Julius Baer pulls AT1 after closing in on new record

By David Freitas
21 Sep 2020

Julius Baer was forced to postpone a new transaction amid 'worsening market conditions' on Monday, after coming close to setting a new record for the lowest ever additional tier one (AT1) coupon in dollars from a European bank.

The Swiss private bank (Aa3/—/—) commissioned Citi and Deutsche Bank to run the books on the new dollar-denominated perpetual non-call seven year AT1, which had an expected size of $350m.

The new bond was callable up to six months before its first reset date of September ...

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