EUR MTNs: Callables; Inflation-linked

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Euro structured MTNs emerging over the last week included a longer-dated bank and SSA callables, repacks and inflation-linked notes.

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Callables

JP Morgan issued a €100m 25y NC10 callable due Sep 2048. Coupon pays 4.7% with calls in Sep 2033, Sep 2038 and Sep 2043. Self-led.
IBRD sold a €50m 15y NC3 callable due Sep 2026. Coupon pays 4% with single call in Sep 2026. Led by Credit Agricole.
Nordic Investment Bank issued a €10m 15y NC5 callable due Sep 2038. Coupon pays 3.75% with single call in Sep 2028. Led by Bred Banque Populaire.
NRW.Bank issued a €10m 10y NC3 callable due Sep 2033. Coupon pays 3.82% with single call in Sep 2026. Led by DZ Bank.
NRW.Bank issued a €10m 9y NC1 callable due Sep 2032. Coupon pays 4.165% with single call in Sep 2024. Led by MS.
Credit Agricole launched a €30m (max) 10y zero-coupon callable due Dec 2033. Annual calls from Dec 2025 and estimated IRR 4.2416%. Self-led.
Credit Agricole launched a €30m (max) 10y zero-coupon callable due Oct 2033. Annual calls from Dec 2025 and estimated IRR 4.138%. Self-led.

CMS

Credit Agricole sold a €7m CMS-linked EMTN due Sep 2035. The note pays EUR 20y CMS +0.90% floored at 3% and capped at 6%. Self-led.

Repacks

SPIRE sold a €15m inflation-linked repack 1.505% due 5 Jul 2034. Coupon and redemption linked to euro HICPx. Repack unconfirmed. Lead is DB.
SPIREsold a €25m autocallable repack 4.255% due 15 Sep 2023. Further details are unavailable.
SPIRE sold a €7.5m repack 4.29% due 24 Nov 2047. Further details are unavailable.

Inflation

Credit Agricole last week sold a €20m Green inflation-linked EMTN 1.62% due 6 Sep 2035. Coupon and redemption linked to euro HICPx. Self-led.

Collared FRNs

Goldman Sachs launched a €100m (max) collared FRN due Sep 2028 which pays 3mE flat floored at 1% and capped at 4.8%. Self-led.

Credit-linked

Goldman Sachs launched a €10m (max) credit-linked note 4.40% due Jun 2026. Credit-linked to Barclays. Self-led.
Deutsche Bank sold a €7m credit-linked note paying 3mE +180bps due Jun 2028. Credit-linked to a basket of Stellantis, Arcelor Mittal, Generali and Intesa Sanpaolo. Self-led.
SocGen sold a €20m credit-linked 9.2% due Jul 2033. Credit-linked to Intesa Sanpaolo. Self-led.

Equity-linked

SocGen launched a €100m (max) equity-linked note due Sep 2033 linked to the iStoxx Transatlantic Megatrends 60 GR Decrement 50 Price EUR Index. Self-led.
SocGen launched a €30m (max) equity-linked note due Jan 2028 linked to Ferrari. Self-led.
SocGen launched a €30m (max) equity-linked note due Jan 2034 linked to iStoxx Europe 600 Energy ex Coal GR Decrement 50 EUR Price. Self-led.
BNP Paribas launched a €30m (max) equity-linked note due Feb 2032 linked to the S&P EuroUSAJapan 100 Net Zero 2050 Paris-Aligned Select 5% Decrement (EUR) NTR Index. Self-led.
BNP Paribas launched a €30m (max) equity-linked Autocall WO note due Aug 2028 linked to a basket of L’Oreal, SocGen, Saint-Gobain and Credit Agricole. Self-led.
Morgan Stanley launched a €30m (max) equity-linked note due Oct 2033 linked to the iEdge Banks 20 Eurozone 50 Points Decrement Index. Self-led.
Goldman Sachs launched a €30m (max) equity-linked Phoenix Memory Autocallable note due Sep 2028 linked to the Euro Stoxx 50 Index. Self-led.

Long vanilla

BNG Bank sold a €100m Sustainability EMTN 3.486% due Sep 2043. Lead is JPM.
Volksbank Wien sold a €45m Covered bond 3.70% due Sep 2042. Self-led.
TD Bank sold a €30m Covered Bond 3.714% due Sep 2041. Self-led.
Sparkasse Oberoesterreich Bank sold a €10m Pfandbriefe 3.65% due Sep 2038. Self-led.
DZ Bank sold a €20m EMTN 4.27% due Sep 2038. Self-led.
CBA sold a €50m tap of its Covered bond 1.482% due Jan 2038. Lead is NatWest.
Acciona Financiacion Filiales sold a €40m EMTN 5.288% due Sep 2035. Lead is NatWest
La Poste sold a €100m tap of its note 4.00% due Jun 2035. Lead unconfirmed.
NordLB sold a €20m SNP bond 4.75% due Oct 2033. Self-led.
Klepierre sold a €50m tap of its 1.625% bond due Dec 2032. Lead is SocGen.