USD MTNs: JPM ZC; Callable flows wind down
JPM ZC; Callable flows wind down
MTN activity winded down this week, with callable activity coming at a slower pace while the only zero-coupon callable came in the form of a $30m 20y NC7 non-Formosa from JP Morgan with an IRR of 5.105%.
Asian Development Bank followed up on heavier flows the week previous with a $50m 5y NC3 fixed callable. Banks such as Standard Chartered and Citigroup launched multiple fixed callables.
Recent structured note activity
Zero-coupon callables and Formosas:
- JP Morgan sold a $30m 20y NC7 zero coupon callable (non-Formosa). The EMTN matures Mar 2043, is callable annually from Mar 2030 and has an estimated IRR of 5.105%. Self-led and announced Mar 6.
CMS-linked:
- Societe Generale is working on a self-led CMS linked note maturing Mar 2035 callable Jun 2025 that pays a coupon linked to CMS30y. Domestic MTN.
Fixed and step-up callables:
- Asian Development Bank is working on a $50m fixed callable via WFS maturing Mar 2028 NC3 that pays 5%. EMTN.
- Bank of America is working on a self-led step-up callable maturing Mar 2038 NC3 that pays 5.3% to Mar 2026, 5.6% to Mar 2030, 6% to Mar 2034 and 7% thereafter. Domestic MTN.
Bank of America is working on a self-led step-up callable maturing Mar 2030 NC1 that pays 5.45% to Mar 2025, 6% to Mar 2028 and 7% thereafter. Domestic MTN.
- Barclays is working on a self-led fixed callable maturing Apr 2024 NC6m that pays 5.45%. GMTN.
Barclays is working on a fixed callable maturing Mar 2041 NC3 that pays 5.8%. GMTN.
Barclays is working on a fixed callable maturing Mar 2033 NC3 that pays 5.75%. GMTN.
Barclays is working on a fixed callable maturing Mar 2025 NC1 that pays 5.5%. GMTN.
- Bank of Montreal is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 6%. Domestic MTN.
Bank of Montreal is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 5.7%. Domestic MTN.
Bank of Montreal is working on a fixed callable via Citi maturing Mar 2026 NC6m that pays 5.6%. Domestic MTN.
- BNP Paribas is working on a self-led fixed callable maturing Mar 2026 NC6m that pays 5.8%. Domestic MTN.
- Citigroup is working on a self-led $20m fixed callable maturing Mar 2028 NC2 that pays 5.44%. EMTN.
Citigroup is working on a self-led fixed callable maturing Mar 2026 NC3m that pays 5.17%. EMTN.
Citigroup is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 5.05%. EMTN.
Citigroup is working on a self-led fixed callable maturing Mar 2028 NC2 that pays 5.39%. EMTN.
- Goldman Sachs is working on a fixed callable maturing Mar 2028 NC1 that pays 6%. Domestic MTN.
Goldman Sachs is working on a self-led fixed callable maturing Mar 2030 NC1 that pays 6%. Domestic MTN.
- HSBC is working on a self-led fixed callable maturing Sep 2024 NC1 that pays 4.9%. EMTN.
HSBC is working on a self-led step-up callable maturing Mar 2025 NC1 that pays 4.72% to Mar 2024 and 4.82% thereafter. Domestic MTN.
- IBRD is working on a $18m fixed callable via Nomura maturing Mar 2033 NC1 that pays 5.88%. EMTN.
- JP Morgan is working on a self-led fixed callable maturing Mar 2024 NC6m that pays 5.45%. EMTN.
JP Morgan is working on a self-led fixed callable maturing Mar 2025 NC1 that pays 5.25%. EMTN.
- Royal Bank of Canada is working on a fixed callable maturing Mar 2028 NC2 that pays 5.55%. GMTN.
Royal Bank of Canada is working on a self-led fixed callable maturing Mar 2026 NC1 that pays 5.5%. GMTN.
- Societe Generale is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 5.6%. Domestic MTN.
- Standard Chartered is working on a self-led $15m fixed callable maturing Mar 2033 NC3 that pays 5.68%. EMTN.
Standard Chartered is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 5.3%. EMTN.
Standard Chartered Bank is working on a fixed callable maturing Mar 2025 NC1 that pays 5.2%. EMTN.
Standard Chartered is working on a self-led $55m fixed callable maturing Mar 2028 NC2 that pays 5.6%. EMTN.
- Toronto Dominion is working on a self-led fixed callable maturing Sep 2024 NC3m that pays 5.65%. GMTN.
Toronto Dominion is working on a self-led fixed callable maturing Mar 2026 NC1 that pays 5.8%. GMTN.
Toronto Dominion is working on a self-led fixed callable maturing Mar 2029 NC3m that pays 6%. GMTN.
- UBS is working on a self-led fixed callable maturing Jan 2025 callable Jul 2023 that pays 6.6%. EMTN. Credit-linked.
UBS is working on a fixed callable maturing Mar 2026 NC1 that pays 5.19%. EMTN.
UBS is working on a self-led $35m fixed callable maturing Jan 2024 NC2m that pays 5.89%. EMTN.
- Ford Motor Credit is working on a fixed callable via InspereX maturing Mar 2026 NC1 that pays 6.8%. Domestic MTN.
- Dow Chemical is working on a fixed callable via InspereX maturing Mar 2053 NC6m that pays 5.85%. Domestic MTN.
Dow Chemical is working on a fixed callable via InspereX maturing Mar 2033 NC6m that pays 5.45%. Domestic MTN.
Dow Chemical is working on a fixed callable via InspereX maturing Mar 2028 NC6m that pays 5.3%. Domestic MTN.
- Ally Financial is working on a fixed callable via InspereX maturing Mar 2033 NC6m that pays 6.5%. Domestic MTN.
Ally Financial is working on a fixed callable via InspereX maturing Mar 2026 NC6m that pays 6.25%. Domestic MTN.
Extendibles:
- Royal Bank of Canada is working on a self-led USD extendible with initial maturity Mar 2025 and then extendible to Mar 2033 that pays 6.15%. Domestic MTN.
Royal Bank of Canada is working on a self-led USD extendible with initial maturity Mar 2026 and then extendible to Mar 2028 that pays 5.55%. Domestic MTN.
- Bank of Montreal is working on a self-led USD extendible with initial maturity Mar 2024 and then extendible to Mar 2026 that pays 6%. Domestic MTN.
Bank of Montreal is working on a self-led USD extendible with initial maturity Mar 2024 and then extendible to Mar 2026 that pays 5.85%. Domestic MTN.
Bank of Montreal is working on a self-led USD extendible with initial maturity Mar 2024 and then extendible to Mar 2025 that pays 5.7%. Domestic MTN.