Structured Notes: New deals update

USD:

• Merrill Lynch sold a $60m fixed callable Formosa 10y NC2. The EMTN matures Jun 2033, is callable annually from Jun 2025 and pays a 5.6% coupon. Leads are Bank of Taiwan, KGI and Yuanta. Announced May 19.

   

• Merrill Lynch sold a $25m 10y CMS-linked Formosa. The EMTN matures Jun 2033 and pays USD 1y CMS + 160bps floored at 0%. Leads are E.Sun and First Commercial. Announced May 22.

   

• Rabobank sold a $50m zero coupon callable 20y NC5 (non-Formosa). The EMTN matures May 2043, is callable annually from May 2028 and has an estimated IRR of 5.15%. Lead is Deutsche Bank. Announced May 19.

   

• Deutsche Bank sold a $80m fixed callable 20y NC5. The EMTN matures May 2043, is callable annually from May 2028 and pays a 6.287% coupon. Self-led and announced May 19.

   

• EBRD sold a $25m fixed callable 10y NC2. The GMTN matures Jun 2033, is callable annually from Jun 2025 and pays a 4.95% coupon. Lead is WFS and announced May 19.  

   

• KfW is working on a $50m fixed callable via JPM maturing May 2043 NC4 that pays 4.612%. EMTN.

   

• IBRD is working on a $10m fixed callable via Barclays maturing May 2033 NC1 that pays 5.55%. EMTN.

   

• IBRD is working on a $25m fixed callable via SocGen maturing May 2033 NC1 that pays 5.53%. EMTN.

   

• Deutsche is working on a self-led $279m FRN callable maturing Dec 2029 NC5 that pays O/N SOFR +281bps. Coupon paid quarterly from Dec 2028 if not called. EMTN.

   

• Asian Development Bank is working on a $20m fixed callable via Deutsche maturing Jun 2033 NC3 that pays 4.7%. EMTN.

   

• Morgan Stanley is working on a self-led step-up callable maturing Nov 2025 NC1 that pays 4.9% to May 2024, 5% to May 2025 and 5.25% thereafter. CD format. Domestic.

   

• Citigroup is working on a self-led $14m fixed callable maturing May 2033 that pays 5.22%. EMTN.

   

• Deutsche is working on a self-led fixed callable maturing May 2024 callable Jun 2023 that pays 5.65%. Eurodollar.  

   

• UBS is working on a self-led fixed callable maturing Jun 2024 NC3m that pays 5%. EMTN.

   

• UBS is working on a self-led step-up callable maturing May 2024 NC6m that pays 5.06% to Nov 2023 and 5.07% thereafter. EMTN.

   

• Bank of Montreal is working on a self-led USD extendible with initial maturity Nov 2023 and then extendible to May 2026 that pays 4.9% to May 2024, then pays 5.05%, and 5.1%, stepping up annually. Domestic MTN.

   

• Jefferies is working on a self-led fixed callable maturing May 2026 NC1 that pays 6%. Domestic MTN.   

EUR:

• Barclays issued €10m 15y NC6 fixed-to-floating callable due Jun 2038. Coupon pays 10.76% until Jun 2025. It then pays 6* EUR 2s/30s CMS, floored at zero. Annual calls from Jun 2029. Self-led.

  
  

• Helaba issued EUR 15y NC5 callable due Jun 2038. Coupon pays 4% with calls in Jun 2028 and Jun 2033. Self-led.