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Long-term debt
 12 Months Ended
Dec. 31, 2022
Long-term debt
26 Long-term debt
end of20222021
Long-term debt (CHF million)
Senior140,572141,402
Subordinated14,56724,103
Non-recourse liabilities from consolidated VIEs2,0961,391
Long-term debt 157,235166,896
   of which reported at fair value 58,72168,722
   of which structured notes 38,92543,126
end of20222021
Structured notes by product (CHF million)   
Equity21,43728,681
Fixed income14,40711,678
Credit2,8152,363
Other266404
Total structured notes 38,92543,126
Total long-term debt includes debt issuances managed by Treasury that do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign exchange denominated fixed and variable rate bonds.
The interest rate ranges presented in the table below are based on the contractual terms of the Group’s vanilla debt. Interest rate ranges for future coupon payments on structured products for which fair value has been elected are not included in the table below as these coupons are dependent upon the embedded derivative and prevailing market conditions at the time each coupon is paid. In addition, the effects of derivatives used for hedging are not included in the interest rate ranges on the associated debt.
Long-term debt by maturities
end of20232024202520262027ThereafterTotal
Group parent company (CHF million)
Senior debt 
   Fixed rate 2,8491,1926,4208,0292,27025,86046,620
   Variable rate 1,00180301,4851,47604,765
   Interest rate (range in %) 11.0–5.53.5–6.01.3–3.82.1–6.40.9–7.00.6–9.0–
Subordinated debt 
   Fixed rate 3,4962,4641,5041,1532,2211,27012,108
   Interest rates (range in %) 13.9–7.53.5–6.33.0–7.36.45.3–9.84.5–5.1–
Subtotal – Group parent company 7,3464,4597,92410,6675,96727,13063,493
Subsidiaries (CHF million)
Senior debt 
   Fixed rate 4,3966,5166,5745,2642,23713,60838,595
   Variable rate 13,29711,4517,1713,9614,01010,70250,592
   Interest rates (range in %) 10.0–2.20.0–4.80.0–7.30.0–3.30.0–5.00.0–7.3–
Subordinated debt 
   Fixed rate 2,201211537141712,459
   Interest rates (range in %) 16.56.95.96.45.88.5–
Non-recourse liabilities from consolidated VIEs 
   Fixed rate 80402190001,023
   Variable rate 1109212704127861,073
   Interest rates (range in %) 12.3–6.6–1.9––0.0–10.4–
Subtotal – Subsidiaries 20,80817,99714,1069,2626,30225,26793,742
Total long-term debt 28,15422,45622,03019,92912,26952,397157,235
   of which structured notes 9,3807,8605,2412,8933,07610,47538,925
The maturity of perpetual debt was based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 0.8 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment.
1
Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid.
2
Reflects equity linked notes, where the payout is not fixed.
The Group and the Bank maintain a shelf registration statement with the SEC, which allows each entity to issue, from time to time, senior and subordinated debt securities, warrants and guarantees.
The Group maintains three senior debt programs that allow the Group to issue senior debt securities with certain features that are designed to allow for statutory bail-in by the Swiss Financial Market Supervisory Authority FINMA (FINMA) under the Swiss banking laws and regulations.
The Bank maintains a euro medium-term note program that allows the Bank to issue senior debt securities.
The Bank maintains a JPY 500 billion Samurai shelf registration statement that allows the Bank to issue, from time to time, senior and subordinated debt securities.
Bank  
Long-term debt
25 Long-term debt
end of20222021
Long-term debt (CHF million)   
Senior89,18795,468
Subordinated59,37863,836
Non-recourse liabilities from consolidated VIEs2,0961,391
Long-term debt 150,661160,695
   of which reported at fair value 57,91967,788
   of which structured notes 38,92543,126
end of20222021
Structured notes by product (CHF million)   
Equity21,43728,681
Fixed income14,40711,678
Credit2,8152,363
Other266404
Total structured notes 38,92543,126
Long-term debt by maturities
end of20232024202520262027ThereafterTotal
Long-term debt (CHF million)
Senior debt 
   Fixed rate 4,3946,5156,5735,2612,25113,59838,592
   Variable rate 13,29711,4517,1713,9614,01010,70550,595
   Interest rates (range in %) 10.0–2.20.0–4.80.0–7.30.0–3.30.0–5.00.0–7.3–
Subordinated debt 
   Fixed rate 7,4582,8346,0605,9485,4728,72736,499
   Variable rate 2,0263,1963,168581,53612,89522,879
   Interest rates (range in %) 11.0–8.03.5–6.92.6–7.30.9–6.41.0–9.80.7–8.5–
Non-recourse liabilities from consolidated VIEs 
   Fixed rate 80402190001,023
   Variable rate 1109212704127861,073
   Interest rates (range in %) 12.3–6.6–1.9––0.0–10.4–
Total long-term debt 28,08924,00523,31815,22813,31046,711150,661
   of which structured notes 9,3807,8605,2412,8933,07610,47538,925
The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 0.8 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment.
1
Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid.
2
Reflects equity linked notes, where the payout is not fixed.
> Refer to “Note 26 – Long-term debt” in VI – Consolidated financial statements – Credit Suisse Group for further information.