Structured Notes: New deals update

USD:

• Wells Fargo sold a $25m zero coupon callable 30y NC10 Formosa. The EMTN matures May 2053, is callable annually from May 2033 and has an estimated IRR of 6.06%. Leads KGI and Yuanta. Announced May 22.

   

• ING Bank sold a $50m zero coupon callable 5y NC1 (non-Formosa). The EMTN matures May 2028, is callable annually from May 2024 and has an estimated IRR of 5.59%. Lead N/A. Announced May 23.

   

• BNP Paribas sold a $271m 5y FRN Formosa. The EMTN matures Jun 2028 and pays O/N SOFR + 130bps. Leads BNPP, CTBC, E Sun, Mega, President, Sinopac, Taishin, Yuanta. Announced May 23.

   

• IBRD is working on a $12m fixed callable via Nomura maturing Jun 2033 NC1 that pays 5.7%. EMTN. Announced May 23.

   

• Asian Development Bank is working on a $20m fixed callable via Nomura maturing Jun 2033 NC3 that pays 4.8%. EMTN.

   

• Bank of America is working on a self-led step-up callable maturing Jun 2038 NC3 that pays 5.2% to Jun 2026, 5.75% to Jun 2030, 6% to Jun 2034 and 6.5% thereafter. Domestic MTN.

   

• Santander is working on a self-led fixed callable maturing May 2026 NC1 that pays 1.1%. Eurodollar.

   

• Dow Chemical is working on a fixed callable via InspereX maturing Jun 2028 NC6m that pays 4.8%. Domestic MTN.  

   

• Dow Chemical is working on a fixed callable via InspereX maturing Jun 2033 NC6m that pays 5.3%. Domestic MTN.  

   

• Dow Chemical is working on a fixed callable via InspereX maturing Jun 2053 NC6m that pays 5.95%. Domestic MTN.  

   

• Ally Financial is working on a fixed callable via InspereX maturing Jun 2033 NC6m that pays 7.35%. Domestic MTN.  

   

• Ally Financial is working on a fixed callable via InspereX maturing Jun 2025 NC6m that pays 6.95%. Domestic MTN. 

EUR:

• NordLB issued EUR 15y NC5 callable due Jun 2038. Coupon pays 4.75% with calls in Jun 2028 and Jun 2033. Self-led.