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Long-term debt | 12 Months Ended
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Dec. 31, 2023
Long-term debt | 24 Long-term debt
end of |  | 2023 |  | 2022 |
Long-term debt (CHF million)
Senior |  | 86,328 |  | 89,187 |
Subordinated |  | 40,664 |  | 59,378 |
Non-recourse liabilities from consolidated VIEs |  | 1,492 |  | 2,096 |
Long-term debt |  | 128,484 |  | 150,661 |
of which reported at fair value |  | 32,874 |  | 57,919 |
of which structured notes |  | 26,336 |  | 38,925 |
end of |  | 2023 |  | 2022 |
Structured notes by product (CHF million)
Equity |  | 11,064 |  | 21,437 |
Fixed income |  | 12,596 |  | 14,407 |
Credit |  | 2,518 |  | 2,815 |
Other |  | 158 |  | 266 |
Total structured notes |  | 26,336 |  | 38,925 |
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 Bank’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 Bank’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 of |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2026 |  |  |  | 2027 |  |  |  | 2028 |  |  |  | Thereafter |  | Total |
Long-term debt (CHF million)
Senior debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  |  | 6,486 |  |  |  | 7,744 |  |  |  | 6,444 |  |  |  | 2,169 |  |  |  | 4,676 |  |  |  | 12,448 |  | 39,967 |
Variable rate |  |  |  | 10,671 |  |  |  | 17,829 |  |  |  | 4,262 |  |  |  | 2,917 |  |  |  | 1,780 |  |  |  | 8,902 |  | 46,361 |
Interest rates (range in %) 1 |  | 0.0 | – | 7.0 |  | 0.0 | – | 8.0 |  | 0.0 | – | 7.9 |  | 0.0 | – | 5.0 |  | 0.0 | – | 7.9 |  | 0.0 | – | 7.1 |  | – |
Subordinated debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  |  | 1,658 |  |  |  | 5,833 |  |  |  | 2,932 |  |  |  | 3,808 |  |  |  | 109 |  |  |  | 4,362 |  | 18,702 |
Variable rate |  |  |  | 3,835 |  |  |  | 3,021 |  |  |  | 49 |  |  |  | 1,422 |  |  |  | 4,439 |  |  |  | 9,196 |  | 21,962 |
Interest rates (range in %) 1 |  | 0.4 | – | 6.6 |  | 0.0 | – | 6.4 |  | 0.9 | – | 5.9 |  | 0.7 | – | 6.4 |  | 1.1 | – | 7.8 |  | 0.7 | – | 9.0 |  | – |
Non-recourse liabilities from consolidated VIEs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  |  | 0 |  |  |  | 206 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  | 206 |
Variable rate |  |  |  | 602 |  |  |  | 101 |  |  |  | 0 |  |  |  | 19 | 2 |  |  | 3 | 2 |  |  | 561 |  | 1,286 |
Interest rates (range in %) 1 |  | 0.0 | – | 7.7 |  | 0.0 | – | 1.9 |  |  |  | – |  |  |  | – |  |  |  | – |  | 0.0 | – | 6.3 |  | – |
Total long-term debt |  |  |  | 23,252 |  |  |  | 34,734 |  |  |  | 13,687 |  |  |  | 10,335 |  |  |  | 11,007 |  |  |  | 35,469 |  | 128,484 |
of which structured notes |  |  |  | 6,401 |  |  |  | 4,599 |  |  |  | 2,775 |  |  |  | 2,639 |  |  |  | 1,201 |  |  |  | 8,721 |  | 26,336 |
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 modeling 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 Bank maintains a shelf registration statement with the SEC, which allows the Bank to issue, from time to time, senior and subordinated debt securities and warrants.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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