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Bond Market News
Julius Baer Prices $400mn PerpNC5.5 AT1 at 7.5%
February 12, 2025
Julius Baer raised $400mn via a PerpNC5.5 AT1 bond at a yield of 7.5%, 50bp inside initial guidance of 8% area. The subordinated notes are rated Ba1, and received orders of over above $2.75bn, ~6.9x issue size. If not called by 19 August 2030, the coupon will reset to the 5Y UST plus 309.2bp. A trigger event would occur if the CET1 Ratio of the group is less than 5.125%, wherein the notes will be converted into equity. Net proceeds will be used for general corporate purposes.
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