USD MTNs: CIC 15y ZC; Step-up and fixed callables

Fluid dynamics 1 26 May 2022
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CIC sold a $100m 15y ZC (non-Formosa) and new step-up and fixed callables saw activity led by BofA, Citi and RBC.

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  • CIC 15y ZC; Step-up and fixed callables

  • Recent structured note activity

     

    CIC 15y ZC; Step-up and fixed callables  

    USD MTN activity this past week included a non-Formosa zero-coupon callable from Credit Industriel et Commercial. The $100m 15y NC5 zero coupon callable is callable annually from Apr 2028 and has an estimated IRR of 5.26%.

     

    Elsewhere, some step-up and fixed callables printed, led by issuers such as Bank of America, Citigroup and Royal Bank of Canada.

     

    Recent structured note activity

     

    Zero-coupon callables and Formosas:

     

    • Credit Industriel et Commercial (CIC) sold a $100m 15y NC5 zero coupon callable (non-Formosa). The note matures Apr 2038, is callable annually from Apr 2028 and has an estimated IRR of 5.26%. Lead is CIC Singapore.  Announced Apr 11.

     

    Fixed and step-up callables:

     

    • Bank of America is working on a self-led step-up callable maturing Apr 2030 NC1 that pays 5.05% to Apr 2025, 5.5% to Apr 2028 and 6% thereafter. Domestic MTN.

       

      Bank of America is working on a self-led fixed callable maturing Apr 2028 NC1 that pays 5.35%. Domestic MTN.

       

      Bank of America is working on a self-led step-up callable maturing Apr 2038 NC3 that pays 5.0% to Apr 2026, 5.25% to Apr 2030, 6% to Apr 2034 and 6.5% thereafter. Domestic MTN.

       

    • Bank of Montreal is working on a self-led fixed callable maturing Apr 2026 NC6m that pays 4.75%. CD format. Domestic.

       

      Bank of Montreal is working on a self-led fixed callable maturing Apr 2030 NC3m that pays 5%. CD format. Domestic.

       

    • Barclays is working on a self-led fixed callable maturing Apr 2025 NC6m that pays 5.1%. GMTN.

       

      Barclays is working on a self-led fixed callable maturing Apr 2028 NC2 that pays 5.15%. EMTN. 

       

    • Citigroup is working on a self-led fixed callable maturing Apr 2028 NC1 that pays 5.4%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Apr 2026 NC1 that pays 5.35%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Apr 2024 NC3m that pays 5%. Domestic MTN.

       

    • HSBC is working on a self-led fixed callable maturing Jan 2024 NC6m that pays 4.92%. EMTN.

       

      HSBC is working on a self-led step-up callable maturing Oct 2033 NC1 that pays 4.2% to Oct 2023, 4.25% to Apr 2024 and 4.3% thereafter. EMTN.

       

    • Jefferies is working on a self-led fixed callable maturing Apr 2029 NC1 that pays 6%. Domestic MTN. 

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Apr 2026 NC1 that pays 5.2%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Apr 2033 NC2 that pays 5.25%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing May 2024 callable Jan 2024 that pays 5.1%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Oct 2024 callable Jul 2024 that pays 5.08%. GMTN.

       

    • Santander is working on a self-led fixed callable maturing Apr 2026 NC1 that pays 4.05%. 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.  

     

    Extendibles:

     

    • Toronto Dominion is working on a self-led USD extendible with initial maturity Apr 2025 and then extendible to Apr 2028 that pays 5.3% to Apr 2024, then pays 5.4%, 5.6%, 5.8% and 6.1%, stepping up annually. Domestic MTN. 

       

    • Royal Bank of Canada is working on a self-led CAD extendible with initial maturity Apr 2026 and then extendible to Apr 2033 that pays 5.42%. Domestic MTN.

       

      Royal Bank of Canada is working on a self-led CAD extendible with initial maturity Oct 2024 and then extendible to Apr 2025 that pays 4.85%. Canadian.

       

      Royal Bank of Canada is working on a self-led CAD extendible with initial maturity Apr 2026 and then extendible to Apr 2033 that pays 5.42%. Canadian.

     

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