Structured Notes: New deals update

Kauri Tree
Recent structured note activity in USD and EUR.

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  • DZ Bank sold a $30m 20y NC7 zero-coupon callable (non-Formosa). The EMTN matures Jun 2043 and is callable annually from Jun 2030. Self-led. Estimated IRR 5.3%. Announced Jun 20.


  • Santander is working on a self-led fixed callable maturing June 2026 NC1 that pays 4.35%.  EMTN.


  • Goldman Sachs is working on a self-led step-down callable maturing Jul 2025 NC1 that pays 5.9% to Jul 2024 and 5.2% thereafter. Domestic MTN.




  • HSBC issued €70m 20y NC7 callable due Jun 2043. Coupon pays 5.15% with single call in Jun 2030. Self-led.

  • SPIRE issued €100m repack due 15 Apr 2029. Further details currently unavailable. Led by Citi.