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Julius Baer’s bonds traded weaker by 1-1.5 points and its shares continue to be under pressure on alleged rumors of exposure to Signa Holding GmBH. Signa, founded by Rene Banko that co-owns New York’s Chrysler Building is said to be facing a financial crunch as a result of rising interest rates and plunging property valuations. European bank regulators are closely keeping an eye on Signa as a potential disorderly collapse could see European property markets get affected. Julius Baer did not confirm the reports of the exposure. As per its H1 results, Julius Baer had CHF 42.8bn ($47.6bn) of loans outstanding of which CHF 40.4bn ($44.9bn) of loans were classified as low to medium risks.
Its 3.625% Perp was down 1.2 points to 66.77 cents on the dollar, yielding 14.07%.
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