EUR MTNs: Callables plus a few repacks and CMS

Manufacturing robots 14 Jun 2022
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A light week for euro MTN issuance saw a few callables, a couple of CMS and some repacks print.

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Callables

  • NedWaters sold a €50m 15y NC3 callable due Jun 2038. Coupon pays 4.187% with single call in Jun 2026. Lead is GS.

     

  • Intesa Sanpaolo sold a €20m 15y NC10 callable due Jun 2038. Coupon pays 5.58% with single call in Jun 2033. Lead is Citi.

     

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

     

  • RBC issued €3.5m 30y NC10 callable due Jun 2043. Coupon pays 4.75% with single call in Jun 2033. Self-led.

     

  • Credit Agricole launched a €200m (max)  6y NC2 callable due Jul 2029. Coupon pays 4% with annual calls from Jun 2025. Self-led.

     

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

     

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

     

  • DZ Bank launched a EUR 5y NC2 callable due Jun 2028. Coupon pays 4.27% with single call in Jun 2025. Self-led.

 

CMS

  • 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.

     

  • Barclays issued €10m CMS-linked EMTN due Jun 2033. Coupon pays EUR 10y CMS * 1.31, capped at 6%. Self-led.

 

Repacks

  • SPIRE sold a €25m 5.11% repack due 18 Sep 2031 via BofA. Repack unconfirmed.

     

  • SPIRE sold a €100m repack due 7 Apr 2025 via Citi. Coupon pays 3mE +24bps. Repack unconfirmed.

     

  • SPIRE sold a €100m repack due 7 Jun 2025 via Citi. Coupon pays 3mE +24bps floored at 0%. Repack unconfirmed.
     

 

Inflation

  • Goldman Sachs launched a €5m (max) inflation-linked zero coupon EMTN due 26 May 2027. Coupon and redemption linked to euro HICPx. Self-led.

 

FRNs

  • Deutsche Bank launched a €10m (max) collared FRN due Jun 2026. Coupon pays 3mE flat capped at 4% and floored at 3.35%. Self-led.

 

Credit-linked

  • DZ Bank launched a €25m (max) credit-linked note 4.10% due Dec 2026. Credit-linked to VW. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note 4.37% due Dec 2030. Credit-linked to Siemens. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Jun 2030. Pays 3mE +131bps. Credit-linked to EnBW. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Jun 2033. Pays 3mE +128bps. Credit-linked to Nestle. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Jun 2033. Pays 3mE +130bps. Credit-linked to GSK. Self-led.

     

  • JP Morgan sold a €8.9m credit-linked note 4.79% due Dec 2024. Credit-linked to Generali. Self-led.

 

Equity-linked

  • SocGen launched a €30m (max) equity-linked note due Jul 2033 linked to the iStoxx Transatlantic Megatrends 60 GR Decrement 50 Price Index. Self-led.

     

  • SocGen launched a €30m (max) equity-linked note due Jul 2033 linked to the iStoxx Europe 600 Basic Resources GR Decrement 50 Price Index. Self-led.

     

  • SocGen launched a €30m (max) equity-linked note due Jun 2033 linked to the Solactive Euro ESG 40 AR Index. Self-led.

     

  • Morgan Stanley launched a €30m (max) equity-linked note due Jul 2033 linked to the Solactive Top 50 France Germany Benelux EW 5% AR Index. Self-led.

     

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

     

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

 

Long vanilla

  • British Columbia sold a €80m 3.402% EMTN due Jun 2053. Lead is BMO.

     

  • British Columbia sold a €86m 3.508% EMTN due Jun 2039. Lead is RBC.

     

  • BNG Bank issued a €250m 3.425% EMTN due 18 Dec 2040 via Commerzbank.

     

  • UN agency the International Fund for Agricultural Development sold a €115m Sustainability EMTN 3.50% due Aug 2038. Lead is JPM.

     

  • Engie issued a €100m tap of its 4% Green bond due Jan 2035. Lead is HSBC.

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