Julius Bär issues debut Swissie callable LT2

30 Nov 2011

Julius Bär Group, the largest private bank in Switzerland, issued its inaugural callable lower tier two note on Tuesday — a Sfr175m 4.5% 10 year non-call five, rated A3 by Moody’s. The borrower is the latest domestic financial institution to jump into a closing regulatory window to issue old-style lower tier two notes.

Julius Bär followed the same rationale as Banca dello Stato del Cantone Ticino, Raiffeisen Switzerland and St Galler Kantonalbank when they issued old-style LT2 bullets last week to raise cheap capital while still possible. Swiss regulator Finma announced in October these instruments will no longer provide eligible capital ...

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