Julius Baer has decided to redeem all of its outstanding perpetual tier-1 subordinated bonds at par value plus accrued interest on the first call date on June 25th.

The bonds amounting to 350 million Swiss francs ( US$425.29 million ) were issued on June 25 2019, with a coupon of 2.375% per annum.

The redemption has been pre-financed with the issuance of US$400 million perpetual tier-1 subordinated bonds on February 19 2025, the Swiss wealth management group says in a statement.

“Julius Baer assesses redemption and refinancing decisions on an individual basis, weighing economic considerations such as prevailing market conditions, regulatory capital requirements, and its own capital planning,” the firm says.