USD MTNs: JPM, Merrill 10y fixed callable Formosas

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JP Morgan and Merrill Lynch sold 10y fixed callable Formosas. ZC callables went quiet after last week's haul. UBS sold a rare SOFR ranger.

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  • JPM, Merrill 10y fixed callable Formosas

  • Recent structured note activity

     

    JPM, Merrill 10y fixed callable Formosas

    A pair of fixed callable Formosas popped up on the screens in the past week, as JP Morgan sold a $30m 10y NC2 fixed callable Formosa paying a coupon 6.31% while Merrill Lynch sold a $55m 10y NC4 fixed callable Formosa that pays 6.0% coupon.

     

    Zero-coupon callables were quiet aside of a very small 5y NC2 ZC non-Formosa from Credit Agricole after the prior week’s total of $150m 20y ZCs from three issuers.  

     

    On the CMS side, UBS launched a short dated 3y NC1 SOFR ranger that pays a coupon of 7.65%*days SOFR is 0-5.6%.

     

     

    Recent structured note activity

     

    Formosas and zero-coupon callables:

     

    • JP Morgan sold a $30m 10y NC2 fixed callable Formosa. The EMTN matures Sep 2033 and is callable September 2025 and every year thereafter and pays 6.31%. Leads E Sun, Yuanta and JPM. Announced Sep 28.

       

    • Merrill Lynch sold a $55m 10y NC4 fixed callable Formosa. The EMTN matures Sep 2033, is callable annually from Sep 2027 and pays a 6.0% coupon. Announced Aug 22, leads are First Commercial and Yuanta.

       

    • Credit Agricole sold a $3.7m 5y NC2 zero coupon callable (non-Formosa). The EMTN matures Sep 2028 and is callable annually starting Aug 2025. Self-led. Estimated IRR 6.4%. Announced Aug 25.

     

    Rangers:

     

    • UBS is working on a self-led SOFR ranger maturing Sep 2025 NC1 that pays7.65%*days SOFR is 0-5.6%. EMTN.

     

    Fixed, floating and step-up callables:

     

    • Bank of America is working on a self-led $50m fixed callable maturing Sep 2025 callable Dec 2024 that pays 5.45%. CD format. Domestic.

       

      Bank of America is working on a self-led fixed callable maturing Aug 2038 NC2 that pays 6.05%. Domestic MTN.

       

    • Barclays is working on a self-led fixed callable maturing Sep 2030 NC2 that pays 5.85%. GMTN.

       

    • BNP Paribas is working on a self-led fixed callable maturing Jul 2030 NC3 that pays 7.6%. EMTN. Credit linked.

       

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

       

      Citigroup is working on a self-led fixed callable maturing Aug 2038 NC1 that pays 5.85%. Domestic MTN.

       

      Citigroup is working on a self-led fixed callable maturing Aug 2025 NC1 that pays 5.7%. EMTN.

       

      Citigroup is working on a self-led $25m fixed callable maturing Sep 2024 NC1 that pays 5.8%. Domestic MTN.

       

    • Credit Agricole is working on a self-led $100m fixed callable maturing Sep 2026 NC2 that pays 6.19%. EMTN.

       

      Credit Agricole is working on a self-led fixed callable maturing Aug 2027 NC1 that pays 6.25%. Domestic MTN.

       

    • IBRD is working on a $25m fixed callable via JPM maturing Sep 2033 NC1 that pays 6.22%. EMTN.

       

    • JP Morgan is working on a self-led fixed callable maturing Sep 2026 NC1 that pays 4.2%. EMTN.

       

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

       

      JP Morgan is working on a self-led fixed callable maturing Sep 2033 NC2 that pays 6.15%. Domestic MTN.

       

      JP Morgan is working on a self-led fixed callable maturing Sep 2027 NC1 that pays 5.775%. Domestic MTN. 

       

      JP Morgan is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.7%. Domestic MTN. 

       

      JP Morgan is working on a self-led fixed callable maturing Aug 2028 NC2 that pays 6%. Domestic MTN. 

       

    • Morgan Stanley is working on a self-led step-up callable maturing Mar 2025 NC6m that pays 5.25% to Jun 2024 and 5.375% thereafter. CD format. Domestic.  

       

      Morgan Stanley is working on a self-led fixed callable maturing Sep 2033 callable Mar 2031 that pays 5.5%. Domestic MTN.

       

    • Royal Bank of Canada is working on a self-led fixed callable maturing May 2024 NC6m that pays 5.5%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Sep 2024 NC9m that pays 5.6%. GMTN.

       

      Royal Bank of Canada is working on a self-led fixed callable maturing Aug 2028 NC4 that pays 5.45%. EMTN.

       

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

       

    • Societe Generale is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.74%. EMTN.

       

      Societe Generale is working on a self-led $10m fixed callable maturing Jul 2028 NC1 that pays 7.2%. EMTN. Credit linked.  

       

    • Standard Chartered is working on a self-led $10m fixed callable maturing Sep 2033 NC3 that pays 6.15%. EMTN.

       

      Standard Chartered is working on a self-led $15m fixed callable maturing Sep 2028 NC2 that pays 6.15%. EMTN.

       

      Standard Chartered is working on a self-led fixed callable maturing Mar 2024 NC1m that pays 7.2%. Credit linked. EMTN.

       

    • Toronto Dominion is working on a self-led fixed callable maturing Oct 2024 callable Jun 2024 that pays 5.75%. GMTN.

       

      Toronto Dominion is working on a self-led step-up callable maturing Sep 2028 NC1 that pays 5.85% to Sep 2025, 6.15% to Sep 2027 and 7% thereafter. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Sep 2028 NC1 that pays 6.35%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Sep 2028 NC1 that pays 6%. GMTN.

       

      Toronto Dominion is working on a self-led fixed callable maturing Sep 2025 NC6m that pays 5.85%. GMTN.

       

      Toronto Dominion is working on a self-led $50m floating callable maturing Aug 2024 NC9m that pay O/N SOFR +61bps.  CD format. Domestic.

       

    • UBS is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.39%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.8%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.39%. EMTN.

       

      UBS is working on a self-led $10m fixed callable maturing Sep 2025 NC1 that pays 6.225%. EMTN. 

       

      UBS is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.75%. EMTN.

       

      UBS is working on a self-led fixed callable maturing Sep 2025 NC1 that pays 5.6%. EMTN.

       

    • Ford Motor Credit is working on a fixed callable via InspereX maturing Sep 2027 NC1 that pays 7%. Domestic MTN.  

       

    • Dow Chemical is working on a fixed callable via InspereX maturing Sep 2033 NC6m that pays 5.5%. Domestic MTN.  

       

      Dow Chemical is working on a fixed callable via InspereX maturing Sep 2053 NC6m that pays 5.95%. Domestic MTN.  

       

      Dow Chemical is working on a fixed callable via InspereX maturing Sep 2028 NC6m that pays 5.2%. Domestic MTN.   

     

    Extendibles:

     

    • Royal Bank of Canada is working on a self-led USD extendible with initial maturity Aug 2025 and then extendible to Aug 2028 that pays 6.25%. Domestic MTN.

       

      Royal Bank of Canada is working on a self-led USD extendible with initial maturity Aug 2025 and then extendible to Aug 2028 that pays 6.05%. Domestic MTN.