Structured Notes: New deals update

Kyoto bamboo forest
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Recent structured note activity in USD and CAD.

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USD:

 

  • IBRD is working on a $50m fixed callable via ML maturing May 2043 NC4 that pays 4.67%. EMTN.  Announced May 11.

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing May 2030 NC6 that pays 4.91%. GMTN. 

     

  • KfW is working on a $50m fixed callable via RBC maturing May 2026 NC6m that pays 5.11%. EMTN.  Announced May 10.

     

  • Citigroup sold a $135m 5y floating Formosa. The EMTN matures May 2028, is not callable and pays O/N SOFR +1.2%. Leads CTBC, Mega, Sinopac and Taishin and announced May 10.

     

  • Morgan Stanley is working on a self-led $20m CMS dual ranger maturing May 2046 NC1 that pays 4.1% for the first two years, then pays 5.3% as long as CMS10y is less than or equal to 4.5% and CMS5y/30y is greater than or equal to zero thereafter. Credit-linked to a Korean international bond. EMTN.

     

  • Goldman Sachs is working on a self-led fixed callable maturing May 2028 NC6m that pays 6%. Domestic MTN.

     

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

     

  • Citigroup is working on a self-led fixed callable maturing May 2025 NC1 that pays 4.7%. EMTN.

     

  • HSBC is working on a self-led step-up callable maturing Nov 2024 NC6m that pays 4.2% to Nov 2023, 4.25% to May 2024 and 4.3% thereafter. Eurodollar.

     

  • UBS is working on a self-led $10m fixed callable maturing May 2024 NC3m that pays 5.15%. EMTN.

     

  • UBS is working on a self-led CMS range accrual maturing May 2024 NC1m that pays 7.43% as long as CMS1y is between 3.3-5%. EMTN.  

     

  • UBS is working on a self-led CMS range accrual maturing Feb 2024 NC1m that pays 6.32% as long as CMS1y is between 3.3-5%. EMTN.  

     

  • UBS is working on a self-led CMS range accrual maturing Nov 2024 NC1 that pays 7.5% as long as CMS1y is between 3.3-5%. EMTN.  

     

  • Toronto Dominion is working on a self-led $825m fixed callable maturing May 2024 NC9m that pays 5.4%. CD format. Domestic.

     

  • Royal Bank of Canada is working on a self-led $40m fixed callable maturing May 2033 NC4 that pays 5.09%. Putable Aug 2023. EMTN.  

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing May 2028 NC3 that  pays 4.93%. EMTN.

     

  • Bank of Montreal is working on a self-led USD extendible with initial maturity May 2024 and then extendible to May 2025 that pays 5%. Domestic MTN.

     

  • African Development Bank is working on a $50m fixed callable via CACIB maturing May 2026 NC1 that pays 4.79%. GMTN.

 

CAD:

 

  • Bank of Montreal is working on a self-led CAD extendible with initial maturity May 2024 and then extendible to May 2025 that pays 4.87%. Canadian.

 

 

 

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