EUR MTNs: Issuance slows but still a few deals printing

EUR MTN issuance ytd 4 Aug 2023
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Euro MTN issuance slowed this week with just a handful of callables and CMS structures printing.

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For Total Derivatives new report on EUR structured MTN issuance volume by product, lead and issuer, please see here

 

Callables

  • CDC issued €10m 10y NC3 callable due Aug 2033. Coupon pays 3.45% with single call in Aug 2026. Led by Commerzbank.

     

  • Hypo Bank Burgenland issued a €10m 15y NC5 callable Covered Bond due Aug 2038. Coupon pays 4.31% with single call in Aug 2028. Self-led.

     

  • RLB Oberoesterreich issued €10m 20y NC8 callable Covered Bond due Aug 2043. Coupon pays 4.026% with single call in Aug 2031. Self-led.

     

  • Bank of America sold a €5m 5y NC1 callable 4.3% due Aug 2028. Single call in Aug 2024. Self-led.

     

  • Goldman Sachs launched a €30m (max) 6y NC3 callable 4.0% due Aug 2029. Annual calls from Aug 2026. Self-led.

     

  • Credit Agricole launched a €30m (max) 10y NC5 zero-coupon callable due Aug 2033. Estimated IRR 4.14%. Annual calls from Aug 2028. Self-led.

     

  • Credit Agricole launched a €30m (max) 10y NC1 zero-coupon callable due Oct 2033. Estimated IRR 4.48%. Annual calls from Aug 2024. Self-led.

     

  • Credit Agricole issued a €10m 15y NC10 callable 4.435% due Aug 2038. Single call in Aug 2023. Self-led.

     

  • DZ Bank issued €30m 10y NC1 callable due Aug 2033. Coupon pays 4.895% with single call in Aug 2024. Self-led.

     

  • RBI issued a €5m 20y NC10 callable due Aug 2043. Coupon pays 5.46% with single call in Aug 2033. Self-led.

 

Repacks

  • SPIRE last month sold a €35m CMS-linked repack due 22 Nov 2042. The note pays EUR 10y10y CMS + 1.09% capped at 7% and floored at 2%. Backed by an unspecified repack. Lead is Goldman Sachs.

     

  • SPIRE last month sold a €100m inflation-linked repack 15 Apr 2032. Repack and details unconfirmed. Led by JPM.

     

CMS

  • DZ Bank issued a €50m CMS-linked note due Aug 2033. Coupon pays EUR 10y CMS +135.2bps capped at 6% and floored at 0%. Self-led.

 

Collared FRN

  • Citigroup launched a €7.6m collared FRN due Aug 2028. Pays 12mE +25bps capped at 4% and floored at 0%. Self-led.

     

  • Goldman Sachs launched a €5m (max) collared FRN due Jul 2028. Pays 6mE capped at 4.5% and floored at 2.5%. Self-led.

     

  • Helaba launched a €100m (max) collared FRN due Sep 2028. Pays 3mE capped at 6.5% and floored at 1.5%. Self-led.

 

Credit-linked

  • SocGen issued a €10m credit-linked note 5.35% due Jul 2027. Credit-linked to Ford. Self-led.

     

  • Santander launched a €50m (max) credit-linked note 4.3% due Dec 2023. Credit-linked to Deutsche Bank. Self-led.

     

  • Vontobel DIFC Dubai issued a €25m (max) credit-linked note due Aug 2028. Coupon pays 4.8% credit-linked to Glencore Finance Europe Ltd. Further details unavailable.

     

  • LBBW launched a €20m (max) credit-linked note 4.4% due Jul 2029. Credit-linked to VW. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.3% due Jul 2027. Credit-linked to Mercedes-Benz. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 4.6% due Jul 2028. Credit-linked to Arcelor Mittal. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.2% due Jul 2027. Credit-linked to Deutsche Telekom. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 4.1% due Jul 2026. Credit-linked to Lanxess. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.3% due Jul 2025. Credit-linked to AXA. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.4% due Jul 2025. Credit-linked to Fresenius. Self-led.

 

Equity-linked

  • Morgan Stanley launched a €30m (max) equity-linked note due Jun 2028 paying 3mE +1.5% linked to the euro Stoxx 50. Self-led.

     

  • Goldman Sachs launched a €30m (max) equity-linked Phoenix Autocallable note due Nov 2028 linked to Teleperformance. Self-led.

     

  • Goldman Sachs launched a €30m (max) equity-linked Callable Reverse Convertible note due Aug 2031 linked to the Euro Stoxx 50. Self-led.

     

  • Goldman Sachs launched a €30m (max) equity-linked Autocallable note due Aug 2028 linked to a basket of LVMH and Kering. Self-led.

     

  • Goldman Sachs launched a €30m (max) equity-linked Autocallable note due Nov 2033 linked to the S&P Eurozone LargeMidCap Banks (Industry Group) 50 Point Decrement Index. Self-led.

     

  • Barclays launched a €30m (max) equity-linked European Barrier Autocallable note due Aug 2028 linked to the Euro Stoxx Banks Index. Self-led.

     

  • Barclays launched a €30m (max) equity-linked European Barrier Autocallable note due Aug 2027 linked to the Euro Stoxx 50 Index. Self-led.

     

  • Morgan Stanley launched a €30m (max) equity-linked note due Nov 2033 linked to the Bloomberg Eurozone Top 40 Consumer Discretionary Decrement 50 Points Index. Self-led.

     

  • Morgan Stanley launched a €30m (max) equity-linked note 6.6% due Jul 2025 linked to a basket of Capgemini, Saint-Gobain and Orange. Self-led.

 

Long vanilla

  • Bavaria sold a €20m note 4.275% due Sep 2053. Lead is NordLB.

     

  • Kommunekredit sold a €30m EMTN 3.411% due Aug 2046. Lead is BofA.

     

  • Allgemeine Sparkasse Oberoesterreich sold a €45m Covered Bond 3.52% due Aug 2044. Self-led.

     

  • Allgemeine Sparkasse Oberoesterreich sold a €15m Covered Bond 3.56% due Sep 2033. Self-led.

     

  • Assistance Publique Hopitaux de Paris sold a €10m EMTN floating rate EMTN due May 2038 which pays 3mE +42bps. Lead is Jefferies.

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