USD MTNs: RBC Formosa; JPM and SSA fixed & step up callables

Air bubble 21 Jun 2021
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ZC activity simmered down this past week with only RBC coming with a deal. Elsewhere, JPM and some SSAs were active in fixed and step up callables.

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  • RBC Formosa; JPM and SSA step up & fixed callables

  • Recent structured note activity

     

    RBC Formosa; JPM and SSA step-up & fixed callables

    Zero-coupon callable activity simmered down this past week with only Royal Bank of Canada testing the waters by selling a $20m 10y NC4 floating callable Formosa.  The EMTN matures Mar 2033 and is callable annually from Mar 2027 and pays 2y ICE SOFR +141bps, floored at zero.

     

    In other structured note activity, fixed and step-up callables printed aplenty with domestic bank JP Morgan topping the leader board with a total of eight deals.  SSAs were also active this past week with deals seen from Asian Development Bank, IBRD, EBRD and IADB.

     

    Recent structured note activity

     

    Zero-coupon callables and Formosas:

     

    • Royal Bank of Canada sold a $20m 10y NC4 floating callable Formosa. The EMTN matures Mar 2033 and is callable annually from Mar 2027 and pays 2y ICE SOFR +141bps, floored at zero. Announced Feb 14.

     

    Fixed and step-up callables:

     

    • Asian Development Bank is working on a $50m fixed callable via WFS maturing Mar 2026 NC2 that pays 4.75%. Announced Feb 14. GMTN.

       

      Asian Development Bank is working on a $50m fixed callable via ML maturing Mar 2028 NC2 that pays 5.03%. Announced Feb 15. GMTN.

       

      Asian Development Bank is working on a $50m fixed callable via Morgan Stanley maturing Mar 2028 NC1 that pays 5.49%.  EMTN.

       

    • Bank of America is working on a self-led fixed callable maturing Feb 2028 NC6m that pays 5.4%. Domestic MTN.

       

      Merrill Lynch is working on a self-led $15m fixed callable maturing Feb 2028 NC2 that pays 5.5%. EMTN.

       

      Merrill Lynch is working on a self-led $30m fixed callable maturing Feb 2028 NC1 that pays 5.38%. EMTN.

       

    • Merrill Lynch is working on a self-led fixed callable maturing Feb 2028 NC2 that pays 5.47%. EMTN.

       

    • Bank of Montreal is working on a self-led fixed callable maturing Feb 2025 NC6m that pays 5.3%. Domestic MTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Feb 2028 NC1 that pays 5.35%. Domestic MTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Mar 2026 NC6m that pays 5.4%. Domestic MTN.

       

    • Barclays is working on a self-led fixed callable maturing Feb 2028 NC2 that pays 5.52%. EMTN.

       

      Barclays is working on a self-led fixed callable maturing Mar 2024 NC6m that pays 5.25%. GMTN. 

       

      Barclays is working on a self-led fixed callable maturing Mar 2025 NC6m that pays 5.5%. Global MTN.

       

    • Citigroup is working on a self-led $10m fixed callable maturing Feb 2028 NC1 that pays 5.35%. EMTN.

       

      Citigroup is working on a self-led fixed callable maturing Feb 2033 NC2 that pays 5.5%. Domestic MTN.

       

      Citigroup is working on a self-led step-up callable maturing Feb 2030 NC2 that pays 5% to Feb 2025, 5% to Feb 2025, 5.25% to Feb 2027, 5.5% to Feb 2028, 5.75% to Feb 2029 and 6% thereafter. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 4.8%. EMTN.

       

    • Credit Agricole is working on a self-led fixed callable maturing Feb 2028 NC3 that pays 5.28%. EMTN.

       

      Credit Agricole is working on a self-led fixed callable maturing Mar 2026 NC1 that pays 4.85%. EMTN.

       

      Credit Agricole is working on a self-led step up callable maturing Mar 2025 NC1 that pays 5.47% to 2024 then 5.67% thereafter. EMTN.

