USD MTNs: Natixis Formosa; JPM ZC; CMS rangers

Container ship at sea above 25 MAr 2021
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Natixis came with a 5y NC4 FRN Formosa while JPM printed a 25y NC6 ZC callable non-Formosa. GS and RBC launched CMS rangers.

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  • Natixis Formosa; JPM ZC; CMS rangers

  • Recent structured note activity

     

    Natixis Formosa; JPM ZC; CMS rangers  

    Formosas saw a solo print this past week as Natixis sold a $77m 5y NC4 floating rate callable Formosa that pays SOFR +130bps floored at 0%. On the non-Formosa zero-coupon callable side, JP Morgan sold a $30m 25y NC6 with an IRR of 5.12%.

     

    Elsewhere, CMS ranger notes saw a couple of new notes: Royal Bank of Canada launched a short dated 2y NC1 note that pays 6% as long as CMS1y is 0-6.2% and Goldman Sachs launched a 5y NC1 note that pays 8.8% as long as CMS10y is less than or equal to 4%.

     

    On the inflation-linked note category, UBS launched a short dated 1y USD denominated note linked to the performance of Eurozone CPI NSA – the first inflation linked note since the end of March.

     

     

    Recent structured note activity

     

    Zero-coupon callables and Formosas:

     

    • Natixis sold a $77m 5y NC4 floating rate callable Formosa. The EMTN matures Jun 2028, is callable in Jun 2027 and pays SOFR +130bps floored at 0%. Leads are Taishin, Cathay, E.Sun, KGI and Mega International. Announced Jun 5.

       

    • JP Morgan sold a $30m 25y NC6 zero coupon callable (non-Formosa). The EMTN matures Jun 2048 and is callable annually starting Jun 2029. Self-led. Estimated IRR 5.12%. Announced Jun 1.

     

    Inflation-linked:

     

    • UBS is working on a self-led $8.445m inflation-linked note maturing Jun 2024 that pays 7.7*(Eurozone CPI NSA-1), floored at zero. Eurodollar.

     

    CMS-linked:

     

    • Royal Bank of Canada is working on a self-led CMS-linked note maturing Jun 2025 NC1 that pays 6% as long as CMS1y is 0-6.2%. 

       

    • Goldman Sachs is working on a self-led $10m CMS linked note maturing Jun 2028 NC1 that pays 8.8% as long as CMS10y is less than or equal to 4%. EMTN.

     

    Fixed to floating:

     

    • Goldman Sachs is working on a self-led $20m fixed to floating callable maturing Jun 2025 NC1 that pays 6.1% for the first year, then pays SOFR rate +1%, floored at zero. EMTN. 

     

    Step-up and fixed callables:

     

    • AFDB is working on a $25m fixed callable via WFS maturing Jun 2028 NC2 that pays 4.7%. GMTN.

       

    • Bank of America is working on a self-led $26m fixed callable maturing Jun 2033 NC2 that pays 5.6%. Domestic MTN. 

       

      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.

       

    • Bank of Montreal is working on a self-led fixed callable maturing Jun 2028 NC6m that pays 5.15%. CD format. Domestic. 

       

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

       

    • Barclays is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5.5%. GMTN.

       

    • CIBC is working on a self-led fixed callable maturing Jun 2026 NC1 that pays 5.55%. Domestic MTN.

       

    • Citigroup is working on a self-led fixed callable maturing Jun 2028 NC1 that pays 5.2%. EMTN. 

       

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

       

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

       

    • Credit Agricole is working on a self-led $12m fixed callable maturing Jun 2033 NC3 that pays 5.68%. EMTN.

       

    • Goldman Sachs is working on a self-led fixed callable maturing Jun 2026 NC6m that pays 6%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Jun 2033 NC3 that pays 5.6%. Domestic MTN.

       

    • HSBC is working on a self-led step-up callable maturing Dec 2024 NC1 that pays 4.4% to Dec 2023, 4.45% to Jun 2024 and 4.5% thereafter. Eurodollar.

       

    • IADB is working on a $25m fixed callable via WFS maturing Jun 2028 NC3 that pays 4.3%. GMTN.

       

    • Jefferies is working on a self-led fixed callable maturing Jun 2025 NC6m that pays 6%. Domestic MTN.

       

    • JP Morgan is working on a self-led fixed callable maturing Dec 2031 NC7 that pays 5.5%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2026 NC1 that pays 5.625%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2025 NC1 that pays 5.62%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2025 NC1 that pays 5.2%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jun 2026 NC6m that pays 5.5%. Domestic MTN.

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Jun 2033 NC3 that pays 5.6%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Jul 2024 callable Mar 2024 that pays 5.5%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Jun 2038 NC4 that pays 5.55%. GMTN.

       

    • Societe Generale is working on a self-led fixed callable maturing Jun 2026 NC6m that pays 6%. EMTN.

       

    • Toronto Dominion is working on a fixed callable via Jeff and TD maturing Jun 2026 NC6m that pays 5.6%. GMTN. 

       

      Toronto Dominion is working on a fixed callable via TD and Citi maturing Jun 2025 NC6m that pays 5.7%. GMTN.

       

    • UBS is working on a self-led step-up callable maturing Jun 2024 NC6m that pays 5.08% to Dec 2023 and then pays 5.09%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Jun 2025 NC1 that pays 5.1%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Jun 2024 NC1 that pays 5.28%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Jun 2024 NC1 that pays 5.1%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Jun 2026 NC1 that pays 5.42%. EMTN.

       

    • Wells Fargo is working on a self-led step-up callable maturing Jun 2026 NC1 that pays 5.4% to Jun 2024, 5.7% to Jun 2025 and then 6% thereafter. Domestic MTN.

       

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

       

      Wells Fargo is working on a self-led fixed callable maturing Jun 2030 NC1 that pays 5.75%. Domestic MTN.

       

    • Ford Motor Credit is working on a fixed callable via Incap maturing Jun 2028 NC1 that pays 7%. Domestic MTN.

       

    • Verizon Communications is working on a fixed callable via InspereX maturing Jun 2030 NC1 that pays 5%. Domestic MTN.

       

    • Dow Chemical is working on a fixed callable via InspereX maturing Jun 2053 NC6m that pays 5.85%. Domestic MTN.

       

      Dow Chemical is working on a fixed callable via InspereX maturing Jun 2033 NC6m that pays 5.25%. Domestic MTN.

       

      Dow Chemical is working on a fixed callable via InspereX maturing Jun 2028 NC6m that pays 4.85%. Domestic MTN.

       

    • Ally Financial is working on a fixed callable via InspereX maturing Jun 2026 NC6m that pays 7.2%. Domestic MTN.

     

     

     
     
     
     

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