Structured Notes: New deals update

Hawk
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Recent structured note activity in USD and EUR.

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USD:

 

  • Morgan Stanley is working on a self-led step-up callable maturing Feb 2027 NC1 that pays 5.35% to Aug 2024, 5.5% to Aug 2025 and 5.6% thereafter. CD format. Domestic.

     

  • JP Morgan sold a $30m 10y NC3 fixed callable Formosa. The EMTN matures Sep 2033 and is callable annually starting Sep 2026 and pays 5.97%. Leads JPM, KGI and Yuanta. Announced Aug 15.

     

  • Barclays is working on a self-led fixed callable maturing Dec 2027 NC3 that pays 7.75%. Credit linked. EMTN.

     

  • Barclays is working on a self-led fixed callable maturing Aug 2026 NC1 that pays 5.6%. EMTN.

     

  • Citigroup is working on a self-led fixed callable maturing Aug 2033 NC3 that pays 6%. Domestic MTN.

     

  • UBS is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.2%. EMTN.

     

  • UBS is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.79%. EMTN.      

     

  • Royal Bank of Canada is working on a self-led fixed callable maturing Aug 2024 NC1 that pays 5.8%. EMTN.

     

  • Societe Generale is working on a self-led CMS steepener maturing Sep 2038 callable Nov 2024 that pays 10% for the first four years, then pays 50*(CMS2y/30y), capped at 10% and floored at zero. Conditional on the US Evolution 30 Index remaining at or above 60% of an initial index level throughout the life of the note. EMTN.

     

  • Wells Fargo is working on a self-led step-up callable maturing Aug 2026 NC1 that pays 5.95% to Aug 2024, 6.2% to Aug 2025 and 6.55% thereafter. Domestic MTN.  

     

  • Wells Fargo is working on a self-led fixed callable maturing Aug 2028 NC2 that pays 6.05%. Domestic MTN.

     

  • Wells Fargo is working on a self-led fixed callable maturing Aug 2033 NC2 that pays 6.2%. Domestic MTN.

     

  • Standard Chartered is working on a self-led fixed callable maturing Sep 2026 NC1 that pays 6%. EMTN.

     

  • Ford Motor Credit is working on a fixed callable via Incap maturing Aug 2026 NC1 that pays 7%. Domestic MTN.

     

  • Dow Chemical is working on a fixed callable via InspereX maturing Aug 2033 NC6m that pays 5.65%. Domestic MTN.    

        

  • Dow Chemical is working on a fixed callable via InspereX maturing Aug 2053 NC6m that pays 6.2%. Domestic MTN.    

     

  • Dow Chemical is working on a fixed callable via InspereX maturing Aug 2028 NC6m that pays 5.3%. Domestic MTN.    

     

  • Ally Financial is working on a fixed callable via InspereX maturing Aug 2033 NC6m that pays 7.45%. Domestic MTN.    

     

  • Ally Financial is working on a fixed callable via InspereX maturing Aug 2026 NC6m that pays 7.1%. Domestic MTN.   

 

EUR:

 

  • KfW issued €25m 15y NC2 callable due Aug 2038. Coupon pays 4.325% with single call in Aug 2024. Led by Goldman Sachs.

 

 

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