EUR MTNs: 2023's top structures, issuers and leads
Euro interest rate structured note issuance has slowed across most products in 2023, with inflation the main exception. Linker issuance jumped to almost €2.9bn for the year to date and now accounts for 16% of total structured issuance, compared with just €300m and 1% for the first eight months of 2022.
In contrast, total issuance is down 32% for the year to date, with callable deals 52% lower at €8.4bn following the rise in interest rates and fall in volatility from late 2022 highs. Issuance of repacks is around 37% lower, at €4.8bn
Still, callables continue to dominate, representing 48% of total structured issuance over the first eight months of 2022. KFW remains the largest callable issuer in 2023 with €1.8bn in deals, followed by DZ.
SPIRE is both the largest repack issuer (Citi is the largest repack lead, followed by BofA) and the largest inflation issuer. JP Morgan is the largest inflation lead, followed by Deutsche Bank.
CMS issuance is now running around 15% below last year but has been dominated in 2023 by €1.5bn in two CMS structures from Italy. BNP Paribas, Intesa Sanpaolo and Morgan Stanley have led the most CMS deals in 2023 although, excluding issuance by Italy, Credit Agricole was the biggest CMS lead. Last year, repack issuance through SPIRE was the largest source of CMS structures with BNP Paribas, Credit Suisse and Citigroup taking the top three positions for leads.
Inflation
Inflation-linked MTN issuance by issuer (EUR million)
| '23 ytd | '22 ytd | ||
| SPIRE | 781 | RBI | 50 |
| EIB | 400 | Credit Suisse | 37 |
| LCL Credit Agricole | 250 | Credit Agricole | 33 |
| DB | 208 | BofA | 25 |
| RBI | 200 | Citigroup | 25 |
| Citigroup | 166 | JPM | 25 |
| CIC | 160 | MS | 25 |
| Credit Agricole | 148 | CIC | 20 |
| MS | 112 | SPIRE | 20 |
| Santander | 105 | SocGen | 20 |
Inflation-linked MTN issuance by lead (EUR million)
| '23 ytd | '22 ytd | ||
| JPM | 776 | RBI | 50 |
| DB | 427 | Credit Suisse | 37 |
| LCL Credit Agricole | 250 | Credit Agricole | 33 |
| MS | 237 | BofA | 25 |
| RBI | 200 | Citigroup | 25 |
| Barclays | 168 | JPM | 25 |
| Citigroup | 166 | MS | 25 |
| Credit Agricole | 148 | CIC | 20 |
| Goldman Sachs | 120 | Barclays | 20 |
| Santander | 105 | SocGen | 20 |
Callables
Callable MTN issuance by issuer (EUR million)
| '23 ytd | '22 ytd | ||
| KFW | 1800 | KFW | 3461 |
| DZ | 1275 | NRW.Bank | 2187 |
| Helaba | 650 | DZ | 1350 |
| Credit Suisse | 558 | NedWaters | 1079 |
| BCEE | 365 | SPIRE | 870 |
| EBRD | 295 | IBRD | 832 |
| SPIRE | 265 | Kuntarahoitus | 561 |
| Kuntarahoitus | 247 | L-Bank | 521 |
| NedWaters | 240 | NordLB | 380 |
| IBRD | 235 | NIB | 326 |
Callable MTN issuance by lead (EUR million)
| '23 ytd | '22 ytd | ||
| DZ | 1570 | DZ | 3192 |
