EUR MTNs: Callables; Repacks; CMS 10y10y; Inflation

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A range of euro structured notes over the last week included callables, repacks, another CMS 10y10y and inflation.

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Callables

KfW issued €100m 10y NC1 callable due Jun 2033. Coupon pays 4% with calls in Jun 2024 and Jun 2026. Led by Goldman Sachs.
IBRD sold a €20m 10y NC3 callable due Jun 2033. Coupon pays 3.55% with calls in Jun 2026 and Jun 2028. Led by Barclays.
JP Morgan sold a €63m 20y NC15 callable due Jun 2043. Coupon pays 4.37% with single call in Jun 2038. Self-led.
Citigroup issued €50m 15y NC5 callable due Jun 2038. Coupon pays 4.65% with single call in Jun 2028. Self-led.
Credit Agricole launched a €30m (max) 10y NC2 callable due Jul 2033. Coupon pays 4.15% with annual calls from Jul 2025. Self-led.
L-Bank issued €5m 5y NC1 callable due Jun 2028. Coupon pays 3.687% with single call in Jun 2024. Self-led.
Helaba issued EUR 5y NC1 callable due Jul 2029. Coupon pays 3% for first three years, 4% for year four, 5% for year five and 6% for the final year. Annual calls from Jul 2024. Self-led.

CMS

RBC issued €15m CMS-linked EMTN due Jun 2034. Coupon pays EUR 20y CMS +116bps floored at 2% and capped at 6%. Self-led.
RBC issued €20m CMS-linked EMTN due Jun 2035. Coupon pays EUR 20y CMS +108bps, floored at 3% and capped at 5.75%. Self-led.

Repacks

SPIRE sold a €30m callable repack 21y NC2 due 25 Jun 2044. Callable once in Jun 2025. Coupon pays 4.215% and backed by an unspecified repack. Led by UBS.
SPIRE sold a €40m repack due 15 Feb 2051. Coupon pays 3.65% and backed by an unspecified repack. Led by Citi.
SPIRE sold a €10m inflation-linked repack 2.595% due 20 Feb 2031. Coupon and redemption linked to euro HICPx. Repack unconfirmed. Led by Goldman Sachs.
SPIRE sold a €30m CMS-linked repack due 1 Mar 2039. Coupon pays EUR 10y10y CMS +93bps capped at 7% and floored at 2%. Backed by an unspecified repack. Led by Credit Agricole. The deal follows another SPIRE 10y10y CMS due 2033 issued last week and led by UBS (see the repack section in EUR MTNs).

Inflation

Credit Agricole sold a €50m inflation-linked Green EMTN 1.565% due 30 Jun 2033. Coupon and redemption are linked to euro HICPx. Self-led.

Step up

Goldman Sachs launched a €50m (max) step-up due Jul 2029. Coupon pays 3% for year one, 3.2% for year two, 3.4% for year three, 3.6% for year four, 3.8% for year five and 4% for the final year. Self-led.
Goldman Sachs launched a €50m (max) step-up due Jul 2027. Coupon pays 3.25% for year one, 3.45% for year two, 3.65% for year three and 3.85% for the final year. Self-led.

Collared FRNs

ICO sold a €50mm collared FRN due Jun 2028. Coupon pays 2.5% to 2025 then pays 3mE +0.25% capped at 4.5% and floored at 2.5%. Lead is Morgan Stanley.

Banque Intl Lux issued €6m collared FRN due Aug 2026. Coupon pays 3mE capped at 4.6% and floored at 3.6%. Self-led.

Credit-linked

DZ Bank launched a €25m (max) credit-linked note due Jun 2028. Coupon pays 3mE +126bps. Credit-linked to BNP Paribas. Self-led.
DZ Bank launched a €25m (max) credit-linked note 4.65% due Dec 2029. Credit-linked to Mercedes-Benz. Self-led.
RBC launched a €7.5m credit-linked note 6.36% due Jun 2033. Credit-linked to Barclays. Self-led.

Equity-linked

CIC launched a €120m (max) equity-linked note 6.5% due Jun 2031 linked to the Euro Stoxx 50 Index. Self-led.
Morgan Stanley launched a €30m (max) equity-linked note due Nov 2033 linked to the EURO 40 Biodiversity on Land 50 points AR Index. Self-led.
Morgan Stanley launched a €30m (max) equity-linked note due May 2028 linked to the Euro Stoxx Banks Index. Self-led.
BNP Paribas launched a €30m (max) equity-linked note due May 2027 linked to the Euro Stoxx 50 Index. Self-led.
BNP Paribas launched a €30m (max) equity-linked Autocallable note due Aug 2033 linked to the Solactive Europe & US Top Pharmaceuticals 2020 AR 5% Index. Self-led.
SocGen launched a €30m (max) equity-linked note due Nov 2035 linked to the SOLYS Europe Horizon Index. Self-led.
Goldman Sachs launched a €30m (max) equity-linked Autocallable note due Aug 2033 linked to the Euronext G BNP 010622 GR Decrement 3.85 Index. Self-led.

Long vanilla

LCFB sold a €35m puttable EMTN 3.712% due Jun 2103. Puttable in Jun 2043. Lead is Jefferies.
JP Morgan sold a €5m EMTN 3.99% due Jun 2038. Self-led.
Flemish Community sold a €125m EMTN 3.637% due Jun 2038. Leads are CA, KBC and LBBW.
BNP Paribas sold a €26m EMTN 4.518% due Jun 2036. Self-led.
La Banque Postale issued a €50m 4.458% due Jun 2035 via Natixis.
Region Occitanie sold a €20m 3.531% EMTN due Jun 2034 via LBP.
Region Occitanie sold a €15m 3.65% EMTN due Jun 2034 via GFI.
Met Life Global Funding sold a €120m GMTN 4.00% due Jun 2033. Lead is DB.