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
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com
Or sign up for a trial to gain full access to the entire site for a limited period.
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.