USD MTNs: AFDB ZC; Natixis fixed callable Formosa

Financial data 24 Nov 2021
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After a pause of more than two weeks, a Formosa (fixed callable) and a ZC callable (non-Formosa) came this week. GS launches a CMS steepener.

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  • AFDB ZC; Natixis fixed callable Formosa

  • Recent structured note activity

     

    AFDB ZC; Natixis fixed callable Formosa

    After a pause of more than two weeks, both ZCs and Formosas saw new entrants. On the ZC side, African Development Bank (AFDB) sold a $50m 20y NC5 non-Formosa led by JP Morgan and with an IRR of 4.78%. As for Formosas, Natixis sold a $22m 10y NC5 fixed callable Formosa that pays a coupon of 5.2% via leads Natixis, Shanghai Commercial and Taishin International.  

     

    Elsewhere, Goldman Sachs launched a 5y NC1 CMS steepener that pays 5.75% for the first year, then pays 10*(CMS2y/10y), capped at 10% and floored at zero.

     

     

    Recent structured note activity

     

    Zero-coupon callables and Formosas:

     

    • AFDB sold a $50m 20y NC5 zero coupon callable (non-Formosa). The EMTN matures May 2053, is callable annually from May 2028 and has an estimated IRR of 4.78%. Lead is JPM and announced May 9.

       

    • Natixis sold a $22m 10y NC5 fixed callable Formosa. The EMTN matures May 2033 and is callable annually starting May 2028 and pays a coupon of 5.2%. Leads Natixis, Shanghai Commercial and Taishin International. Announced May 2.

     

    CMS steepeners:

     

    • Goldman Sachs is working on a self-led CMS steepener maturing May 2028 NC1  that pays 5.75% for the first year, then pays 10*(CMS2y/10y), capped at 10% and floored at zero. EMTN.

     

    Step-up and fixed callables:

     

    • Bank of America is working on a self-led $33m fixed callable maturing May 2028 NC1 that pays 5.4%. Domestic MTN.

       

      Bank of America is working on a self-led $35m fixed callable maturing May 2026 NC6m that pays 5.55%. Domestic MTN.

       

    • CIC Financial Products is working on a self-led $30m fixed callable maturing May 2033 NC5 that pays 5.02%. EMTN.

       

    • Credit Agricole sold a $30m 10y NC3 fixed callable. The EMTN matures May 2033, is callable annually from May 2026 and pays a 5.26% coupon. Self-led and announced May 9.

       

      Credit Agricole is working on a self-led $20m fixed callable maturing May 2033 NC2 that pays 5.3%. EMTN. 

       

      Credit Agricole is working on a self-led $15m fixed callable maturing May 2033 NC1 that pays 5.56%. EMTN. 

       

    • Goldman Sachs is working on a self-led fixed callable maturing May 2025 NC6m that pays 5.5%. Domestic MTN.

       

    • IBRD is working on a $20m fixed callable via Citi maturing May 2033 NC2 that pays 4.82%. EMTN.  Announced May 9.

       

      IBRD is working on a $20m fixed callable via CACIB maturing May 2033 NC1 that pays 5.3%. EMTN.  Announced May 9.

       

      IBRD is working on a $20m fixed callable via WFS maturing May 2033 NC2 that pays 4.65%. GMTN.  Announced May 5.

       

      IBRD is working on a $20m fixed callable via Citi maturing May 2033 NC2 that pays 4.77%. GMTN.  Announced May 8.

       

    • JP Morgan is working on a self-led fixed callable maturing May 2033 NC3 that pays 5.3%. Domestic MTN.

       

    • Morgan Stanley is working on a self-led step-up callable maturing May 2027 NC1 that pays 5% to May 2025, 5.25% to May 2026 and 5.5% thereafter. Domestic MTN. 

       

    • Standard Chartered is working on a self-led fixed callable maturing May 2028 NC2 that pays 5%. EMTN.

       

    • UBS is working on a self-led fixed callable maturing May 2025 NC1 that pays 5%. EMTN. 

       

      UBS is working on a self-led fixed callable maturing May 2024 NC3m that pays 5.15%. EMTN. 

       

    • Wells Fargo is working on a self-led step-up callable maturing May 2030 NC2 that pays 5.15% to May 2026, 5.4% to May 2028 and 5.8% thereafter. Domestic MTN.

       

      Wells Fargo is working on a self-led fixed callable maturing May 2033 NC2 that pays 5.3%. Domestic MTN.

       

      Wells Fargo is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.15%. Domestic MTN.

       

      Wells Fargo is working on a self-led step-up callable maturing May 2026 NC1 that pays 5% to May 2024, 5.25% to May 2025 and 5.6% thereafter. Domestic MTN.

       

    • Verizon Communications is working on a fixed callable via InspereX maturing May 2030 NC1 that pays 4.7%. Domestic MTN.

       

    • Dow Chemical is working on a fixed callable via InspereX maturing May 2053 NC6m that pays 5.75%. Domestic MTN.

       

      Dow Chemical is working on a fixed callable via InspereX maturing May 2028 NC6m that pays 4.5%. Domestic MTN.

       

      Dow Chemical is working on a fixed callable via InspereX maturing May 2033 NC6m that pays 5.05%. Domestic MTN.

       

    • Ally Financial is working on a fixed callable via InspereX maturing May 2033 NC6m that pays 7.2%. Domestic MTN.

       

      Ally Financial is working on a fixed callable via InspereX maturing May 2026 NC6m that pays 6.7%. Domestic MTN.

     

    Extendibles:

     

    • CIBC is working on a self-led USD extendible with initial maturity May 2024 and then extendible to May 2025 that pays 5.05%. Domestic MTN.

       

    • Bank of Montreal is working on a self-led USD extendible with initial maturity Nov 2023 and then extendible to May 2026 that pays 5.45% to May 2024, 5.6%, and 5.75%, stepping up annually. Domestic MTN.

     

     

     

     
     
     
     

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