USD MTNs: Solo Formosa; RBC inverse FRN; Callables active

Financial chart 24 Nov 2021
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Formosa and ZCs saw a slowdown as only a 10y NC5 fixed callable Formosa printed. RBC launched an inverse FRN. Bank callables were active.

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  • Solo Formosa; RBC inverse FRN; Callables active

  • Recent structured note activity

     

    Solo Formosa; RBC inverse FRN; Callables active

    Formosa and zero-coupon callable flows slowed down after the robust flows of the previous week. To be sure, no new zero-coupon callables printed and Formosa notes only saw a solo entrant this past week: a $40m 10y NC5 fixed callable Formosa from Merrill Lynch.  

     

    Elsewhere, on the CMS side, Royal Bank of Canada London launched a 3y NC1 inverse FRN EMTN that pays 7% for the first year and then pays 7*(4%-CMS10y), floored at zero.

     

    Meanwhile, fixed callables were active as several banks issued multiple notes, led by JP Morgan, Goldman Sachs, Toronto Dominion and Morgan Stanley - the latter issuing a rare step-down fixed callable.   

     

     

    Recent structured note activity

     

    Zero-coupon callables and Formosas:

     

    • Merrill Lynch sold a $40m 10y NC5 fixed callable Formosa 5.3% due Jun 2033. The note is callable annually from Jun 2028. Leads are KGI and Sinopac and announced May 24.

     

    Inverse FRNs:

     

    • Royal Bank of Canada London is working on a self-led inverse FRN maturing Jun 2026 NC1 that pays 7% for the first year and then pays 7*(4%-CMS10y), floored at zero. EMTN. 

     

    Fixed to FRNs:

     

    • Goldman Sachs is working on a self-led $30m fixed to FRN note maturing Jun 2025 NC1 that pays 5.95% for the first year, then pays a spread*(1+given variable) +1%, floored at zero. EMTN.

       

      Goldman Sachs is working on a self-led $30m fixed to FRN note maturing Jun 2025 NC1 that pays 6% for the first year, then pays a spread*(1+given variable) +1%, floored at zero. EMTN.

     

    Fixed, step-up and step-down callables:

     

    • Bank of Montreal is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5.55%. Domestic MTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Jun 2025 NC6m that pays 5.65%. Domestic MTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Jun 2033 NC2 that pays 5.5%. Domestic MTN.

       

      Bank of Montreal is working on a self-led fixed callable maturing Jun 2033 NC6m that pays 4.9%. CD format. Domestic. 

       

    • Barclays is working on a self-led $50m fixed callable maturing Jun 2025 NC1 that pays 5.5%. EMTN.

       

    • Citigroup is working on a self-led fixed callable maturing Jun 2026 NC1 that pays 5.5%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5.6%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Jun 2024 NC6m that pays 5.5%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5%. EMTN.

       

    • Credit Agricole is working on a self-led fixed callable maturing Jun 2026 NC1 that pays 4.9%. EMTN.

       

    • Goldman Sachs is working on a self-led fixed callable maturing Jul 2024 NC6m that pays 5.55%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Jul 2024 NC6m that pays 5.7%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Jun 2025 NC6m that pays 5.8%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Jun 2028 NC3m that pays 6%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Jul 2024 NC6m that pays 5.55%. Domestic MTN.

       

    • HSBC is working on a self-led step-up callable maturing Dec 2024 NC1 that pays 4.2% to Dec 2023, 4.25% to Jun 2024 and 4.3% thereafter. Eurodollar.

       

    • JP Morgan is working on a self-led fixed callable maturing Jul 2024 NC6m that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5.7%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2025 NC1 that pays 5.25%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2025 NC6m that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2027 NC6m that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Dec 2025 NC6m that pays 5.25%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jul 2024 NC6m that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2025 NC6m that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2025 NC1 that pays 5.1%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing May 2026 NC1 that pays 5.3%. Domestic MTN.

       

    • Morgan Stanley is working on a self-led step-down callable maturing Jun 2028 NC1 that pays 6% to Jun 2024, 5% to Jun 2025, 4.5% to Jun 2026 and 4% thereafter. CD format. Domestic.  

       

      Morgan Stanley is working on a self-led step-up callable maturing Jun 2027 NC1 that pays 5.05% to Sep 2025, 5.25% to Sep 2026, 5.5% to Dec 2026 and 5.75% thereafter. CD format. Domestic.

       

      Morgan Stanley is working on a self-led fixed callable maturing Jun 2033 NC2 that pays 5.35%. Domestic MTN.  

       

      Morgan Stanley is working on a self-led $36 fixed callable maturing Jun 2033 NC3 that pays 5.55%. EMTN. 

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Jun 2038 NC2 that pays 6%. GMTN.

       

    • Santander is working on a self-led fixed callable maturing Jun 2026 NC1 that pays 4.3%. EMTN.

       

    • Standard Chartered is working on a self-led $50m fixed callable maturing Jun 2025 NC1 that pays 5.5%. EMTN.

       

    • Toronto Dominion is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5.6%. GMTN.

       

      Toronto Dominion is working on a self-led step-up callable maturing Jun 2028 NC3m that pays 5.5% to Jun 2025, 6.5% to Jun 2027 and 7% thereafter. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Jun 2028 NC3m that pays 6%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Jul 2024 NC9m that pays 5.5%. GMTN.

       

    • UBS is working on a self-led fixed callable maturing Jun 2025 NC1 that pays 5.48%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Jun 2025 NC1 that pays 5.29%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Jun 2024 NC6m that pays 5.1%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Jul 2025 NC1 that pays 4.04%. EMTN. Credit linked to Standard Chartered.

       

      UBS is working on a self-led fixed callable maturing Jul 2025 NC1 that pays 4.12%. EMTN. Credit linked to Bank of America.

       

      UBS is working on a self-led $50m fixed callable maturing Jan 2025 NC1m that pays 5.88%. EMTN. Credit linked to Bank of China HK.

       

      UBS is working on a self-led $20m fixed callable maturing May 2024 NC6m that pays 5.85%. EMTN.

     

    Extendibles:

     

    • Royal Bank of Canada is working on a self-led CAD extendible with initial maturity Dec 2024 and then extendible to Jun 2028 that pays 5.36%. Canadian.

       

      Royal Bank of Canada is working on a self-led CAD extendible with initial maturity Jun 2028 and then extendible to Jun 2038 that pays 5.27%. Canadian.

       

      Royal Bank of Canada is working on a self-led CAD extendible with initial maturity Jun 2028 and then extendible to Jun 2038 that pays 5.55%. Canadian.

       

    • Bank of Montreal is working on a self-led CAD extendible with initial maturity Jun 2024 and then extendible to Jun 2026 that pays 5.3%. Canadian. Domestic MTN.

       

      Bank of Montreal is working on a self-led CAD extendible with initial maturity Nov 2027 and then extendible to May 2033 that pays 4.86%. Canadian.

       

      Bank of Montreal is working on a self-led CAD extendible with initial maturity May 2032 and then extendible to May 2033 that pays 4.86%. Canadian.

     

     

     

     

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