Homburger advised Julius Baer on CoCos issuance
Homburger advised Julius Baer Group on the issuance of USD 400 m CoCos.
The context
Julius Baer Group, a Swiss private bank specialised in wealth management successfully completed the issuance of USD 400 m of 7.5% Perpetual Tier 1 Subordinated Contingent Convertible Bonds.
The Tier 1 CoCos and all transaction related documents fall under the Swiss law jurisdiction. The debt instruments in question, each carrying a denomination of USD 200 m, are structured to trigger a mandatory conversion into shares under certain, specific circumstances. The new shares would be eventually issued out of Julius Baer’s conversion capital.
With regard to the current issuance, provisional approval for trading has been already granted for the bonds, with a pending application for the definitive listing on the SIX Swiss Exchange.
The team
Partner Benjamin Leisinger (capital markets, financial market regulation, pictured left) and Eduard De Zordi (capital markets, pictured right) led the the Homburger team advising on all regulatory, transactional and tax aspects of Swiss law.
Completing the team, transaction lawyer Yulia Shaburnykova (capital markets), as well as partners Dieter Grünblatt (tax), and Claude Lambert (corporate / M&A).
