Long-term debt
 12 Months Ended
Dec. 31, 2021
Long-term debt
26 Long-term debt
end of 2021 2020
Long-term debt (CHF million)
Senior 141,402 133,056
Subordinated 24,103 26,285
Non-recourse liabilities from consolidated VIEs 1,391 1,746
Long-term debt  166,896 161,087
   of which reported at fair value  68,722 70,976
   of which structured notes  43,126 47,039
end of 2021 2020
Structured notes by product (CHF million)   
Equity 28,681 29,907
Fixed income 11,678 13,882
Credit 2,363 2,881
Other 404 369
Total structured notes  43,126 47,039
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 of 2022 2023 2024 2025 2026 Thereafter Total
Group parent company (CHF million)
Senior debt 
   Fixed rate  0 5,683 1,262 7,376 5,240 22,475 42,036
   Variable rate  0 548 1,766 0 1,560 0 3,874
   Interest rate (range in %) 1 – 0.6 – 3.8 1.0 – 4.2 1.3 – 3.8 0.5 – 4.6 0.6 – 5.4 –
Subordinated debt 
   Fixed rate  1,406 4,348 3,250 2,022 1,717 3,631 16,374
   Interest rates (range in %) 1 7.1 3.9 – 7.5 3.5 – 6.3 3.0 – 7.3 6.4 4.5 – 5.3 –
Subtotal – Group parent company  1,406 10,579 6,278 9,398 8,517 26,106 62,284
Subsidiaries (CHF million)
Senior debt 
   Fixed rate  4,129 4,878 4,739 4,566 5,712 14,010 38,034
   Variable rate  15,708 11,665 7,757 4,777 3,932 13,619 57,458
   Interest rates (range in %) 1 0.0 – 9.7 0.1 – 2.2 0.0 – 3.6 0.0 – 3.5 0.1 – 3.3 0.0 – 7.1 –
Subordinated debt 
   Fixed rate  4,907 2,397 29 33 50 127 7,543
   Variable rate  186 0 0 0 0 0 186
   Interest rates (range in %) 1 0.9 – 3.8 0.0 – 6.5 5.7 0.0 – 5.9 5.9 5.7 – 7.2 –
Non-recourse liabilities from consolidated VIEs 
   Fixed rate  133 123 0 217 0 0 473
   Variable rate  14 6 2 0 9 2 0 889 918
   Interest rates (range in %) 1 0.0 – 2.9 – – – – 0.0 – 10.6 –
Subtotal – Subsidiaries  25,077 19,069 12,525 9,602 9,694 28,645 104,612
Total long-term debt  26,483 29,648 18,803 19,000 18,211 54,751 166,896
   of which structured notes  11,346 7,764 4,625 3,628 2,954 12,809 43,126
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 2.7 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 a euro medium-term note program that allows the Bank to issue senior debt securities.
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 JPY 500 billion Samurai shelf registration statement that allows it to issue, from time to time, senior and subordinated debt securities.
Bank  
Long-term debt
25 Long-term debt
end of 2021 2020
Long-term debt (CHF million)   
Senior 95,468 94,768
Subordinated 63,836 63,765
Non-recourse liabilities from consolidated VIEs 1,391 1,746
Long-term debt  160,695 160,279
   of which reported at fair value  67,788 70,243
   of which structured notes  43,126 47,039
end of 2021 2020
Structured notes by product (CHF million)   
Equity 28,681 29,907
Fixed income 11,678 13,882
Credit 2,363 2,881
Other 404 369
Total structured notes  43,126 47,039
Long-term debt by maturities
end of 2022 2023 2024 2025 2026 Thereafter Total
Long-term debt (CHF million)
Senior debt 
   Fixed rate  4,058 4,886 4,740 4,584 5,709 14,019 37,996
   Variable rate  15,708 11,665 7,760 4,777 3,932 13,630 57,472
   Interest rates (range in %) 1 0.0 – 9.7 0.1 – 2.2 0.0 – 3.6 0.0 – 3.5 0.1 – 3.3 0.0 – 7.1 –
Subordinated debt 
   Fixed rate  7,308 10,522 4,555 9,432 7,008 19,548 58,373
   Variable rate  643 94 1,766 0 0 2,960 5,463
   Interest rates (range in %) 1 0.9 – 7.1 0.6 – 8.0 0.8 – 6.5 0.4 – 7.3 2.2 – 6.4 0.7 – 7.2 –
Non-recourse liabilities from consolidated VIEs 
   Fixed rate  133 123 0 217 0 0 473
   Variable rate  14 6 2 0 9 2 0 889 918
   Interest rates (range in %) 1 0.0 – 2.9 – – – – 0.0 – 10.6 –
Total long-term debt  27,864 27,296 18,821 19,019 16,649 51,046 160,695
   of which structured notes  11,346 7,764 4,625 3,628 2,954 12,809 43,126
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 2.7 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.