Julius Baer in Asia's first high trigger AT1 deal

Swiss wealth manager Julius Baer notched up a number of firsts when it accessed the Singapore dollar bond market on Wednesday with an S$450 million $317 million perpetual, non-call five, Additional Tier 1 AT1 bank capital deal. 

The Baa2 rated, Basel III-compliant transaction not only marks the first AT1 issue by a foreign bank in Singapore dollars but also represents the first high trigger bank capital deal across the wider Asian region as well. 

With high trigger AT1 deals, investors suffer a permanent principal write-down if a bank's Common Equity Tier 1 CET1 ratio falls below 7%. 

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