On 18 January 2021, EFG International AG announced the successful placement of USD 400 million of subordinated Basel III compliant Additional Tier 1 notes.
The perpetual notes with a first call option in year 7, issued on 25 January 2021, bear annual interest of 5.50% for the first seven years and thereafter, the aggregate of the 5-yr USD CMT Rate plus 4.659% per annum with a reset every five years. They are subject, among other common features, a high CET 1 trigger leading to a partial or full permanent write-down. The notes are listed on SIX Swiss Exchange.
The proceeds of the issuance were used to fund the offer for the USD Tier 2 Notes and for general corporate purposes.