       

    • DZ Bank is working on a self-led $10m fixed callable maturing Mar 2033 NC1 that pays 5.65%. EMTN.

       

      DZ Bank is working on a self-led $10m fixed callable maturing Mar 2033 NC1 that pays 5.615%. EMTN.

       

    • Goldman Sachs is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 5.25%. Domestic MTN.

       

    • HSBC is working on a self-led fixed callable maturing Feb 2025 NC1 that pays 5.45%. Eurodollar.

       

      HSBC is working on a self-led step up callable maturing Sept 2024 NC1 that pays 4.7% to Sept 2023, 4.8% to Mar 2024 then 4.9% thereafter. Eurodollar.

       

      HSBC is working on a self-led fixed callable maturing Feb 2028 NC1 that pays 5.81%.  Eurodollar.

       

    • JP Morgan is working on a self-led fixed callable maturing Feb 2028 NC2 that pays 5.35%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Feb 2028 NC2 that pays 5.2%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Feb 2027 NC1 that pays 5.3%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Feb 2025 NC6m that pays 5.2%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Feb 2026 NC6m that pays 5.25%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Feb 2025 NC6m that pays 5.2%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2024 NC6m that pays 5.15%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Apr 2024 NC6m that pays 5.1%. Domestic MTN.

       

    • National Bank of Canada is working on a $10m fixed callable via Daiwa maturing Feb 2033 NC1 that pays 6.2%. Puttable Aug 2023. EMTN. 

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Feb 2028 NC1 that pays 5.25%. GMTN.

       

    • Societe Generale is working on a self-led fixed callable maturing Feb 2028 NC6m that pays 5.25%. Domestic MTN.

       

    • Toronto Dominion is working on a self-led fixed callable maturing Feb 2027 NC6m that pays 5.5%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Feb 2025 NC1.5 that pays 5.45%. Global MTN.

       

    • UBS is working on a self-led fixed callable maturing Jan 2024 NC1m that pays 5.08%. Credit linked. EMTN.

       

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

       

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

       

      UBS is working on a self-led step up callable maturing Mar 2025 NC1 that pays 5.2% to 2024 then 5.4% thereafter.  EMTN.

       

    • CIBC is working on a fixed callable via Morgan Stanley maturing Feb 2029 NC1 that pays 5.25%.  Global MTN.

       

      CIBC is working on a self-led fixed callable maturing Feb 2028 NC2 that pays 5.3%.  Domestic MTN.

       

    • Natixis is working on a self-led fixed callable maturing Apr 2024 NC11m that pays 4.8%. EMTN.

       

    • Deutsche Bank is working on a self-led fixed callable maturing Mar 2026 NC1 that pays 5%. EMTN.

       

    • Wells Fargo is working on a self-led fixed callable maturing Feb 2026 NC1 that pays 5.2%.  Domestic MTN.

       

      Wells Fargo is working on a self-led step up callable maturing Feb 2027 NC1 that pays 5.2% to 2025, 5.5% to 2026 then 6.2% thereafter.  Domestic MTN.

       

    • SocGen is working on a self-led fixed callable maturing Jan 2025 NC1 that pays 5.06%.  EMTN.

       

      SocGen is working on a self-led fixed callable maturing Dec 2027 NC1 that pays 5.71%.  EMTN.

       

    • IBRD is working on a fixed callable via Wells Fargo maturing Mar 2033 NC2 that pays 5.32%.  EMTN.

       

      IBRD is working on a fixed callable via Merrill Lynch maturing Mar 2038 NC4 that pays 5.045%.  EMTN.

       

    • EBRD is working on a fixed callable via Wells Fargo maturing Mar 2033 NC2 that pays 5.26%.  Global MTN.

       

    • IADB is working on a fixed callable via BNP Paribas maturing Mar 2028 NC2 that pays 5.08%.  EMTN.

     

     

     
     
     
     
     
     
     
     

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