EUR MTNs: IBRD and bank callables; Credit-linked; Lone CMS

Robot welding 10 Jun 2020
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IBRD and bank callables, credit-linked notes and a lonely CMS deal accounted for most of the structured MTNs seen over the last two weeks.

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Callables

  • IBRD issued €10m 15y NC2 Sustainability callable due Apr 2038. Coupon pays 3.65% with single call in Apr 2025. Led by Commerzbank.

     

  • IBRD issued €10m 10y NC2 Green callable due Apr 2033. Coupon pays 3.45% with single call in Apr 2025. Led by Commerzbank.

     

  • IBRD issued €10m 10y NC1 Sustainability callable due Apr 2033. Coupon pays 3.55% with single call in Apr 2023. Led by Bred Banque Populaire.

     

  • BNP Paribas issued €10m 20y NC10 callable due Apr 2042. Coupon pays 4.5% with single call in Apr 2032. Self-led.

     

  • Bank of Nova Scotia issued €10m 15y NC10 due Apr 2038. Coupon pays 4.5% with call in Apr 2033. Puttable in Oct 2023. Self-led.

     

  • Helaba issued EUR 5y NC1 callable due May 2028. Coupon pays 3.1% with annual calls from May 2024. Self-led.

 

CMS

  • Morgan Stanley issued a €20m CMS-linked note due Mar 2035. Coupon pays EUR 20y +100bps capped at 6.25% and floored at 4.04%. Self-led.

 

Quanto

  • Credit Agricole last week issued $5m quanto MTN due Apr 2038. Coupon pays 8.52% fixed until Apr 2025. It then pays 7 * EUR 2s/30s. Further details unavailable. Self-led.

 

Repacks

  • CIMA Finance Ltd last week sold a €228.1m sinkable zero coupon repack due 25 Mar 2053. Repack unconfirmed and lead is Santander.

     

  • CIMA Finance Ltd last week sold a €10.2m credit-linked repack 5.25% due 1 Apr 2028. Repack unconfirmed and credit-linked to CDX and iTraxx indices. Lead is Santander.
     

 

Inflation

  • Deutsche Bank launched a EUR inflation-linked note due 11 May 2027. The note is linked to euro HICPx inflation floored at 1.5%. Self-led.

 

FRNs

  • Barclays launched a €40m (max) FRN due May 2028 which pays 3mE flat capped at 4% and floored at 2.75%. Self-led.

 

Credit-linked

  • Nomura launched a €14m (max) credit-linked note 3% due Jul 2030 at 76.9. Credit-linked to ING-DiBa AG. Self-led.

     

  • Nomura launched a €10m (max) credit-linked note 1.84% due Jul 2030 at 74.75. Credit-linked to UniCredit. Self-led.

     

  • Nomura launched a €30m (max) credit-linked note 4.24% due Jul 2030 at 60.35. Credit-linked to the iTraxx Europe Series 39 Version 1 index. Self-led.

     

  • Novus Capital launched a €5m (max) credit-linked note paying 3mE +830bps due Jul 2028 at par. Credit-linked to the iTraxx Europe Crossover 39 Version 1 index. Lead is Nomura.

     

  • BNP Paribas launched a €30m (max) credit-linked note paying 8.2% due Jul 2028 at 57.0. Credit-linked to the iTraxx Europe Crossover 39 Version 1 index. Self-led.

     

  • SocGen launched a €20m (max) credit-linked note 4.95% due Jul 2025. Credit-linked to UniCredit. Self-led.

     

  • DZ Bank last week launched a €25m (max) credit-linked note due Dec 2028 paying 6mE 99bps. Credit-linked to BMW. Self-led.

     

  • DZ Bank last week launched a €25m (max) credit-linked note due Dec 2028 paying 6mE 116bps. Credit-linked to Airbus. Self-led.

 

Equity-linked

  • SocGen launched a €30m (max) equity linked note due May 2033 linked to the Euro iStoxx Banks GR Decrement 50 Series 2 Index Price. Self-led.

     

  • Morgan Stanley launched a €30m (max) equity-linked note due Apr 2033 linked to the Euro iStoxx Environmental 50 Equal Weight NR Decrement 5% Index Price. Self-led. 

     

  • Goldman Sachs launched a €30m (max) Autocallable equity-linked note due May 2033 linked to the S&P Eurozone LargeMidCap Banks 50 Point Decrement Index TR. Self-led. 

     

  • Goldman Sachs launched a €30m (max) Autocallable equity-linked note due May 2028 linked to SocGen shares. Self-led. 

     

  • BNP Paribas launched a €30m (max) Athena Autocallable equity-linked note due Sep 2033 linked to Solactive Societe Generale AR 1.65 Index. Self-led. 

 

Long vanilla

  • CDC Habitat sold a €50m note 4.031% due May 2043. Lead is CA.

     

  • Region Pays Loire issued €30m EMTN 3.736% due Apr 2043. Led by Bred Banque Populaire.

     

  • ABN Amro last week sold a €25m tap of its Dutch Covered bond 1.115% due Mar 2042. Self-led.

     

  • CDC Habitat sold a €50m note 3.971% due May 2040. Lead is CA.

     

  • Assistance Publique Hopitaux du Paris last week sold a €15m EMTN 3.538% due Apr 2038. Lead is Bred Banque Populaire.

     

  • La Poste last week sold a €150m tap of its 0.625% note due Jan 2036. Lead is BNPP.

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