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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2023
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 |
Schedule of Structured notes |
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 |
Long-term debt by maturities | 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.

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