EUR MTNs: Short list of CMS, Repacks, Emissions-linked and Step-ups

Callables

• NRW.Bank issued a €20m 5y NC1 callable due Jun 2028. Coupon pays 3.6% with single call in Jun 2024. Led by DZ Bank.

   

• KfW issued a €30m 12y NC3 callable due Jun 2035. Coupon pays 3.9% with single call in Jun 2026. Led by Credit Agricole.  

   

• Goldman Sachs issued a €30m (max) 8y NC1 callable due Jul 2031. Coupon pays 4% with annual calls from Jul 2024. Self-led.

CMS

• Goldman Sachs issued a €10m callable CMS due Jun 2035. Coupon pays EUR 20y CMS capped at 7% and floored at 4.5%. Single call in Jun 2030. Self-led.

   

• Morgan Stanley last week sold a €20m CMS-linked EMTN due Jun 2034. Coupon pays EUR 20y CMS +1.65% capped at 6% and floored at 2%. Self-led.

   

• Credit Mutuel Arkea last week sold a €25m Green CMS-linked EMTN due Jun 2035. Coupon pays EUR 20y CMS +0.981% capped at 5.5% and floored at 3%. Self-led.

   

• Credit Agricole last week sold a €2m CMS-linked EMTN due Jun 2033. Coupon pays 5% to 2024 then pays 6 * EUR 2s/10s CMS capped at 10% and floored at 0%. Self-led.

Repacks

• SPIRE sold a €30m inflation-linked repack 1.5% due 3 May 2028. The note priced at par and has coupon and redemption linked to HICPx. Repack unconfirmed and lead is JP Morgan.

   

• SPIRE sold a €75m repack EMTN due 15 Jun 2024 via Citi. Coupon pays 3mE +30bps. Repack unconfirmed.

   

• SPIRE sold a €50m zero coupon sinkable repack due 12 Nov 2041 via CS. Priced at par. Repack and other details unconfirmed.

Inflation

• Deutsche Bank launched a EUR inflation-linked note due 22 Jun 2027. The note priced at par and is linked to euro HICPx floored at 0.75%. Self-led.

Credit-linked

• DZ Bank launched a €25m (max) credit-linked note 4.06% due Jun 2027. Credit-linked to Mercedes-Benz. Self-led.

   

• UniCredit sold a €2m credit-linked note 4.2% due Dec 2023. Credit-linked to Deutsche Bank. Self-led.

   

• Nomura sold a €2.3m credit-linked note 4.6% due Jul 2028. Credit-linked to Enel. Self-led.

Emissions-linked

• Commerzbank launched a €50m (max) note 12.48147% due 29 Dec 2025 linked to European Carbon Allowance emission futures. Self-led.  

Step-up

• Italy will sell the new EUR retail 4y 'BTP Valore' from Jun 5 to Jun 9 (unless closed early). The note pays at least 3.25% for the first two years and 4% for the third and fourth years, plus a final bonus coupon of 0.5%. Dealers are Intesa Sanpaolo and UniCredit. For comparison, after rallying by 35bps over the last week, the 4y BTP 1.1% Apr 2027 currently yields around 3.38%.

Equity-linked

• Citigroup launched a €30m (max) equity-linked Memory Coupon Barrier Autocall note due Jul 2033 linked to the Morningstar DM Europe Auto Manufacturers & Auto Parts Industries Dec 50 Pt GR Index. Self-led.

   

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

   

• Credit Suisse launched a €30m (max) equity-linked Trigger Return note due May 2033 linked to the Bloomberg Eurozone Top 30 Banking Decrement 50 Point Index EUR Index. Self-led.

   

• Natixis launched a €30m (max) equity-linked note due Jul 2033 linked to the iEdge Societe Generale Decrement 1.8 EUR GTR Series 1 Index. Self-led.

   

• Goldman Sachs launched a €30m (max) equity-linked Autocallable note due Aug 2028 linked to TotalEnergies. Self-led.

   

• Morgan Stanley launched a €30m (max) equity-linked note due Jun 2033 linked to a basket of AXA, CA, Engie and TotalEnergies. Self-led.

   

• SocGen launched a €30m (max) equity-linked note 2.5% due Aug 2033 linked to the Solactive Transatlantic Biodiversity Index. Self-led.

   

• SocGen launched a €60m (max) equity-linked note due Aug 2028 linked to the Euro Stoxx Banks (Price) Index. Self-led.

Long vanilla

• Departement de la Gironde sold a €10m note 3.73% due Jun 2035. Lead is GFI.

   

• Engie issued a €75m tap of its 4% Green bond due Jan 2035. Lead is BNPP.

   

• Departement de la Gironde sold a €10m note 3.666% due Jun 2034. Lead is GFI.

   

• Deutsche Bank sold a €10m SNP EMTN 5.342% EMTN due Jun 2034. Self-led.

   

• RBC issued an €82m tap of its 1.034% bond due Jan 2034. Self-led.