USD MTNs: ANZ, IADB BMO ZCs; GS FRN Formosa

ANZ, IADB BMO ZCs; GS FRN Formosa  

Non-Formosa zero-coupon callables saw more prints in the past week, as three new zeros popped up. The largest came from ANZ Banking a $100m 20y NC7 zero with an estimated IRR 4.93%. Meanwhile, Bank of Montreal sold a $50m 15y NC9 ZC with an estimated IRR 5.17% and IADB sold a $50m 20y NC5 with an estimated IRR of 4.66% via JP Morgan.

On the Formosa side, Goldman Sachs sold a $152m 5y floating rate Formosa that pays O/N SOFR +132bps floored at 0%.

Elsewhere, in inflation linked notes, Credit Agricole came with a short 3y inflation-linked note that pays CPI NSA*1.5.

Recent structured note activity

Zero-coupon callables and Formosas:

• 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.

   

• 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. 

   

• ANZ Banking sold a $100m 20y NC7 zero coupon callable (non-Formosa). The EMTN matures Mar 2043 and is callable every five years starting Mar 2030. Self-led. Estimated IRR 4.93%. Announced Mar 23.

   

• Goldman Sachs sold a $152m floating rate Formosa due Apr 2028 paying O/N SOFR +132bps floored at 0%. The EMTN was led by Mega, Sinopac and Taishin. Announced Mar 27. 

CMS-linked:

• Societe Generale is working on a self-led CMS-linked note maturing Mar 2029 NC1 that pays 9% the first year and then pays a coupon tied to CMS30y, floored at zero. Domestic MTN.

Inflation-linked:

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

Fixed and step-up callables:

• Bank of Montreal is working on a fixed callable maturing Apr 2028 NC6m that pays 4.8%. CD format. Domestic.

   

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

   

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

   

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

   

  Citigroup is working on a self-led fixed callable maturing Apr 2029 NC2 that pays 4.9%. EMTN.

   

  Citigroup is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 5.1%. EMTN.   

   

  Citigroup is working on a self-led fixed callable maturing Mar 2033 NC1 that pays 5.6%. Domestic MTN.

   

  Citigroup is working on a self-led step-up callable maturing Mar 2028 NC1 that pays 5.4% to Mar 2025, 5.5% to Mar 2027 and 6% thereafter. Domestic MTN.

   

  Citigroup is working on a self-led fixed callable maturing Mar 2026 NC1 that pays 5.5%. Domestic MTN.

   

  Citigroup is working on a self-led fixed callable maturing Mar 2029 NC4 that pays 4.9%. EMTN.

   

• Credit Agricole is working on a self-led fixed callable maturing Mar 2033 NC1 that pays 5.2%. EMTN.

   

• Goldman Sachs is working on a self-led fixed callable maturing Apr 2027 NC6m that pays 6%. Domestic MTN.  

   

  Goldman Sachs is working on a fixed callable maturing Apr 2025 NC6m that pays 5.5%. Domestic MTN.

   

  Goldman Sachs is working on a fixed callable maturing May 2024 NC6m that pays 5.35%. Domestic MTN.

   

  Goldman Sachs is working on a fixed callable maturing Oct 2024 NC6m that pays 5.45%. Domestic MTN.

   

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

   

• 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.

   

• Royal Bank of Canada is working on a fixed callable maturing Apr 2030 NC2 that pays 5.5%. GMTN.

   

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

   

  Royal Bank of Canada is working on a self-led fixed callable maturing Mar 2033 NC2 that pays 5.65%. GMTN.

   

  Royal Bank of Canada is working on a self-led fixed callable maturing Mar 2028 NC2 that pays 5.4%. GMTN.

   

• Societe Generale is working on a self-led fixed callable maturing Jul 2026 NC1 that pays 5.74%. Credit linked. EMTN.

   

  Societe Generale is working on a self-led fixed callable maturing Jul 2028 NC6m that pays 3.39%. Credit linked. EMTN.

   

  Societe Generale is working on a self-led fixed callable maturing Jul 2026 NC1 that pays 5.73%. Credit linked. EMTN.

   

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

   

• UBS is working on a self-led fixed callable maturing Apr 2024 NC6m that pays 4%. EMTN.

   

  UBS is working on a self-led fixed callable maturing Apr 2026 NC1 that pays 4.87%. EMTN.

   

• GM Financial is working on a fixed callable via InspereX maturing Apr 2029 NC1 that pays 5.85%. Domestic MTN.  

Extendibles:

• CIBC is working on a self-led CAD extendible with initial maturity Mar 2024 and then extendible to Mar 2026 that pays 4.5%. Canadian.