Structured Notes: New deals update

USD:

• Bank of Montreal sold a $50m 15y NC9 zero coupon callable/puttable (non-Formosa). The EMTN matures Mar 2038, is callable annually from Mar 2032, and has a put in Sep 2023. Estimated IRR 5.17%. Led by BMO and announced Mar 24.

   

• Morgan Stanley sold a $30m 15y NC3 fixed callable. The EMTN matures Mar 2038, is callable annually from Mar 2026 and pays a 5.70% coupon.  Self-led and announced Mar 24.

   

• IADB sold a $50m 20y NC5 zero coupon callable (non-Formosa). The EMTN matures Mar 2043, is callable annually from Mar 2028, and has an estimated IRR of 4.66%. Led by JPM and announced Mar 24. 

   

• Credit Agricole is working on a self-led inflation-linked note maturing Apr 2026 that pays CPI NSA*1.5, floored at zero. EMTN.

   

• Barclays is working on a self-led fixed callable maturing Apr 2024 NC6m that pays 5%. GMTN.

   

• Citigroup is working on a fixed callable maturing Mar 2026 NC1 that pays 4%. GMTN.

   

• Toronto Dominion is working on a self-led fixed callable maturing Apr 2027 NC6m that pays 5.6%. GMTN.

   

• Royal Bank of Canada is working on a fixed callable maturing Apr 2038 NC3 that pays 5.55%. GMTN.

EUR:

• NatWest issued €20m 15y NC3 callable due Apr 2038. Coupon pays 4.89% with annual calls from Apr 2026. Self-led.

   

• RBC issued €30m 15y NC3 callable/puttable due Mar 2038. Coupon pays 4.9% with single call in Mar 2026. Puttable in Jun 2023. Self-led.