Select 10 Decrement 50 Point GR EUR Index. Self-led. 

     

  • Credit Suisse launched a €30m (max) equity-linked note due Jan 2033 linked to a basket of Engie and Orange. Self-led. 

     

  • Citigroup launched a €30m (max) equity-linked Snowballing Autocall note due Jun 2031 linked to the Euronext Transatlantic Environment 50 Decrement 5% Index. Self-led.

 

Long vanilla

  • LCFB sold a €30m puttable EMTN 3.47% due Feb 2073. Puttable in Feb 2038. Lead is LBBW.

     

  • Land NRW sold a €50m puttable note 2.788% due Feb 2063. Puttable in Feb 2033. Lead is UniCredit.

     

  • Land Brandenburg sold a €100m puttable note 2.735% due Feb 2053. Puttable in Feb 2033. Lead is Barclays.

     

  • Land Brandenburg sold a €50m puttable note 2.7165% due Feb 2053. Puttable in Feb 2030. Lead is Citi.

     

  • Land Brandenburg sold a €50m puttable note 2.755% due Feb 2053. Puttable in Feb 2032. Lead is DB.

     

  • Assistance Publique Hopitaux de Paris sold a €100m EMTN 3.578% due May 2043. Lead is SocGen.

     

  • Region Nouvelle-Aquitaine sold a €25m EMTN 3.5675% due May 2043. Lead is Natixis.

     

  • Wirtschafts-und Infrastrukturbank Hessen sold a €60m note 3.05% due Feb 2043. Lead is Helaba.

     

  • DZ Bank sold a €10m SNP 4.28% due Feb 2033. Self-led.

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