USD MTNs: CMS-linked; RBC FRN Formosa; UBS CPI note

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CMS-linked saw new EMTNs from JPM, CIC and Credit Ag. RBC sold a 10y floating rate Formosa. UBS came with a 2y CPI-linked note.

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  • CMS-linked; RBC FRN Formosa; UBS CPI note

  • Recent structured note activity

     

    CMS-linked; RBC FRN Formosa; UBS CPI note  

    CMS linked notes saw more flows this week as Credit Agricole, JP Morgan and CIC launched three similar 15y NC7 notes. Zero-coupon callables did not see any new notes in the past week, while Royal Bank of Canada sold a $20m 10y FRN Formosa that pays a coupon of 2y ICE SOFR +171.5bps and is callable after 4 years.  

     

    Elsewhere in inflation-linked notes, UBS launched a 2y note that pays CPI*spread between 1.55-1.85 for the first year, floored at zero, and then pays 4%.

     

     

    Recent structured note activity

     

    Formosas and zero-coupon callables:

     

    • Royal Bank of Canada sold a $20m 10y FRN Formosa. The EMTN matures Apr 2033 and is callable annually starting Apr 2027 and pays 2y ICE SOFR +171.5bps. Lead KGI. Announced Mar 30.

     

    CMS-linked:

     

    • JP Morgan is working on a self-led CMS-linked note maturing Apr 2038 NC7 that pays 9.35% for the first two years and then pays a coupon linked to CMS30y, floored at zero. EMTN.  

       

    • Credit Agricole is working on a self-led CMS-linked quanto maturing Apr 2038 NC7 that pays 8.52% for the first two years and then paya a coupon tied to the 30y Euribor ICE swap rate, floored at zero . EMTN.

       

    • Credit Industriel et Commercial is working on a CMS-linked note via JPM maturing Apr 2038 NC7 that pays 10.5% for the first two years and then pays a coupon linked to CMS30y, floored at zero. EMTN.  

       

    • Citigroup is working on a self-led CMS-linked note maturing Apr 2033 NC1m that pays 10% for the first year and then pays a coupon tied to CMS30y. Domestic MTN.

     

    Inflation-linked:

     

    • UBS is working on a self-led inflation-linked note maturing Apr 2025 that pays CPI*spread between 1.55-1.85 for the first year, floored at zero, and then pays 4%. Eurodollar.

     

    Step-up and fixed callables:

     

    • BMO Harris is working on a self-led fixed callable maturing Apr 2028 NC6m that pays 4.8%. CD format. Domestic.

       

    • Citigroup is working on a self-led fixed callable maturing Apr 2025 NC1 that pays 5.15%. EMTN.

       

      Citigroup is working on a self-led fixed callable maturing Apr 2033 NC18m that pays 5.4%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Mar 2033 NC18m that pays 5.35%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Apr 2028 NC1 that pays 5.5%. Domestic MTN.

       

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

       

      Citigroup is working on a self-led fixed callable maturing Apr 2028 NC2 that pays 5.14%. EMTN.

       

      Citigroup is working on a self-led fixed callable maturing Mar 2028 NC1 that pays 5.15%. Domestic MTN.

       

    • Deutsche is working on a self-led fixed callable maturing Apr 2026 NC2 that pays 5.01%. EMTN.

       

    • Goldman Sachs is working on a self-led fixed callable maturing Apr 2026 NC1 that pays 5.5%. Domestic MTN.

       

    • ING Bank is working on a $10m fixed callable maturing Apr 2033 NC3 that pays 5.5%. Lead N/A. EMTN.

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Apr 2026 NC2 that pays 4.9%. EMTN.

       

    • Standard Chartered is working on a self-led step-up callable maturing Apr 2026 NC1 that pays 4.13% to Apr 2024, 4.23% to Oct 2024, 4.33% to Apr 2025, 4.43% to Oct 2025 and 4.53% thereafter. EMTN. 

       

    • Toronto Dominion is working on a self-led fixed callable maturing Apr 2025 NC6m that pays 5.35%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Apr 2038 NC1 that pays 5.75%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Apr 2028 NC1 that pays 5.5%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing May 2024 NC8m that pays 5.35%. GMTN.

       

    • UBS is working on a self-led fixed callable maturing Apr 2024 NC3m that pays 5.1%. Domestic MTN.

     

    Extendibles:

     

    • Bank of Montreal is working on a self-led CAD extendible with initial maturity Apr 2024 and then extendible to Apr 2030 that pays 5%. Canadian.

       

    • 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 5.78%. Domestic MTN. 

       

      Royal Bank of Canada is working on a self-led CAD extendible with initial maturity Apr 2028 and then extendible to Apr 2033 that pays 5%. Canadian.

       

    • CIBC is working on a self-led USD extendible with initial maturity Apr 2024 and then extendible to Apr 2025 that pays 5.05%. Domestic MTN.

     

     

     

     
     
     
     
     
     
     
     
     
     
     
     
     
     

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