Structured Notes: New deals update

Steep curve 9 Nov 2020
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Recent structured note activity in USD and EUR.

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USD:

 

  • Standard Chartered is working on a $40m fixed callable maturing May 2033 NC4 that pays 5.18%. EMTN.

     

  • Citigroup is working on a self-led $22m fixed callable maturing May 2033 NC4 that pays 5.22%. EMTN.

     

  • JP Morgan sold a $50m 25y NC5 zero coupon callable (non-Formosa). The EMTN matures May 2048 and is callable annually starting May 2028. Self-led. Estimated IRR 4.95%. Announced May 16.

     

  • Royal Bank of Canada sold a $15m 10y NC5 zero coupon callable (non-Formosa). The EMTN matures May 2033 and is callable annually starting May 2029. Self-led. Estimated IRR 5.125%. Announced May 17.

     

  • Citigroup is working on a self-led fixed callable maturing May 2033 NC18m that pays 5.35%. Domestic MTN.

     

  • Asian Development Bank is working on a $20m fixed callable via WFS maturing Jun 2033 NC3 that pays 4.55%. GMTN.

     

  • Morgan Stanley is working on a self-led step-up callable maturing May 2027 NC3m that pays 5% to May 2025, 5.25% to May 2026 and 5.5% thereafter. CD format. Domestic.

     

  • Goldman Sachs is working on a self-led CMS steepener maturing May 2025 NC1 that pays 6*(CMS2y/10y -25bps) +2%. EMTN.

     

  • JP Morgan is working on a self-led fixed callable maturing May 2028 callable Feb 2027 that pays 4%. Domestic MTN.

     

  • Royal Bank of Canada is working on a self-led inverse FRN maturing Jun 2026 NC1 that pays 7% for the first year, then pays 6*(3.9%-CMS10y), floored at zero. EMTN.  

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing May 2028 NC1 that pays 5.25%. GMTN.

     

  • Bank of Montreal is working on a self-led fixed callable maturing May 2027 NC6m that pays 5%. CD format. Domestic.

     

  • Societe Generale is working on a self-led $25m floating callable maturing May 2028 callable Feb 2028 that pays O/N SOFR +120bps. Eurodollar.

     

  • Wells Fargo is working on a self-led step-up callable maturing May 2026 NC1 that pays 5.2% to May 2024, 5.45% to May 2025 and 5.75% thereafter. Domestic MTN.

     

  • Wells Fargo is working on a self-led fixed callable maturing May 2033 NC2 that pays 5.5%. Domestic MTN.

     

  • Wells Fargo is working on a self-led fixed callable maturing May 2030 NC1 that pays 5.35%. Domestic MTN.

     

  • ELM BV is working on a $50m putable note via UBS maturing May 2025 and putable Jun 2023 that pays 5%. Credit linked to Doha Bank. Repackaging note. EMTN. 

 

EUR:

 

  • DZ Bank issued EUR CMS-linked EMTN due May 2036. Coupon pays 1.302 * EUR 10y CMS floored at zero. Self-led.


  • EIB issued €200m (max) inflation-linked note due May 2034 with coupon and redemption linked to euro HICPx. Led by JP Morgan.

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