EUR MTNs: Callables and credit-linked

Robotic manufacturing
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Another seasonally slow 10 days for euro structured MTN issuance did produce a handful of SSA and bank callables, along with some credit-linked notes.

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Callables

  • Berlin Hypo sold a €10m 10y NC2 EMTN 4.64% due Sep 2033. Callable once in Sep 2025. Lead is LBBW.

     

  • KfW issued €25m 15y NC2 callable due Aug 2038. Coupon pays 4.235% with single call in Aug 2024. Led by Goldman Sachs.

     

  • KfW issued €50m 10y NC1 callable due Aug 2033. Coupon pays 4.1% with single call in Aug 2024. Led by JP Morgan.

     

  • Kuntarahoitus Oyj issued €15m 20y NC6 callable due Aug 2043. Coupon pays 4.033% with single call in August 2029. Led by LBBW.

     

  • Credit Agricole sold a €3m 10y NC1 SNP zero coupon callable due Sep 2033. Callable annually from Sep 2024 and estimated IRR is 5.135%. Self-led.

     

  • Helaba launched a €100m (max) 10y NC4 SNP callable 3.85% due Oct 2033. Single call in Oct 2027. Self-led.

 

Repacks

  • SPIRE sold a €25m repack 4.231% due 25 Jul 2039. Callable once in Jun 2027. Repack unconfirmed. Lead is UBS.

     

  • SPIRE sold a NOK82m repack 4.36% due 4 Oct 2039. Repack and details unconfirmed. Lead is GS.

     

  • SPIRE sold a €7.5m repack 4.29% due 24 Nov 2047. Repack and further details unconfirmed.

     

Credit-linked

  • Credit Agricole issued a €66m 13y NC6 credit-linked floating rate callable due Aug 2036. Coupon pays 3mE +225bps floored at 0% with single call in Jun 2029. Credit linked to basket of private companies: Doggerbank Seefischerei GmbH and KKR Geneis TL Borrower LLC. Further details unavailable. Self-led.

     

  • RBC sold a €10m credit-linked note 6.3% due Jun 2028. Credit-linked to Valeo. Self-led.

     

  • SocGen sold a €20m credit-linked note due Jul 2027. Pays 3mE +3% to 2025 3%. Credit-linked to Intesa Sanpaolo. Self-led.

     

  • SocGen sold a €20m credit-linked note due Jul 2033, callable annually from Sep 2026. Pays 9.2% and credit-linked to Intesa Sanpaolo. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note due Dec 2029. Pays 3mE +1.5%. Credit-linked to Airbus. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note 4.62% due Dec 2029. Credit-linked to IBM. Self-led.

     

  • DZ Bank launched a €25m (max) credit-linked note 6.99% due Jun 2033. Credit-linked to Deutsche Lufthansa. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 3.70% due Jul 2029. Credit-linked to Mercedes-Benz. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 4.60% due Jul 2029. Credit-linked to Stellantis. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 4.10% due Jul 2028. Credit-linked to Continental. Self-led.

     

  • LBBW launched a €20m (max) credit-linked note 4.80% due Jul 2028. Credit-linked to ArcelorMittal. Self-led.

 

Equity-linked

  • Citigroup launched a €30m (max) equity-linked Snowballing Autocall due Oct 2033 linked to the Morningstar Transatlantic Select 50 Decrement 50 Point GR EUR Index. Self-led.

     

  • Goldman Sachs launched a €30m (max) equity-linked Memory Phoenix Autocall due Oct 2033 linked to the Euronext G BNPP 010622 GR Decrement 3.85 Index. Self-led.

     

  • Goldman Sachs launched a €50m (max) equity-linked Memory Phoenix Autocall due Dec 2033 linked to the Euronext G Credit Agricole 010622 GR Decrement 0.84 Index. Self-led.

     

  • SocGen launched a €30m (max) equity-linked note due Oct 2033 linked to a basket of TotalEnergies and LVMH. Self-led.

     

  • Natixis launched a €30m (max) equity-linked note due Oct 2033 linked to iEdge Europe Climate EW 40 Decrement 50 Points GTR Index. Self-led.

 

Long vanilla

  • Hesse sold a €250m bond 3.415% due Sep 2043. Lead is UniCredit.

     

  • Hesse sold a €6.5m bond 3.339% due Sep 2039. Lead is DB.

     

  • NordLB sold a €20m SNP bond 4.85% due Sep 2038. Self-led.

     

  • CAFFIL sold a €20m FRN due Sep 2033 paying 3mE +21.5bps. Lead is Santander.

     

  • BPCE sold a €156m EMTN 4.05% due Sep 2032. Lead is NordLB.

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