Structured Notes: New deals update

Balloons 9 Jul 2020
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Recent structured note activity in USD and EUR.

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USD:

 

  • 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.

     

  • 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.  

     

  • 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.

     

  • 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.   

 

EUR:

 

  • KfW issued €100m 10y NC1 callable due Mar 2033. Coupon pays 4.14% with single call in Mar 2024. Led by Goldman Sachs.