EUR MTNs: EBRD callable; More inflation; Rare CMS 10y10y

Matrix
;
Structured euro MTNs printing over the last week included an EBRD callable, a trio of inflation-linked notes and a rare CMS 10y10y.

Start a free trial to read this article

Join today to access all  Total Derivatives content and breaking news. Already a subscriber? Please Log In to continue reading.

Or contact our Sales Team to discuss subscription options.

Get in Touch
Blurred image of Total Derivatives article content

 

Callables

  • EBRD sold a €100m 10y NC2 callable due Jan 2033. Coupon pays 3.45% with annual calls from Jan 2025 to Jan 2028. Lead is GS.

     

  • KfW issued €25m 5y NC2 callable due May 2028. Coupon pays 3.27% with annual calls from May 2025. Led by DZ.

     

  • CIC sold a €10m 15y NC5 callable due May 2038. Coupon pays 4.55% with calls in May 2028 and May 2033. Led by Jefferies.

 

CMS

  • Merrill Lynch sold a €35m CMS-linked EMTN due May 2033 at par. Coupon pays EUR 10y10y CMS +1.7% capped at 6% and floored at 2%. Self-led.

     

  • National Bank of Canada sold a €10m CMS-linked EMTN due May 2035. Coupon pays 4% to 2024 then pays 10.13 * EUR 5s/20s CMS capped at 10.13% and floored at 0%. Self-led.

 

Repacks

  • SPIRE sold a €30m puttable repack 4.445% due 25 Jun 2039. Puttable in Jun 2023. Backed by unspecified repack. Led by MS.

     

  • SPIRE last month sold a €100m zero coupon repack due 25 Jun 2039 callable once in June 2024. Repack of the Green OAT 1.75% 25 Jun 2039. Lead is MS.

     

  • SPIRE last month sold a NOK100m repack 3.96% due 5 Apr 2039. Backed by unspecified repack. Led by GS.

     

  • SPIRE last month sold a NOK100m repack 3.62% due 28 Sep 2038. Backed by unspecified repack. Led by GS.
     

 

Inflation

  • Santander sold a €50m EMTN due 15 May 2033. Coupon pays euro HICPx +1.45% floored at 0%. Self-led.

     

  • Barclays Bank sold a €50m EMTN due 11 May 2033. Coupon pays 1.72 * euro HICPx. Self-led.

     

  • Merrill Lynch sold a €50m EMTN 1.45% due 11 May 2033. Coupon and redemption  linked to euro HICPx. Self-led.

 

FRNs

  • LCFB sold a €15m Social FRN due May 2038. Coupon pays 3mE +50bps floored at 0%. Lead is Jefferies.

     

  • ICO sold a €65m FRN due May 2033. Coupon pays 6mE +100bps floored at 0%. Lead is Jefferies.

     

  • Erste launched a €150m (max) FRN due Jun 2028. Coupon pays 3mE capped at 5.75% and floored at 3%. Self-led.

     

  • Barclays launched a €100m (max) FRN due Jun 2028. Coupon pays 12mE floored at 0% to Jun 2025, then pays 3.5% fixed. Self-led.

     

  • General Mills sold a €250m FRN due Nov 2023. Coupon pays 3mE +30bps floored at 0%. Lead is DB.

 

Credit-linked

  • LBBW launched a €20m (max) credit-linked note 4.3% due Jul 2031. Credit-linked to Airbus. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 4.3% due Jul 2031. Credit-linked to Vodafone. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.85% due Jul 2029. Credit-linked to E.ON. Self-led.

     

  • Goldman Sachs launched a €5m (max) credit-linked note 4% due Jun 2026. Credit-linked to Telefonica. Self-led.

     

  • Deutsche Bank launched a €16.5m (max) credit-linked note 3.74% due Jun 2026. Credit-linked to Eni. Self-led.

     

  • JP Morgan launched a €6.3m (max) credit-linked note 4.79% due Dec 2024. Credit-linked to Generali. Self-led.

 

Equity-linked

  • Goldman Sachs launched a €220m (max) Phoenix Coupon equity-linked note 6.7% due Aug 2028 linked to the MSCI World ESG Leaders Index (EUR) Index. Self-led. 

     

  • Credit Agricole launched a €30m (max) equity-linked note due Apr 2026 linked to the Russell 2000 Index. Self-led.

     

  • Barclays launched a €30m (max) equity-linked European Barrier Quanto Autocallable note 2.66% due May 2026 linked to the S&P500 Index. Self-led.

     

  • SocGen launched a €40m (max) equity-linked note due Aug 2033 linked to the Solactive Transatlantic Biodiversity Screened 150 CW Decrement 50 Index. Self-led. 

     

  • Morgan Stanley launched a €30m (max) equity-linked note due May 2031 linked to the Euro Stoxx Banks Index. Self-led.

 

Long vanilla

  • Deutsche Gemeins Belgien sold a €25m EMTN 4.00% due Jun 2038. Lead is DB.

     

  • Deutsche Gemeins Belgien sold a €15.5m EMTN 3.713% due May 2035. Lead is Belfius.

     

  • Deutsche Gemeins Belgien sold a €25m EMTN 3.625% due Oct 2031. Lead is DB.

     

  • Gecina sold a €50m tap of its Green bond 0.875% due Jun 2036. Lead is MS.

     

  • Grenoble sold an €18m EMTN 3.58% due May 2033. Lead is TP Icap.

Related Topics

Most Popular