EUR MTNs: Big Italy CMS dominates; More inflation

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A massive Italian CMS via BNPP and Intesa Sanpaolo dominated structured note issuance. Elsewhere, Morgan Stanley printed another inflation note.

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Callables

NRW.Bank sold a €10m 10y NC2 callable due May 2033. Coupon pays 3.665% with single call in May 2025. Led by UniCredit.
DZ Bank sold a €50m 4y NC1 callable due May 2027. Coupon pays 4.15% with single call in May 2024. Self-led.
JP Morgan sold a €6m 20y NC11 due Mar 2043. Callable once in Mar 2034 and pays a 4.52% coupon. Self-led.
Goldman Sachs launched a €30m (max) 5y NC2 due Jun 2028. Callable once in Jun 2025 and pays a 4% coupon. Self-led.

CMS

Italy sold a €1.27bn (!) CMS-linked EMTN due 17 May 2033. The note pays 5% to 2025 then pays EUR 10y CMS floored at 3%, (CORRECTS) no cap. Leads are BNP Paribas and Intesa Sanpaolo.
LBBW sold a €25m CMS-linked note due May 2037. Coupon pays 1.1154 * EUR 20y CMS. Self-led.
DZ Bank sold a €75m CMS-linked EMTN due May 2033. Coupon pays 1.215 * EUR 10y CMS floored at 0%. Self-led.
DZ Bank sold a €50m CMS-linked EMTN due May 2030. Coupon pays EUR 10y CMS floored at 0%. Self-led.

Repacks

SPIRE sold a €25m repack 4 Oct 2038. Coupon pays 3.5% to 2024 then pays EUR 30y CMS caped at 6% and floored at 2.59%. Backed by an unspecified repack. Lead is BofA.

Inflation

Morgan Stanley sold a €50m EMTN due 1 Jun 2033. Coupon pays 1.56 * euro HICPx. Self-led.
Deutsche Bank launched a EUR retail inflation-linked note due May 2025. Self-led.
Deutsche Bank launched a EUR retail inflation-linked note due May 2027. Floored at 0.75%. Self-led.
UBS launched a €1m zero coupon inflation-linked note due May 2024 with redemption linked to euro HICPx. Self-led.

FRNs

Landesbank Hessen-Thueringen launched a €100m (max) FRN due Jun 2028. Coupon pays 3mE capped at 4% and floored at 2%. Lead is Helaba.
Landesbank Hessen-Thueringen launched a €100m (max) FRN due Dec 2028. Coupon pays 3mE capped at 3% and floored at 1%. Lead is Helaba.

Credit-linked

Credit Suisse launched a €10m (max) credit-linked note 4.95% due Jun 2026. Credit-linked to USTs. Self-led.
Santander launched a €25m (max) credit-linked note 5.6% due Dec 2023. Credit-linked to USTs. Self-led.
RBC launched a €1m (max) credit-linked note 7.15% due Jun 2028. Credit-linked to Ford. Self-led.
LBBW launched a €20m (max) credit-linked note 4.00% due Jul 2027. Credit-linked to Lanxess. Self-led.
LBBW launched a €20m (max) credit-linked note 4.6% due Jul 2027. Credit-linked to ArcelorMittal. Self-led.
LBBW launched a €20m (max) credit-linked note 3.25% due Jul 2027. Credit-linked to Mercedes-Benz. Self-led.

Equity-linked

Barclays launched a €30m (max) equity-linked Worst-of European Barrier Autocallable note due May 2033 linked to a basket of AXA and St Gobain. Self-led.
Barclays launched a €50m (max) equity-linked 3.8% digital note due May 2025 linked to the Euro Stoxx 50. Self-led.
BNP Paribas launched a €30m (max) equity-linked note 4.8% due May 2028 linked to the Euro Stoxx 50 Index. Self-led.
Natixis launched a €30m (max) equity-linked note due Apr 2033 linked to the CAC Large 60 Equal Weight Excess Return Index. Self-led.
Natixis launched a €30m (max) equity-linked note due Jul 2033 linked to the iEdge Europe Climate EW 40 Decrement 50 Points GTR Index. Self-led.
SocGen launched a €30m (max) equity-linked note due Jul 2033 linked to the iStoxx Europe 600 Energy ex-Coal GR Decrement 50 EUR Price Index. Self-led.

Long vanilla

LCFB sold a €25m puttable Social EMTN 3.83% due Jun 2103. Puttable in Jun 2054. Lead is GS.
Brussels Cap Region sold a €32m note 3.98% due May 2063. Lead is NordLB.
NordLB sold a €20m SNP 4.50% due Jun 2038. Self-led.
DZ Bank sold a €45m EMTN 4.0% due May 2038. Self-led.