EUR MTNs: CMS from Italy, Morgan Stanley

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Market turmoil halted euro issuance over the past week but a handful of CMS structures did emerge from the darkness.

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Callables

Credit Agricole sold a €30m 3y NC1 due Apr 2026. Coupon pays 4% with calls in Mar 2024 and Mar 2025. Self-led.
Hypo-Bank Burgenland sold a €5m 20y NC10 callable Covered bond due Mar 2043. Coupon pays 3.725% with single call in Mar 2033. Lead is Erste.
L-Bank sold a €20m 3y NC1 due Mar 2026. Coupon pays 3.57% with single call in Mar 2024. Led by LBBW.
L-Bank sold a €10m 4y NC2 due Mar 2027. Coupon pays 3.465% with single call in Mar 2025. Led by LBBW.

CMS

Italy sold a €250m CMS-linked note due Mar 2035. The note pays EUR 20y CMS +140bps capped at 6% and floored at 3%. Lead is Morgan Stanley.
Morgan Stanley sold a €20m CMS-linked note due Mar 2035. The note pays EUR 20y CMS +100bps capped at 6.25% and floored at 4.2%. Self-led.
Deutsche Bank launched a €5m (max) CMS-linked note due Jun 2029 at 102.00. Coupon pays EUR 10y CMS flat capped at 5% and floored at 2.25%. Self-led.

Repacks

Harp Issuer sold a €1m CMS-linked callable repack due 25 Jan 2029. The note pays 2.01 * EUR 10y CMS floored at 5% and is callable in Apr 2024. Repack unconfirmed. Lead is UBS.

Inflation

Deutsche Bank launched a EUR inflation-linked note due 24 Mar 2026 linked to 1.04 * euro HICPx inflation floored at 0%. Self-led.
Deutsche Bank launched a EUR inflation-linked note due 6 Apr 2027 linked to euro HICPx inflation floored at 0%. Self-led.

FRNs

Goldman Sachs launched a €50m (max) FRN due Apr 2028 which pays 3mE capped at 5% and floored at 3%. Self-led.
Intesa Sanpaolo launched a €15m (max) step-FRN due Jul 2027 which pays 3mE +1.1% in the first year rising to +1.9% in 2026. Self-led.

Credit-linked

SocGen launched a €3.6m (max) credit-linked note 5.05% due Jan 2026. Credit-linked to Bahrain. Self-led.
RBC launched a €4.2m (max) credit-linked note 5.3% due Jan 2027. Credit-linked to Brazil. Self-led.
Nomura launched a €1.6m (max) credit-linked note 5.2% due Jan 2028. Credit-linked to Anglo American. Self-led.
BNP Paribas launched a €4.1m (max) credit-linked note 4.5% due Dec 2024. Credit-linked to Generali. Self-led.
LBBW launched a €20m (max) credit-linked note 3.30% due Jan 2027. Credit-linked to Mercedes-Benz. Self-led.
LBBW launched a €20m (max) credit-linked note 4.00% due Jan 2027. Credit-linked to Hochtief. Self-led.
LBBW launched a €20m (max) credit-linked note 4.00% due Jan 2027. Credit-linked to Lanxess. Self-led.
LBBW launched a €20m (max) credit-linked note 3.30% due Jan 2027. Credit-linked to BASF. Self-led.
LBBW launched a €20m (max) credit-linked note 4.00% due Jan 2027. Credit-linked to Fresenius. Self-led.
LBBW launched a €20m (max) credit-linked note 4.00% due Jan 2027. Credit-linked to ArcelorMittal. Self-led.

Equity-linked

Goldman Sachs launched a €50m (max) Memory Phoenix Autocallable equity-linked note due Jun 2033 linked to SocGen. Self-led.
BNP Paribas launched a €30m (max) Snowball Digital Coupon Reverse Convertible Standard equity-linked note due Jun 2033 linked to the Bloomberg Transatlantic Top Banks Decrement 50 Point Index. Self-led.
BNP Paribas launched a €30m (max) equity-linked note due Mar 2025 linked to the Euro Stoxx 50 Index. Self-led.
BNP Paribas launched a €30m (max) Worst-of Autocall Standard note due Mar 2028 linked to a basket of Allianz, ASML and LVMH shares. Self-led.

Long vanilla

Land Sachsen-Anhalt sold a €25m EMTN 2.556% due Mar 2053 puttable in Mar 2030. Lead is Jefferies.
NordLB sold a €10m SNP 4.4% due Apr 2038. Self-led.
Regions Hauts-de-France sold a €20m note 3.584% due Apr 2038. Lead is LBP.