Structured Notes: New deals update

Hiking 18 Oct 2021
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Recent structured note activity in USD and EUR.

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USD:

 

  • ING sold a $50m 20y NC7 zero-coupon callable (non-Formosa). The EMTN matures May 2043, is callable every year starting May 2030. IRR 5.32%. Self-led. Announced May 16.

     

  • IBRD is working on a $20m fixed callable via SocGen maturing May 2033 NC2 that pays 4.8%. EMTN. Announced May 15.

     

  • Goldman Sachs is working on a self-led fixed callable maturing Nov 2026 NC1 that pays 5.4%. Domestic MTN.

     

  • Goldman Sachs is working on a self-led fixed callable maturing Nov 2025 NC1 that pays 5.3%. Domestic MTN.

     

  • Merrill Lynch is working on a self-led fixed callable maturing May 2043 NC3 that pays 4.8%. EMTN.

     

  • Merrill Lynch is working on a self-led fixed callable maturing May 2034 NC3 that pays 4.9%. EMTN.

     

  • Barclays is working on a self-led fixed callable maturing Jun 2030 NC6m that pays 5.25%. GMTN.

     

  • CIBC is working on a self-led fixed callable maturing May 2028 NC1 that pays 5%. GMTN.

     

  • UBS is working on a self-led fixed callable maturing May 2024 NC6m that pays 5.85%.  EMTN.

     

  • UBS is working on a self-led fixed callable maturing May 2024 NC6m that pays 5.02%.  EMTN.

     

  • Toronto Dominion is working on a self-led fixed callable maturing May 2026 NC1 that pays 5.3%. GMTN.

     

  • Toronto Dominion is working on a self-led fixed callable maturing Nov 2024 NC3m that pays 5.15%. GMTN.

     

  • Verizon Communications is working on a fixed callable via InspereX maturing May 2030 NC2 that pays 4.7%. Domestic MTN.

     

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

     

  • Dow Chemical is working on a fixed callable via InspereX maturing May 2053 NC6m that pays 5.8%. Domestic MTN.

     

  • Dow Chemical is working on a fixed callable via InspereX maturing May 2028 NC6m that pays 4.5%. 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 2025 NC6m that pays 6.9%. Domestic MTN.

 

EUR:

 

  • SPIRE issued €30.518m CMS-linked repack EMTN due 27 May 2033. Coupon pays EUR 20y CMS +153bps, capped at 7% and floored at 2%. Backed by unspecified repack. Further details unavailable. Led by Goldman Sachs.

     

  • IBRD sold a €10m 10y NC1 3.6% due May 2033. Callable once in May 2024. Lead is ING.  


  • NordLB issued EUR collared FRN due Jun 2028. Coupon pays 3mE capped at 4.25% and floored at 2.75%. Self-led.

 

 

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