EUR MTNs: EIB inflation-linked; Handful of callables and CMS

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An inflation-linked note from the EIB along with a light sprinkling of callables and CMS accounted for the bulk of the last week's structured MTNs.

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Callables

  • EBRD sold a €10m 10y NC1 3.62% due May 2033. Callable in May 2024 and May 2026. Lead is ING. 

     

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

     

  • KfW issued a €25m 10y NC1 callable due May 2033. Coupon pays 4.06% with calls in May 2024 and May 2026. Led by Goldman Sachs.

     

  • KfW issued a €50m 10y NC1 callable due May 2033. Coupon pays 3.9% with calls in May 2024 and May 2026. Led by Goldman Sachs.

     

  • RBC issued a €20m 20y NC15 callable due May 2043. Coupon pays 4.37% with single call in May 2037. Puttable in August 2023. Self-led.

     

  • NRW.Bank sold a €10m 12y NC2 callable due May 2035. Coupon pays 3.9725% with single call in May 2025. Led by GS.

     

  • Deutsche Bank sold a €50m 11y NC10 callable due May 2034. Coupon pays 4.09% with single call in May 2033. Self-led.

     

  • Barclays sold a €3m 8y NC4 due Jun 2031. Callable once in Jun 2027 and pays a 4.25% coupon. Self-led.

     

  • CIBC sold a €3m 8y NC4 due Jun 2031. Callable once in Jun 2027 and pays a 4.25% coupon. Self-led.

     

  • Goldman Sachs launched a €30m (max) 5y NC3 due Jun 2028. Callable in Jun 2026 and Jun 2027 and pays a 3.8% coupon. Self-led.

 

CMS

  • DZ Bank sold a €25m CMS-linked EMTN due May 2036. Coupon pays 1.3025 * EUR 10y CMS floored at zero. Self-led.

     

  • RBC last week sold a €25m CMS-linked EMTN due Jun 2035. Coupon pays EUR 20y CMS +108bps capped at 6% and floored at 3%. Self-led.

 

Repacks

  • Lunar Luxembourg sold a €160m repack due 25 Jul 2026. Backed by unspecified repack. Lead is NatWest Markets.

     

  • Lunar Luxembourg sold a €50.1m repack due 7 May 2025. Backed by unspecified repack. Lead is NatWest Markets.

     

  • SPIRE launched a €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.

     

  • SPIRE sold a NOK100m repack 3.95% due 5 Apr 2039. Backed by an unspecified repack. Lead is GS.

     

  • SPIRE sold a €20m sinkable repack due 12 Nov 2041. Backed by an unspecified repack. Lead is CS.

     

  • SPIRE sold a €7m repack due 2 Mar 2026. Coupon pays 3mE +120bps. Backed by an unspecified repack. Lead is Citi.

     

  • SPIRE sold a €14m repack due 4 Jun 2030. Linked to inflation but further details unavailable.
     

 

Inflation

  • EIB sold a €200m inflation-linked bond 0.56% due 5 Jun 2034 at par. Coupon and redemption linked to euro HICPx. Lead is JP Morgan.

     

  • Citigroup last week sold a €50m EMTN due 23 May 2033. Coupon pays 1.61 * euro HICPx floored at 0%. Self-led.

     

  • RBI last week launched a €75m (max) inflation-linked note due 2 Jun 2026. The note pays 3.5% fixed with redemption to euro HICPx -10.5, floored at0%. Self-led.

     

  • UBS launched a €3.8m zero coupon inflation-linked note due 30 May 2024 with redemption linked to euro HICPx. Self-led.

 

FRNs

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

 

Credit-linked

  • SPV Novus Capital sold a €20m credit-linked extendible note due Aug 2024. Pays €STR + 58bps. Credit-linked to a basket of Airbus, EDF, Generali and HSBC. Lead is Nomura.

     

  • DZ Bank launched a €25m (max) credit-linked note due Dec 2026. Pays 6mE +160bps. Credit-linked to Lanxess. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note 5.24% due Jun 2030. Credit-linked to BT. Self-led.

     

  • Mediobanca launched a €2m (max) credit-linked note 5.7% due Jun 2033. Credit-linked to Eni. Self-led.

     

  • Credit Agricole launched a €1m (max) 5y NC3 callable credit-linked note 4.75% due Jul 2028. Credit-linked to Continental. Callable every 6m from Jul 2026. Self-led.

 

Equity-linked

  • Goldman Sachs launched a €30m (max) equity-linked Autocallable note due Jul 2033 linked to the Morningstar Eurozone 30 Basic Resources, Banks and Energy Decrement 50 Point Index. Self-led.

     

  • Goldman Sachs launched a €30m (max) equity-linked Autocallable note due Jul 2033 linked to the S&P Eurozone LargeMidCap Banks (Industry Group) 50 Point Decrement Index. Self-led.

     

  • Citigroup launched a €30m (max) Snowballing Autocallable note due Aug 2033 linked to the Morningstar Transatlantic Select 50 Decrement 50 Point GR EUR Index. Self-led.

     

  • Natixis launched a €30m (max) equity-linked note due Aug 2033 linked to the iEdge Engie SA Decrement 1.4 EUR GTR Index. Self-led.

 

Long vanilla

  • Brussels Cap Region sold a €30m EMTN 3.976% due Aug 2067. Lead is DB.

     

  • Brussels Cap Region sold a €30m EMTN 3.976% due Aug 2067. Lead is DB.

     

  • Brussels Cap Region sold a €160m EMTN 3.976% due May 2055. Lead is DB.

     

  • Region Pays de la Loire sold a €20m EMTN 3.70% due Jun 2039. Lead is GFI.

     

  • Muenchener Hypo sold a €20m Covered bond 3.125% due May 2038. Lead is NordLB.

     

  • DZ Bank sold a €45m EMTN 4.00% due May 2038. Lead is DZ.

     

  • Kreissparkas Goeppingen sold a €25m Covered bond 3.386% due May 2033. Lead is LBBW.

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