Structured Notes: New deals update

Mount Fuji Japan
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Recent structured note activity in USD and EUR.

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USD:

 

  • Credit Agricole sold a $70m 10y NC2 fixed callable Formosa. The EMTN matures May 2033, is callable annually from May 2025 and pays a 5.50% coupon. Self-led and announced April 20.

     

  • Credit Agricole sold a $31m 10y NC5 fixed callable Formosa. The EMTN matures May 2033, is callable annually from May 2028 and pays a 5.08% coupon. Self-led and announced April 19.

     

  • DBS sold a $50m 20y NC6 zero coupon callable (non-Formosa). The EMTN matures Apr 2043, is callable annually from Apr 2029 and has an estimated IRR of 4.90%. Lead unconfirmed and announced April 19.

     

     

  • IBRD is working on a $50m fixed callable via WFS maturing May 2033 NC1 that pays 5.55%. GMTN.

     

  • Bank of America is working on a self-led s$20m step-up callable maturing Apr 2033 NC1 that pays 5.05% to Apr 2025, 5.5% to Apr 2028 and 6% thereafter. Domestic MTN.

     

  • IBRD is working on a $150m fixed callable via WFS maturing May 2033 NC1 that pays 5.55%  GMTN.

     

  • Goldman Sachs is working on a self-led CMS steepener maturing Apr 2038 NC2 that pays 10% for the first two years, then pays 25*(CMS2y/30y), capped at 8.5% and floored at zero. Domestic MTN.

     

  • JP Morgan is working on a self-led fixed callable maturing Apr 2033 NC3 that pays 5.35%. Domestic MTN.   

     

  • JP Morgan is working on a self-led fixed callable maturing May 2033 NC18m that pays 5.1%. Domestic MTN.   

     

  • HSBC is working on a self-led step-up callable maturing May 2024 NC6m that pays 4.7% to Nov 2023 and 4.8% thereafter. Eurodollar.

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Apr 2025 NC1 that pays 5.25%. GMTN.   

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Apr 2028 NC2 that pays 5.25%. GMTN.   

     

  • Bank of Nova Scotia is working on a self-led fixed callable maturing Apr 2028 NC4 that pays 4.9%. Putable Oct 2023. EMTN.

     

  • Jefferies is working on a self-led fixed callable maturing Oct 2033 NC1 that pays 6%. Domestic MTN.

 

EUR:

 

  • BNP Paribas issued €10m CMS-linked MTN due May 2033. Coupon pays 1.25 * EUR 10y CMS capped at 5.5% and floored at 0%. Self-led.


  • Goldman Sachs issued €5m collared FRN due May 2026. Coupon pays 3mE capped at 3.25% and floored at 2.75%. Self-led.