Structured Notes: New deals update

Bull elephant charge 5 Oct 2021
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Recent structured note activity in USD and EUR.

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USD:

 

  • JP Morgan sold a $22m 10y NC5 fixed callable Formosa. The EMTN matures May 2033, is callable annually from May 2028 and pays a 5.0% coupon. Lead Sinopac and announced April 18.

     

  • IBRD is working on a $50m fixed callable via JPM maturing May 2027 NC6m that pays 5.12%. EMTN.

     

  • IBRD is working on a $50m fixed callable via CACIB maturing May 2027 NC6m that pays 5.1%. EMTN.

     

  • IBRD is working on a $20m fixed callable via BNPP maturing Apr 2033 NC1 that pays 5.5%. EMTN.

     

  • IBRD is working on a $50m fixed callable via CACIB maturing Apr 2027 NC6m that pays 5.11%. EMTN.

     

  • JP Morgan is working on a self-led $15m floating callable maturing Apr 2033 NC4 that pays O/N SOFR +1.09%. EMTN.

     

  • JP Morgan is working on a self-led fixed callable maturing May 2026 NC1 that pays 5.25%. Domestic MTN.

     

  • Bank of America is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.4%. Domestic MTN.

     

  • Bank of America is working on a self-led fixed callable maturing May 2026 NC6m that pays 5.55%. Domestic MTN.

     

  • Barclays is working on a self-led fixed callable maturing May 2026 NC3m that pays 5.25%. GMTN.

     

  • Barclays is working on a self-led fixed callable maturing May 2033 NC2 that pays 5.5%. GMTN.

     

  • CIBC is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.4%. GMTN.

     

  • CIBC is working on a self-led fixed callable maturing May 2025 NC1 that pays 5.4%. GMTN.

     

  • UBS is working on a self-led fixed callable maturing May 2024 NC3m that pays 5.31%. EMTN.  

     

  • UBS is working on a self-led fixed callable maturing Jul 2024 NC2m that pays 4.6%. EMTN.  

     

  • UBS is working on a self-led $100m fixed callable maturing Jul 2024 NC2m that pays 6.25%. EMTN.  

     

  • Toronto Dominion is working on a self-led fixed callable maturing Apr 2028 NC1 that pays 6%. GMTN.

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Apr 2026 NC2 that pays 5.18%. GMTN. 

 

EUR:

 

  • Citigroup issued €10m 23y NC15 callable due Apr 2046. Coupon pays 4.54% with single call in Apr 2038. Self-led.


  • KfW issued €25m 10y NC1 callable due May 2033. Coupon pays 4.11% with calls in May 2024 and May 2026. Led by BNP Paribas.


  • KfW issued €20m 9y NC1 callable due May 2032. Coupon pays 4.0% with single call in May 2024. Led by LBBW.


  • Credit Agricole issued €50m 10y NC4 callable due Jul 2033. Coupon pays 4.75% with annual calls from Jul 2027.


  • Credit Agricole issued €20m CMS-linked Green EMTN due May 2035. Coupon pays EUR 20y +103bps capped at 5% and floored at 3%. Self-led.

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