| Goldman Sachs | 885 | Citigroup | 1279 |
| Helaba | 655 | UniCredit | 1217 |
| Credit Suisse | 558 | MS | 1175 |
| MS | 515 | Credit Agricole | 1061 |
| BNPP | 430 | JPM | 898 |
| Credit Agricole | 411 | Goldman Sachs | 675 |
| BCEE | 365 | Natixis | 630 |
| UBS | 312 | SocGen | 611 |
| BofA | 285 | BNPP | 587 |
CMS
CMS-linked MTN issuance by issuer (EUR million)
| '23 ytd | '22 ytd | ||
| Italy | 1520 | SPIRE | 1491 |
| SPIRE | 584 | Citigroup | 377 |
| DZ | 155 | CIC | 265 |
| Credit Agricole | 148 | JPM | 257 |
| MS | 105 | Credit Suisse | 228 |
| Natixis | 93 | Goldman Sachs | 135 |
| LBBW | 75 | SocGen | 125 |
| NBC | 70 | MS | 120 |
| BofA | 65 | Scotia | 75 |
| RBC | 60 | BofA | 75 |
CMS-linked MTN issuance by lead (EUR million)
| '23 ytd | '22 ytd | ||
| BNPP | 724 | BNPP | 619 |
| Intesa Sanpaolo | 635 | Credit Suisse | 503 |
| MS | 380 | Citigroup | 377 |
| Credit Agricole | 254 | JPM | 348 |
| DZ | 155 | Jefferies | 283 |
| BofA | 140 | Goldman Sachs | 277 |
| Goldman Sachs | 140 | BofA | 195 |
| DB | 131 | Credit Agricole | 147 |
| Natixis | 113 | MS | 140 |
| LBBW | 100 | SocGen | 125 |
Repacks
Repack MTN issuance by issuer (EUR million)
| '23 ytd | '22 ytd | ||
| SPIRE | 4058 | SPIRE | 6342 |
| Cima Finance | 343 | BNPP | 249 |
| Novus | 150 | Finzia | 230 |
| ABS | 85 | Cima Finance | 187 |
| Palladium | 40 | Sustainable | 150 |
| Cartir | 25 | Nova Capital | 100 |
| Goldenpeaks | 22 | Corsair | 70 |
| Thalos | 17 | Aldburg | 56 |
| Aldburg | 16 | Progressio Infrastru | 56 |
| BNPP | 15 | Novus | 40 |
Repack MTN issuance by lead (EUR million)
| '23 ytd | '22 ytd | ||
| Citigroup | 1271 | JPM | 1384 |
| BofA | 671 | BNPP | 1182 |
| JPM | 544 | MS | 1169 |
| MS | 491 | BofA | 711 |
| Santander | 353 | Credit Suisse | 469 |
| Goldman Sachs | 180 | UBS | 361 |
| Nomura | 150 | DB | 352 |
| UBS | 148 | Credit Agricole | 312 |
| Credit Agricole | 141 | Citigroup | 308 |
| DB | 139 | Santander | 187 |
Total
Total interest rate structured MTN issuance by issuer (EUR million)
| '23 ytd | '22 ytd | ||
| SPIRE | 4216 | SPIRE | 6381 |
| KFW | 1800 | KFW | 3461 |
| Italy | 1520 | NRW.Bank | 2187 |
| DZ | 1430 | DZ | 1420 |
| Helaba | 650 | NedWaters | 1128 |
| Credit Suisse | 566 | IBRD | 832 |
| DB | 474 | Citigroup | 602 |
| Credit Agricole | 439 | Kuntarahoitus | 561 |
| EIB | 425 | L-Bank | 521 |
| BCEE | 365 | Credit Suisse | 521 |
Total interest rate structured MTN issuance by lead (EUR million)
| '23 ytd | '22 ytd | ||
| DZ | 1725 | DZ | 3285 |
| Citigroup | 1572 | JPM | 2590 |
| MS | 1468 | Citigroup | 1989 |
| BNPP | 1233 | MS | 1939 |
| JPM | 1198 | BNPP | 1539 |
| Goldman Sachs | 1144 | Credit Agricole | 1406 |
| BofA | 1101 | UniCredit | 1297 |
| Credit Agricole | 827 | Credit Suisse | 1106 |
| DB | 817 | BofA | 1022 |
| Helaba | 655 | Goldman Sachs | 992 |