Investor Presentaiton
Deleveraging to significantly reduce funding needs
Long-term debt capital markets issuance
and redemption 1 volumes in CHF bn
Liquidity instruments²
TLAC-eligible instruments³
20
20
25
45
11
Covered bonds
Liquidity
instruments
Senior bonds (OpCo)
Senior bonds (HoldCo)
Capital instruments (AT1)
TLAC-eligible
instruments
Key messages
Group's overall funding needs expected to reduce over
time as a result of strategic transformation in line with
balance sheet reduction
■ Combined HoldCo and AT1 issuance of up to CHF ~6
bn vs. CHF 13 bn of redemption in 2023
-
· Significant reduction of HoldCo needs
Already completed over half of 2023 OpCo issuance
plan and -35% of overall funding plan in February
20
21
20
20
1
16
17
up to -17
14
6
0.7
8
0.2
~2
-
7
CO
6
~5
~0.5
၇ ။ဟု
11
9
5
6
~2
up to -4
4
3
2
2
Redemption
Issuance
YTD4
Full-year
issuance plan5 Redemption
Full-year
2024
2025
2026
2022
2023
Future redemptions
Issuance
Redemption
Issuance
2021
Net issuance:
CHF 9 bn
CHF 8 bn
CHF ~(5) bn
6
1 Issuance excludes contingent capital awards. Maturities and expected redemptions as of respective year-end FX rates. 2023, 2024, 2025 and 2026 redemptions are based on December 31, 2022 FX rates. Redemptions reflect
instruments maturing on their next call date for illustrative purposes only. Credit Suisse makes no representation on its intention to call the instruments 2 Includes covered bonds and OpCo instruments; excludes Pfandbrief
3 Includes HoldCo instruments as well as AT1 high-trigger capital instruments, grandfathered tier 1 and tier 2 capital instruments, and legacy capital instruments 4 As of February 21,2023 5 Estimated full-year issuance plan
reflects projected business growth, development of the balance sheet, future funding needs and maturity profiles as well as the effects of changing market and regulatory conditions. For indicative purposes and subject to change
6 Does not reflect potential new issuance from this date onwards. Excludes any buybacks or OpCo structured notes activity 7 Need partly driven by new TBTF Liquidity rules to come into effect Jan 1, 2024
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