USD MTNs: Yankee bank callables; Solo steepener

Kauri Tree
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Barclays launched a CMS steepener, the only print this week in CMS-linked notes. Callable notes were mostly from Yankee bank issuers.

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  • Yankee bank callables; Solo steepener

  • Recent structured note activity

     

    Yankee bank callables; Solo steepener

    USD MTN activity saw a slowdown over the past week in all categories, with no new Formosas or zero-coupon callables along with only a solo CMS-linked note after several popped up the week previous. In the CMS steepener category, Barclays launched a 10y NC1 EMTN that pays 13.5% for the first year, then pays 6*(CMS2y/10y), floored at zero.

     

    Elsewhere, floating rate callables from Barclays and Credit Agricole emerged along with a mostly Yankee bank slate of fixed and step-up callables this week, ahead of domestic bank earnings releases that commence at the end of the week.  

     

     

    Recent structured note activity

     

    CMS steepeners:

     

    • Barclays is working on a self-led CMS steepener maturing Jul 2033 NC1 that pays 13.5% for the first year, then pays 6*(CMS2y/10y), floored at zero. EMTN.

     

    Fixed, floating and step-up callables:

     

    • Bank of America is working on a self-led fixed callable maturing Jul 2028 NC1 that pays 6.0%. Domestic MTN. 

       

      Bank of America is working on a self-led step-up callable maturing Jul 2038 NC3 that pays 5.75% to Jul 2030, 6% to Jul 2034 and 6.5% thereafter. Domestic MTN.

       

    • Bank of Montreal is working on a self-led fixed callable maturing Jul 2033 NC1 that pays 5.2%. CD format. Domestic.

       

    • Barclays is working on a self-led $500m floating callable maturing Dec 2023 NC1m that pays O/N SOFR +7bps. Private placement.

       

      Barclays is working on a self-led $10m fixed callable maturing Jul 2036 NC2 that pays 5.98%. EMTN.

       

    • BNP Paribas is working on a self-led fixed callable maturing Jul 2028 NC3 that pays 8.03%. Credit linked to Ford Motor. EMTN.

       

    • Credit Agricole is working on a self-led $100m floating callable maturing Jul 2028 NC1 that pays O/N SOFR +100bps. EMTN.

       

      Credit Agricole is working on a self-led $225m fixed callable maturing Jul 2028 NC1 that pays 6.2%. EMTN.

       

      Credit Agricole is working on a self-led $50m fixed callable maturing Jul 2026 NC1 that pays 6.05%. EMTN.

       

    • Credit Agricole is working on a self-led $20m fixed callable maturing Jul 2033NC2 that pays 6.185%. EMTN.

       

    • HSBC is working on a self-led $37.5m fixed callable maturing Jul 2028 NC1 that pays 6.18%. EMTN.

       

      HSBC is working on a self-led $16.77m step-up callable maturing Jan 2025 NC1 that pays 4.4% to Jan 2024, 4.45% to Jul 2024 and 4.5% thereafter. Eurodollar.

       

    • Jefferies is working on a self-led fixed callable maturing Jul 2025 NC1 that pays 6.5%. Domestic MTN. 

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Jul 2028 NC1 that pays 6%. GMTN.  

     

    Floating to fixed:

     

    • Barclays is working on a self-led floating to fixed note maturing Jul 2027 NC3 that pays a floating rate tied to SOFR, floored at zero, to Jul 2025 and then pays 5%. EMTN.

     

    Extendibles:

     

    • Bank of Montreal is working on a self-led $10m extendible with initial maturity Jan 2024 and then extendible to Jul 2025 that pays 6.05%. Domestic MTN.

     

     
     
     
     

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