Credit Suisse Credit Presentation Deck
Down-streaming of bail-in bonds senior financing
Proceeds¹
▪ Proceeds are down-streamed initially to Credit Suisse
AG (as internal notes), unless used for Credit Suisse
Group AG's own funding need
▪ The internal notes are unsecured debt aligned to the
external notes (maturity, interest rate, etc.)
▪ Investors have no recourse
to this intercompany instrument
Hierarchy
▪ HoldCo senior notes (external) structurally subordinated
to OpCo liabilities
▪ Internal notes contractually subordinated to OpCo senior
liabilities in both restructuring
and liquidation
CSG AG = Credit Suisse Group AG CS AG Credit Suisse AG HoldCo Holding Company OpCo Operating Company
1 Mere illustration of usual on-lending set-up in the case of an issuance by CSG AG
13
=
HoldCo senior notes issued from 1.1.2017 onwards
Credit Suisse
Group AG
Holding Company
Proceeds
HoldCo senior
notes (external)
Proceeds¹
Internal notes
Investors
Credit Suisse AG
Operating Bank
CREDIT SUISSEView entire presentation