USD MTNs: Merrill, Cathay 10y Formosas; Callables busy

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Merrill Lynch and Cathay Life printed new fixed Formosas. CMS flows see a steepener and ranger. JP Morgan and Citigroup led callable flows.

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  • Merrill, Cathay 10y Formosas; Callables busy   

  • Recent structured note activity

     

    Merrill, Cathay 10y Formosas; Callables busy    

    Formosas saw a couple of prints in the past week. Merrill Lynch sold a $80m 10y NC4 fixed callable Formosa that pays a 5.5% while Cathay Life sold a $113m 10y fixed bond Formosa that pays 6.1% and is non-callable. Meanwhile, the only zero-coupon callable to pop up was a small $15m 15y NC2 ZC from Goldman Sachs and is non-Formosa.

     

    On the CMS side, JP Morgan launched a 3y NC1 CMS steepener that pays 9% to Aug 2024 and then pays 8*(CMS2y/CMS10y).  Elsewhere, Credit Agricole sold a 5y CMS ranger that pays 7%*days CMS1y is 0-6%.

     

    As for simple callables, JP Morgan and Citigroup led plentiful activity.

     

     

    Recent structured note activity

     

    Formosas and zero-coupon callables:

     

    • Merrill Lynch sold a $80m 10y NC4 fixed callable Formosa. The EMTN matures Aug 2033, is callable annually from Aug 2027 and pays a 5.5% coupon. Leads are Cathay, KGI and Yuanta. Announced Jul 31.

       

    • Goldman Sachs sold a $15m 15y NC2 zero coupon callable (non-Formosa). The EMTN matures Aug 2038, is callable annually from Aug 2025 and has an estimated IRR of 5.00%. Self-led and announced Aug 1.

       

    • Cathay Life sold a $113m 10y fixed bond Formosa. The EMTN matures Aug 2033 and pays a coupon of 6.1%. Non-callable. Lead KGI. Announced Jul 31.

     

    CMS steepeners

     

    • JP Morgan is working on a self-led CMS steepener maturing Aug 2026 NC1 that pays 9% to Aug 2024 and then pays 8*(CMS2y/CMS10y). EMTN.

     

    CMS rangers:

     

    • Credit Agricole is working on a self-led CMS ranger maturing Aug 2028 that pays 7%*days CMS1y is 0-6%. EMTN.

     

    Fixed, floating and step-up callables:

     

    • Bank of Montreal is working on a self-led fixed callable maturing Aug 2025 NC6m that pays 6%. Domestic MTN. 

       

      Bank of Montreal is working on a self-led fixed callable maturing Aug 2028 NC6m that pays 5.5%. CD format. Domestic.

       

    • BNP Paribas is working on a self-led fixed callable maturing Jun 2028 NC2 that pays 5.75%. EMTN.  

       

      BNP Paribas is working on a self-led fixed callable Sukuk maturing Feb 2024 NC1m that pays 4.81%. EMTN.

       

    • Citigroup is working on a self-led fixed callable maturing Sep 2024 NC6m that pays 5.8%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Aug 2028 NC1 that pays 5.34%. EMTN.

       

      Citigroup is working on a self-led fixed callable maturing Aug 2025 NC1 that pays 5.17%. EMTN.

       

      Citigroup is working on a self-led fixed callable maturing Aug 2028 NC1 that pays 5.7%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Aug 2030 callable Feb 2025 that pays 5.65%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Feb 2025 NC6m that pays 5.75%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Sep 2024 NC6m that pays 5.8%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Aug 2024 NC6m that pays 5%. Domestic MTN. 

       

      Citigroup is working on a self-led fixed callable maturing Aug 2025 NC6m that pays 5.1%. Domestic MTN. 

       

    • Credit Agricole is working on a self-led fixed callable maturing Aug 2028 NC1 that pays 6%. EMTN.

       

    • Deutsche is working on a self-led fixed callable maturing Jun 2026 NC1 that pays 6.07%. EMTN. Credit-linked.

       

    • Goldman Sachs is working on a self-led fixed callable maturing Aug 2026 NC1 that pays 5.8%. Domestic MTN.

       

      Goldman Sachs is working on a self-led $20m floating callable maturing Aug 2033 NC5 that pays O/N SOFR +2.07%. EMTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Aug 2026 NC6m that pays 6.05%. Domestic MTN.

       

      Goldman Sachs is working on a self-led fixed callable maturing Aug 2028 NC2 that pays 5.8%. Domestic MTN.

       

      Goldman Sachs is working on a self-led $20m floating callable maturing Aug 2033 NC5 that pays O/N SOFR +2.02%. EMTN.

       

    • IBRD is working on a $14m fixed callable via JPM maturing Aug 2033 NC1 that pays 6.05%. EMTN.  

       

      IBRD sold a $10m 20y NC1 fixed callable. The EMTN matures Aug 2043 and is callable annually starting Aug 2024 and pays a coupon of 6.05%. Lead WFS. Announced Jul 25.

       

    • JP Morgan is working on a self-led fixed callable maturing Aug 2033 NC1 that pays 6%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2026 NC6m that pays 5.65%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2030 NC2 that pays 5.75%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2027 NC1 that pays 5.7%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2033 NC2 that pays 5.75%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2028 NC1 that pays 5.7%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2028 NC1 that pays 5.75%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2026 NC1 that pays 4.3%. EMTN.

