USD MTNs: Formosas, ZCs, CMS; IBRD callables

Hundred dollar bill Fed 25 Mar 2021
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Several Formosas, -including 5y FRNs and a MDGH 30y fixed - priced. MS came with a rare CMS dual ranger. IBRD keeps on churning out callables.

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  • Formosas, ZCs, CMS; IBRD callables

  • Recent structured note activity

     

    Formosas, ZCs, CMS; IBRD callables

    A number of Formosas popped up in the past week, mostly non-callable: Mamoura (MDGH) priced $500m 30y fixed, Morgan Stanley sold a $20m 10y NC5 fixed, Citigroup sold a $135m 5y FRN, Goldman Sachs sold a $55m 5y FRN and National Bank of Canada sold a $10m 5y FRN.

     

    Zero-coupon callables saw a couple of non-Formosas.  ING sold a $50m 20y NC7 ZC while BNP Paribas sold a $50m 20y NC5 ZC.

     

    In CMS notes, Morgan Stanley launched a rare dual CMS ranger – a $20m 23y NC1 while UBS came with several short-dated CMS range accruals.

     

    On the fixed callable side, IBRD continues to be active with $20m o $50m 10y to 20y fixed callables.

     

     

    Recent structured note activity

     

    Zero-coupon callables and Formosas:

     

    • 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.

       

    • BNP Paribas sold a $50m 20y NC5 zero-coupon callable (non-Formosa). The EMTN matures May 2043, is callable every five years starting May 2028. IRR 5.08%. Self-led. Announced May 12.

       

    • Morgan Stanley sold a $20m 10y NC5 fixed callable Formosa. The EMTN matures May 2023, is callable annually starting May 2028 and pays a 5.21% coupon. Leads Shanghai Commercial and Yuanta and announced May 9.

       

    • 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.

       

    • Goldman Sachs sold a $55m 5y floating Formosa. The EMTN matures May 2028, is not callable and pays O/N SOFR +1.3%. Lead Taishin and announced May 10.

       

    • National Bank of Canada sold a $10m 5y floating Formosa. The EMTN matures May 2028, is not callable and pays O/N SOFR +1.2%. Lead KGI and announced May 10.

       

    • Mamoura (MDGH) priced $500m 30y Formosa. Leads BNPP (B&D 30y), Citi, FADB, JPM (B&D 10y), StanChart, Barclays, CA, ENBD, Mizuho, Natixis, SMBC and ADCB.  Aa2/AA.  +105bps, +135bps. It also priced a priced $1bn 10.5y non-Formosa at +105bps. 

     

    CMS rangers:

     

    • 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.

       

    • 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. 

     

    Step-up and fixed callables:

     

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

       

    • Bank of America is working on a self-led step-up callable maturing May 2035 callable Feb 2025 that pays 5.15% to May 2026, 5.5% to May 2029, 6% to May 2032 and 6.5% thereafter. Domestic MTN.

       

      Bank of America is working on a self-led fixed callable maturing May 2033 NC2 that pays 5.5%. Domestic MTN.

       

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

       

      Bank of America is working on a self-led fixed callable maturing May 2026 NC6m that pays 5.5%. 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.

       

    • Bank of Montreal is working on a self-led fixed callable maturing Jun 2026 NC6m that pays 5.3%. Domestic MTN.

       

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

       

      Barclays is working on a self-led fixed callable maturing May 2027 NC6m that pays 5.15%. GMTN.

       

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

       

    • Citigroup is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.1%.  Domestic MTN.

       

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

       

    • 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.

       

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

       

      Goldman Sachs is working on a self-led fixed callable maturing May 2026 NC6m that pays 5.55%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing May 2033 NC18m that pays 5.55%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Jul 2024 NC6m that pays 5.3%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.6%. Domestic MTN.

       

      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.

       

    • 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.

       

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

       

      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 $50m fixed callable via ML maturing May 2043 NC4 that pays 4.67%. EMTN.  Announced May 11.

       

      IBRD is working on a $20m fixed callable via ML maturing May 2033 NC3 that pays 4.53%. EMTN.  Announced May 10.

       

      IBRD is working on a $20m fixed callable via ML maturing May 2033 NC2 that pays 4.84%. EMTN.  Announced May 10.

       

    • JP Morgan is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.05%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2025 NC6m that pays 5.1%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2027 NC6m that pays 5.15%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.25%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2026 NC6m that pays 5.1%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2033 NC1 that pays 5.58%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2025 NC6m that pays 5.1%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jul 2024 NC6m that pays 5.05%. Domestic MTN.

       

      JP Morgan is working on a self-led $15m fixed callable maturing May 2033 NC1 that pays 5.62%. EMTN.

       

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

       

    • Macquarie Bank is working on a self-led $50m fixed callable maturing May 2030 NC3 that pays 4.87%. EMTN.

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing May 2033 NC2 that pays 5.5%. GMTN.

       

      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.

       

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

       

    • Societe Generale is working on a $50m fixed callable maturing May 2028 NC3 that pays 5%. Lead N/A. EMTN.

       

    • Standard Chartered is working on a self-led step-up callable maturing May 2026 NC1 that pays 3.25% to May 2024, 3.35% to Nov 2024, 3.45% to May 2025, 3.55% to Nov 2025 and 3.65% thereafter. Domestic MTN.

       

      Standard Chartered is working on a self-led fixed callable maturing May 2025 NC1 that pays 4.2%. EMTN.

       

    • Swedish Export Credit is working on a $100m fixed callable via JPM maturing May 2026 NC6m that pays 5.22%. EMTN.  Announced May 9.

       

    • 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.

       

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

       

      Toronto Dominion is working on a fixed callable via BofA and TD maturing May 2027 NC6m that pays 5.6%. 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.

       

      UBS is working on a self-led fixed callable maturing May 2025 NC1 that pays 4.71%.  EMTN.

       

      UBS is working on a self-led fixed callable maturing May 2024 NC6m that pays 4.78%.  EMTN.

       

      UBS is working on a self-led fixed callable maturing Jul 2025 NC1 that pays 5.19%.  EMTN.

       

      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 step-up callable maturing May 2024 NC6m that pays 4.77% to Nov 2023 and 4.78% thereafter. Domestic MTN.

       

      UBS is working on a self-led step-up callable maturing May 2024 NC3m that pays 5.21% to Nov 2023 and 5.22% thereafter. Domestic MTN.

       

    • Ford Motor Credit is working on a fixed callable via Incap maturing May 2025 NC1 that pays 6.85%. Domestic MTN.

       

    • 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.

     

    Extendibles:

     

    • Toronto Dominion is working on a self-led USD extendible with initial maturity May 2024 and then extendible to May 2025 that pays 5.25%. Canadian.

       

    • 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.

       

      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.

       

    • Royal Bank of Canada is working on a self-led CAD extendible with initial maturity May 2029 and then extendible to May 2038 that pays 5.33%. Canadian.

       

      Royal Bank of Canada is working on a self-led CAD extendible with initial maturity May 2029 and then extendible to May 2038 that pays 5.07%. Canadian.

     

     

     

     

     
     
     
     

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