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Long-term debt (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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