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Bond Market News
Julius Baer to Wind Up Private Debt Segment
February 2, 2024
Julius Baer will be exiting its private debt business after writing down all of its loan exposure to Signa companies, according to the company’s FY2023 earnings release. The company will be taking a full loan loss allowance of CHF 586mn ($683mn) related to the exposure. As of end FY2023, Julius Baer’s net private debt, i.e., excluding the loss allowance, stood at CHF 0.8bn ($0.93bn) representing less than 2% of its net loan book. The company added that its CEO Philipp Rickenbacher will be stepping down as a result, with deputy CEO Nic Dreckmann taking over the position and the executive board members will not be receiving any variable pay for FY2023. The company reported a net profit of CHF 454mn ($529.5mn) for FY2023, down 52% YoY and CET1 ratio of 14.6% as of end FY2023.
Its 4.875% Perp was up by 1.1 points and trading at 96.4 cents on the dollar, yielding 11%.
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