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2025 NC1 that pays 5.51%. EMTN.

       

      JP Morgan is working on a self-led fixed callable maturing Jul 2026 NC2 that pays 5.25%. Domestic MTN. 

       

      JP Morgan is working on a self-led fixed callable maturing Oct 2028 NC4.5 that pays 5.5%. Domestic MTN. 

       

    • Macquarie Bank is working on a self-led $50m fixed callable maturing Aug 2033 nC3 that pays 5.3%. EMTN. 

       

    • Merrill Lynch is working on a self-led fixed callable maturing Aug 2034 NC3 that pays 5.15%. EMTN.

       

    • Morgan Stanley is working on a self-led step-up callable maturing Aug 2026 NC1 that pays 5.15% to Aug 2024, 5.3% to Aug 2025 and 5.5% thereafter. CD format. Domestic.

       

      Morgan Stanley is working on a self-led fixed callable maturing Feb 2027 NC2 that pays 5%. Domestic MTN.

       

      Morgan Stanley is working on a self-led fixed callable maturing Aug 2033 NC1 that pays 5.5%. Domestic MTN. 

       

      Morgan Stanley is working on a self-led fixed callable maturing Aug 2028 NC2 that pays 5.25%. Domestic MTN.

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing Aug 2033 NC2 that pays 5.8%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Aug 2027 NC1 that pays 5.5%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Aug 2030 NC5 that pays 5.5%. Domestic MTN. 

       

    • Societe Generale is working on a self-led fixed callable maturing Aug 2028 NC1 that pays 5.5%. EMTN.

       

      Societe Generale is working on a fixed callable maturing Aug 2028 NC1 that pays 5.5%. Lead N/A.  Domestic MTN.

       

    • Standard Chartered is working on a self-led fixed callable maturing Aug 2024 NC1m that pays 7.54%. EMTN.

       

      Standard Chartered is working on a self-led fixed callable maturing Feb 2024 NC1m that pays 7.9%. EMTN. Credit linked.

       

      Standard Chartered is working on a self-led fixed callable maturing Nov 2023 NC1m that pays 6.73%. EMTN. Credit linked.

       

      Standard Chartered is working on a self-led fixed callable maturing Feb 2024 NC1m that pays 7.32%. EMTN. Credit linked.

       

      Standard Chartered is working on a self-led fixed callable maturing Nov 2023 NC1m that pays 6.73%. EMTN. Credit linked.

       

      Standard Chartered is working on a self-led fixed callable maturing May 2024 NC1m that pays 6.95%. EMTN. Credit linked.

       

      Standard Chartered is working on a self-led fixed callable maturing Feb 2024 NC1m that pays 7.32%. EMTN. Credit linked.

       

      Standard Chartered is working on a self-led fixed callable maturing Aug 2024 NC1m that pays 7.06%. EMTN. Credit linked.

       

    • Toronto Dominion is working on a self-led $20m fixed callable maturing Jul 2024 NC1 that pays 6%. CD format. Domestic.  

       

    • UBS is working on a self-led step-up callable maturing Jul 2025 NC6m that pays 5.38% to Jul 2024, and 5.39% thereafter. Domestic MTN.

       

    • Wells Fargo is working on a self-led fixed callable maturing Aug 2033 NC2 that pays 5.8%. Domestic MTN.

       

      Wells Fargo is working on a self-led fixed callable maturing Aug 2028 NC1 that pays 5.85%. Domestic MTN.

       

      Wells Fargo is working on a self-led step-up callable maturing Aug 2026 NC1 that pays 5.7% to Aug 2024, 5.9% to Aug 2025 and 6.15% thereafter. Domestic MTN.

       

    • Ford Motor Credit is working on a fixed callable via Incap maturing Aug 2026 NC1 that pays 6.5%. Domestic MTN.   

       

      Ford Motor Credit is working on a fixed callable via Incap maturing Aug 2033 NC1 that pays 6.75%. Domestic MTN.   

       

    • Verizon Communications is working on a fixed callable via InspereX maturing Aug 2030 NC1 that pays 5.15%. Domestic MTN.   

       

      Verizon Communications is working on a fixed callable via InspereX maturing Aug 2053 NC1 that pays 5.5%. Domestic MTN.   

       

    • Dow Chemical is working on a fixed callable via InspereX maturing Aug 2053 NC6m that pays 5.7%. Domestic MTN.   

       

      Dow Chemical is working on a fixed callable via InspereX maturing Aug 2028 NC6m that pays 5.1%. Domestic MTN.   

       

      Dow Chemical is working on a fixed callable via InspereX maturing Aug 2033 NC6m that pays 5.3%. Domestic MTN.   

     

    Extendibles:

     

    • Bank of Montreal is working on a self-led USD extendible with initial maturity Jan 2024 and then extendible to Jul 2025 that pays 6%. Domestic MTN.

       

    • Toronto Dominion is working on a self-led USD extendible with initial maturity Aug 2024 and then extendible to Aug 2028 that pays 5.75% to Aug 2024, then pays 5.95%, 6.15%, 6.35% and 6.55%, stepping up annually. Domestic MTN.

     

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